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MMM is an embarrassment to Nigeria, stop it – CBN warns Nigerians again


The Central Bank of Nigeria (CBN) has once again cautioned Nigerians against investing in the ponzi scheme, Mavrodi Mundial Moneybox (MMM), The Nation reports.

CBN Director of Development Finance Dr. Mudashiru Olaitan gave the warning at a business leaders’ conference with the theme: “Prospering in a recession”, organised by EZ37 Solutions in Ibadan.

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According to him, Nigerians have to be careful in investing their resources, especially at this period of economic recession.

Olaitan urged Nigerians to embrace agriculture instead of MMM, even as he noted that the nation is blessed with many resources and businesses that could bring returns at minimal risks.

Olaitan, who was represented by the Head of CBN Development Office in Ibadan, Banji Akinola, said that MMM has become a national embarrassment with the scheme’s operators insulting the Nigerian government just because it cautioned the people over the scheme.

“It is an embarrassment to the nation. The CBN had earlier warned them against investing their money into it. It is sad,” he said.

Recall that MMM operators froze the accounts of its investors in Nigeria few days ago.

This came a day after MMM founder Sergey Mavrodi reportedly wrote an open letter to the Nigerian government claiming that the scheme would never fail.

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