MMM will lead to losses, Access bank warns customers

MMM will lead to losses, Access bank warns customers

Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.

The bank in an emailed statement to its customers said it had come to its attention “that some customers are engaged in the Ponzi scheme called ‘MMM’”.

“Please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run,” the bank warned.

“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”

Despite the warning by the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.

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

The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.

The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.

The platform had embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.