17 Nov 2016

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Has CBN Approved MMM Nigeria? Check Out the Reports

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has again asked Nigerians to run away from MMM.

CBN dismissed reports that it has approved the operation of the Russian ponzi scheme, The Mavrodi Mondial Movement, popularly known simply as MMM.
The movement is a scheme that assures up to 30% interest of money invested.
Recently, a report was 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 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 N100b in MMM so that the interest of N30b can be reinvested in capital projects across the nation.

However, according to Daily Post, Isaac Okorafor, Acting Director, CBN Corporate Communications, while reacting to the development, said 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”.
Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has again asked Nigerians to run away from MMM.

CBN dismissed reports that it has approved the operation of the Russian ponzi scheme, The Mavrodi Mondial Movement, popularly known simply as MMM.
The movement is a scheme that assures up to 30% interest of money invested.
Recently, a report was 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 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 N100b in MMM so that the interest of N30b can be reinvested in capital projects across the nation.

However, according to Daily Post, Isaac Okorafor, Acting Director, CBN Corporate Communications, while reacting to the development, said 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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