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The Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has come to disclose that with information  gathered on social media, more than three million Nigerians have lost an estimated N18 billion in the failed Ponzi scheme popularly known as Mavrodi Mundial Movement(MMM)

Umaru Ibrahim stated this through the Deputy Director Corporate Affairs of NDIC, Hadi Suleiman, at the ongoing 38th Kaduna International Trade Fair in Kaduna today Thursday,2nd of Feb., 2017 
Read his statement:

“The Phonzi scheme is the phenomenon of illegal fund managers,popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard earned money. This phenomenon has been a source for concern because despite our repeated warnings over the years,  some members of the public have continued to fall victims of their fraudulent practices. 

We would like to reiterate the fact that these fund managers are illegal as they are neither licences the CBN to take deposits from members of the public not are those who patronise them covered the NDIC deposit insurance scheme.  I want to also draw the attention of some cooperative society which often go beyond their primary mandate accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members. “

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