Over the past few months, the oldest Ponzi and pyramid scheme MMM, has taken Nigeria by storm as the quickest way to make money in this recession.
Nigeria’s apex bank, Central Bank of Nigeria (CBN) has warned Nigerians not to patronized MMM, because they are fraud and the scheme are not regulate, which can be refers to that of wonder bank.
The CBN’s Head of Consumer Protection Mrs Kadija Kassim speaking yesterday, during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
She made it known that CBN are not associate with MMM, because the are not regulated by any institution.
She said, “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.”
This is just few hours ago, Minster of Mineral and Solid, Dr Kayode Fayemi dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.