Nairametrics| The Nigerian Deposit Insurance Corporation (NDIC) has polled the figures of the total number of Nigerians who have lost money to the failed popular Ponzi, MMM and the results make for sad reading.
Speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday,the Managing Director of the corporation,Alhaji Umaru Ibrahim decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, over 3 million Nigerians who participated in the scheme lost their money. The value of money lost to the scheme is estimated to be around N3 billion Naira, according to Daily Trust.
“The Ponzi scheme is the phenomenon of illegal fund managers,popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard-earned money.” NDIC said through the Deputy Director Corporate Affairs,Hadi Suleiman.
Furthermore, the NDIC also warned against investing in cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin,Dogecoin and Onecoin as they were unregulated and subjected their investors to inordinate risk.
Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience is blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins the Nairametrics team as our Lead News Editor and Content curator.