The hopes of many Nigerians to reduce the effects of the recession may be dashed as the Federal Government of Nigeria has initiated moves to shut down MMM operations in Nigeria.
Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said regulators have set up a Committee to stem the nefarious activities of the fraudsters across the country.
The message was reportedly conveyed to the general public at the recent 2016 Lagos International Trade Fair.
It should be noted that the current economic crisis in Nigeria, as well as high unemployment rate, has endeared the vulnerable masses towards the Pyramid Scheme called MMM, which has a long history of crashing in previous countries.
“I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks.
“It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victim to the mouth-watering interest being offered by these illegal fund managers.
“Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: “Insured by NDIC” in their banking halls or entrances.
“However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee (FRSCC) to stem the nefarious activities of these fraudsters across the nation”, Ibrahim said.