While delivering a speech at the 38th Kaduna International Trade Fair on Thursday, the Managing Director of Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim said that about 3 million Nigerians lost N18bn to money-doubling scheme Mavrodi Mundial Moneybox (MMM).
Ibrahim who was represented by the Deputy Director Corporate Affairs, Hadi Suleiman lamented that Nigerians still patronise the scheme even after repeated warnings by the Central Bank of Nigeria (CBN) and the corporation.
He
stressed that the creation, usage, and usage of Ponzi schemes and all
forms of virtual currencies – Bitcoin, Ripples, Monero, Litecoin,
Dogecoin and Onecoin – as currencies or media of exchange are
Internet-based transactions and are not authorised by the CBN due to the
risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.
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