We Warned You Against MMM – CBN

For the umpteenth time, the Central Bank of Nigeria (CBN) has warned Nigerians against investing their hard-earned money in the ponzi scheme, Mavrodi Mundial Moneybox (MMM).

The scheme operators earlier in the week deactivated the accounts of its investors in Nigeria.

However, top MMM guider Chuddy has addressed MMM investors on the one month freeze of accounts.

In a blog post on MMM BLOG on Tuesday, Chuddy called for calm among investors.

The open letter explains why the one month freeze was implemented, adding that it was to put the Nigerian Government and MMM haters to shame.

Reacting to the gloating across the nation, CBN Director of Development Finance, Dr. Mudashiru Olaitan said the apex bank had earlier advised Nigerians against the ponzi scheme.

Speaking at a business leaders’ conference with the theme: “Prospering in a recession”, organised by EZ37 Solutions in Ibadan on Wednesday, Olaitan said the nation was blessed with many resources and businesses that could bring returns at minimal risks, urging people to embrace agriculture instead.

Olaitan, who was represented by the Head of CBN Development Office in Ibadan, Mr. Banji Akinola, said the Ponzi scheme 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.