CBN Warns Nigerians Against Patronage of MMM

CBN  The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it.

The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day. The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’. The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.

Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model. 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.”

She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.