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CBN Reacts To Report That It Has Approved MMM 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 circulating online claimed that participants are challenging Nigerian authorities for “poking their nose into the affairs of well meaning foreigners that have come to rescue them from money issues.”

It claimed that, “CBN governor has allayed the fears of skeptical Nigerians and disclosed that thorough checks carried out on the organization 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 N100b 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, told DAILY POST on Thursday 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”.

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  • Cornel Nwankwo

    We have heard.
    It is left for Nigerians that wana heed to the advice coming from CBN………………..

  • Cornel Nwankwo

    We have heard.
    It is left for Nigerians that wana heed to the advice coming from CBN

  • Kenny D Osonwa

    Every business is risk… They should free this MMM talk.

  • chika bibian

    Na them. Sabi

  • Mezzy Gilbert

    I don taya for ds money making machine

    • Cornel Nwankwo

      Lolzzzzzzzzzzzz
      Funny you

  • Kelvin Fola

    What I understand is that ,Nigerians are desperate wen it comes to issues of money

  • Kelvin Fola

    There should free these Mmm issues abeg

  • emekachilaka

    make person hear world

  • kayode akinsanya

    Okay ooo, MMM na you sabi

  • I hope that issue is cleared

  • Olovo Obinna

    Whatever will be, will certaily be…me don tire for this MMM stor joor

  • WillieBravo

    Hmmmm