Business MMM: CBN Denies Approving The Ponzi Scheme

The Central Bank of Nigeria, CBN has again asked Nigerians to dismiss reports that it has approved the operation of Russian ponzi scheme, The Mavrodi Mondial Movement, otherwise known as MMM.

The movement is a scheme that assures up to 30% interest of money invested.

A new report has claimed that, “CBN governor has allayed the fears of skeptical Nigerians and disclosed that thorough checks carried out on the organisation shows that it is a legitimate investment facility.

 

It also claimed that “A top official at the Ministry of Finance said even the federal government has invested the sum of N100 billion in MMM so that the interest of N30b can be reinvested in capital projects across the nation.”

Reacting, Isaac Okorafor, Acting Director, CBN Corporate Communications on Thursday said that, “There’s nothing like that.”

“Nigerians should ignore any report claiming the we approved financial institutions that don’t even exist.”

Okorafor added: “I repeat, Nigerians should ignore questionable schemes”.