The Nigerian Deposit Insurance Corporation (NDIC) has said that at least, three million Nigerians have lost N18bn in the popular Ponzi scheme, Mavrodi Mundial Movement(MMM).
The Managing Director of the corporation, Alhaji Umaru Ibrahim made this known at the ongoing 38th Kaduna International Trade Fair on Thursday.
He decried Nigerians investment in the scheme despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies.
He stressed that trading in the Phonzi scheme with Bitcoin, and other internet-based transactions were not in line with the Cental Bank Nigeria’s directives.
He warned that any person who invests their money in the Ponzi scheme does so at their own risks.