The Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the social media that an estimated three million Nigerians have lost N18bn in the Phonzi scheme, popularly called Mavrodi Mundial Movement(MMM).
Speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday, the Managing Director of the corporation, Alhaji Umaru Ibrahim decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerian’s still patronise MMM.
He emphasised that the creation, usage or trading in the Phonzi scheme in forms of virtual currencies, such as Bitcoin, as currencies for medium of exchange are Internet-based transactions and are not authorised by the CBN due to the risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.