The Central Bank of Nigeria on Monday warned Nigerians against patronising popular investment scheme MMM and what it called ‘wonder banks’, stating that their activities were not regulated by it.
Hajiya Kadija Kassim, the Head of Consumer Protection Department at the Central Bank of Nigeria, CBN, specifically warned that MMM is a fraud.
She said this in Niger while answering a question during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
“We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.
“Desist from their activities because they are fraudulent.”
The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.
The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.
