The Managing Director of the Nigerian Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim has revealed that three million Nigerians had lost N18 billion in the Mavrodi Mundial Movement Ponzi scheme (popularly called MMM).
He stated this while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday.
Represented by the deputy director corporate affairs Alhaji Hadi Suleiman, lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the NDIC, Nigerians still patronise MMM.
The MD emphasised that frequent usage of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are internet based transactions and are not authorised by the CBN due to the risks involved in their operations.
He however cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.
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