The Central Bank of Nigeria on Monday warned Nigerians against patronising popular investment scheme MMM
The apex bank according to Daily Post described the scheme as fraud.
Kadija Kassim, the Head of Consumer Protection Department at the CBN, stated this in Niger while answering a question during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
Kadija Kassim, the Head of Consumer Protection Department at the Central Bank of Nigeria, CBN, specifically warned that MMM is a fraud.
She said this in Niger while answering a question during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
“I want to warn you against it because they are wonder banks that are not regulated.
“Desist from their activities because they are fraudulent.
“Don’t save what is left after spending, but spend what is left after saving.”
Many Nigerians have been lured into MMM which functions as an online investment scheme.
The scheme claims to allow a 30 percent monthly return on investment for every investor.
