One of Nigeria leading commercial bank, Access Bank has warned Nigerians not to deposit into any financial institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC).
According to letter issued out to all their customers, warned Nigerian that are involved in the controversial Ponzi Scheme (MMM), stand a risk of loosing all their money.
The letter further advised Nigerians that the scheme is not in line with any applicable investment product and may ultimately lead to the loss of funds on the long run.
Read the full letter below:
MMM Federal Republic of Nigeria made a grand entrance into the Nigerian investment market in 2016. MMM stands for Mavrodi Mondial Moneybox and takes its name from its founders, Sergei Panteleevich Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.
The scheme was established in 1989 by these three Russian nationals, and promises its clients 30 per cent return on investment (ROI) for money put into the system for 30 days. The scheme prides itself as a mutual aid fund through which recruited members contribute money to assist others.
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