Online Pyramid Scheme MMM scammed Nigerians to the tune of N11.9 billion — CBN report

This wouldn’t have happened if Nigerians had listened to several warning from experts, economists, the CBN and the Nigerian Deposit Insurance Corporation (NDIC).

  • Published:
Mr. Godwin Emefiele, Central Bank of Nigeria (CBN) Governor play

Mr. Godwin Emefiele, Central Bank of Nigeria (CBN) Governor

(The Business Post)
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Nigerians lost N11.9 billion to the Mavrodi Mundial Movement (MMM) scam that reigned supreme across Nigeria in the latter parts of 2016, according to the Central Bank of Nigeria (CBN). 

This wouldn’t have happened if Nigerians had listened to several warning from experts, economists, the CBN and the Nigerian Deposit Insurance Corporation (NDIC).

Mavrodi Mondial Movement (MMM) play

Mavrodi Mondial Movement (MMM)

(Google)

 

Speaking at a sensitisation event held by the CBN in Kaduna State, Yusuf Wali, apex bank director in charge of corporate communications at the CBN, said, “I will also like to reiterate the position of the CBN on the need for the citizens to desist from unwholesome financial engagements in all Ponzi schemes. The Nigeria Electronic Fraud Forum made public a recent daunting report on the losses suffered by the subscribers which amounted to N11.9 billion in December 2016.

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To get a sense of just how widespread this ponzi scheme was, almost every Nigerian from Lagos to Sokoto knew someone (relative or friend) that was involved in the online pyramid scam. 

There is no telling the kind of damage that this scam caused, especially in a time when Nigeria’s economy was taking a turn for the worse, affecting the daily livelihoods of millions of Nigeria and ultimately, driving them to falling victims of schemes MMM (and the many iterations that came after it).

MMM being advertised to Church members play

MMM being advertised to Church members

(Techpoint)

 

What are your thoughts on this? How can the government prevent people from falling victim to these kinds of scams? Should Nigerians be more careful? 

Let us know in the comments section below!

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