CBN Warns Nigerians Against Patronage Of ‘Wonder Banks’

There is so much buzz about MMM and I hear folks are making money from it. But such schemes are not really new in Nigeria. I just hope this time the system is solid and won't crash later.

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

The Head, Consumer Protection Department, 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 and poverty 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 media campaign to lure the investing public to join in what it called “mutual aid financial network,” with a monthly investment return of 30%.

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

Her words: "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, they are fraudulent.”

- There is nothing you can tell Nigerians who are making some money from MMM that would make them stay away from it. The economy is hard. People should just not put too much to avoid shock.