MMM, Bitcoin, Ultimate Cycler & More: Federal Government Fires Warning Over New Ponzi Schemes

While speaking at a special day of the NDIC corporation at the ongoing 2007 Enugu International Trade Fair on Thursday, the MD of Nigeria Deposit Insurance Corporation, Umaru Ibrahim, has again warned Nigerians against investing their money in online and block-chain currencies schemes.

The Managing Director of NDIC who was represented by Nicolas Ibrahim, the NDIC Controller at Enugu Zonal Office, said that the warning became necessary to save investments and money of Nigerians.

“I wish to draw attention to emergence of the various Ponzi schemes, popularly called Mavrodi Mundial Movement (MMM) and other forms of digital and block-chain currencies.

“These ponzi schemes also came in form of virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin for medium of exchange and web based transactions which are neither authorised by the CBN nor insured by the NDIC,” he said.

Umaru also warned members of the public against activities of some co-operative societies that had gone beyond their primary mandate of accepting contributions from their members.

“I wish to emphasise that cooperative societies are established to mobilise savings from their members only. “I therefore call on non-members not to patronise them as they are neither licensed as deposit taking financial institutions nor insured by the NDIC," he said.
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