CBN issues Nigerian MMM warning: A wonder bank to avoid?


CBN issues Nigerian MMM warning, as the Head of the consumer protection department of the CBN calls the MMM firms “wonder banks.” How is MMM luring Nigerians?

4 November, AtoZForex Following the caution note from South African Bitcoin exchange Bitpesa against the MMM Global, the Central Bank of Nigeria (CBN) has also warned the residents about the reportedly fraudulent investment scheme firm.

The earlier warning from Bitpesa

Kenya-based digital currency exchange, which also has its operations in Nigeria, Uganda, and Tanzania, published an alert message about the MMM Global and similar schemes operators:

“Bitpesa has recently become aware that MMM Global, Zarfund, and similar services have begun operating in our markets. We are aware of many instances of customers of these services in other countries issuing complaints that these services have not always delivered on their promises and have left their customers with unexpected financial losses.

We caution all of our customers to carefully consider all the investment opportunities and to be aware that they may be putting their investment at risk of total loss.”

CBN issues Nigerian MMM warning

The warning from CBN comes after Dr. Kayode Fayemi, the Minister of Solid Minerals and Steel Development, separated himself from the MMM, adding that he has nothing to do with the firm or with any other online financial community, contracts, and projects.

The information was provided by Kadija Kassim, the Head of the consumer protection department of the CBN. She stated that activities, correlated with the MMM are not anyhow regulated by any financial institution. She further warned against dealing with the MMM Federal Republic of Nigeria, which is a Ponzi scheme firm, referring to the company as a “wonder bank.” Kadija Kassim has further stated:

“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 scheme allegedly claims to permit a 30 percent monthly return on investment for each investor, luring in the Nigeria residents.

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