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.
More from my site
- Nigerian Rapper Falz Snag Juicy Endorsement Deal With Hennessy - October 22, 2017
- DonYom Reflects on the Memories of His Late Father! SuperMan is in Town - October 21, 2017
- Nigerian Hip-Hop Lovers Reacts to M.I Abaga’s New Track, Where He Channel Other Rappers on Changing the Game & Culture - October 21, 2017
- Nigeria’s RapLord M.I & Chocolate City Sues American Rap Legend Nas for Delivering Wack Verse Despite What they Agreement Upon - October 20, 2017
- Rap Mogul M.I Abaga Fires with Machine Gun, As He Schools Every Rappers About the Game & Culture in New Single ” You Rappers Should Fix Up Your Lives “ - October 20, 2017
- Ace Comedian AY Makun and His Brothers Continue to Entertain Us, As they Announces Reality Show - October 19, 2017
- Real Madrid Star Cristiano Ronaldo Tops Forbes Richest Sport Star of 2017 + Complete List of 20 Richest Sport Star of 2017 by Forbes - October 18, 2017
- Former Super Eagles Legend Kanu and His Wife Amarachi Takes Us on Couple’s Perfect Fitness Goals In Powerful Photo - October 18, 2017
- Adorable Beautiful Pictures of Alaafin Of Oyo’s Youngest Wife and Son’s, As they All Oozing in Royalty - October 18, 2017
- GYOnlineNGList : Meet 10 Most Handsome Politicians In Nigeria - October 18, 2017