The Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the social media that an estimated three million Nigerians have lost N18 billion 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.
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Represented by the Deputy Director Corporate Affairs,Hadi Suleiman,the MD emphasised that the creation, usage or trading in the Phonzi scheme in forms of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin,Dogecoin and Onecoin 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.
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