Do you agree with the CBN?? - 'MMM is fraudulent scheme', CBN warns Nigerians again

The Central Bank of Nigeria on Monday again warned Nigerians against patronizing 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 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'.

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.”
The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.