MMM is a Scam CBN warn Nigerians

Despite several articles written about the dangers of the Russian Ponzi scheme MMM Nigeria, thousands of Nigerians are still hooked on it.

To the doubters who don't believe that MMM is a scam, the Central Bank of Nigeria (CBN) has finally issued a warning about the Ponzi scheme.

The head of the Consumer Protection Department of the CBN, Suleja Kassim warned Nigerians not to invest their hard earned money in the scheme during a mentoring program for students.

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MMM pyramid scheme 

(bitcoinhub)

"We have heard about the activities of MMM. I want to warn you against it because they are wonder banks that are not regulated. Desist from their activities because they are fraudulent" he stated.

MMM, which has been banned in China and Russia has seen Nigerians falling head over heels for it. On Sunday, October 30, 2016, MMM was advertised in a Redeemed Christian Church of God parish in Abuja.

MMM Nigeria, is a Ponzi scheme that originated in Russia that has now set up in Nigeria. Wikipedia says the company was involved in one of the biggest Ponzi schemes in the 1990s. It was estimated that thousands of people lost up to $10 billion dollars.