At a time when there are growing apprehension that the Mavrodi Mondial Movement, MMM, scheme is fraudulent, the Central Bank of Nigeria, CBN, has warned Nigerians to be wary of it.
This is coming shortly after the Minister of Solid Minerals and Steel Development, 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.
The head of the consumer protection department of the CBN, Kadija Kassim, said the activities of the scheme are not regulated by any institution.
Speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a “wonder bank”.