MMM is a fraud, CBN insists

  

Central bank of Nigeria, Monday warned Nigerians against patronizing the popular investment scheme, known as MMM, insisting that its unregulated activities may be tantamount to that of a ‘wonder bank’.

Hajiya Kadija Kassim, head, Consumer Protection Department of CBN specifically warned that MMM is a fraud.

Kassim dropped this hint in Niger state, while answering a question during a mentoring programme for students of the Government Secondary School, Suleja.

Her words: “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.