Nigerian Financial Institution Discusses Assistance for MMM Victims
The Managing Director of the Nigeria Deposit Insurance Corporation, (NDIC), Umaru Ibrahim, has said the agency cannot do anything except to offer some prayers to the victims of the recently crashed Mavrodi Mundial Movement, (MMM).
The MMM which suspended its window in Nigeria last week due to what it called ‘heavy workload on the system’ is a scheme that “pay out current investors with new investors money.”
Ibrahim who spoke to Journalists over the weekend at the Workshop for Business Editors and Finance Correspondents in Kaduna said the Corporation will not relent in calling on Nigerians, sensitizing and enlightening them on the dangers of patronizing wonder banks.
He said beside the MMM case, there are some new cases of the emergence of the wonder banks in recent times in places like Enugu, Kaduna and Plateau states.
“For us, we already told Nigerians that MMM are not recognise, they are illegal, but some insisted that they are legal, all hands must be on deck to educate the public, today is MMM, tomorrow it could be YYY,”