CBN Speaks On Approval Of MMM In Nigeria

*Denies Investing N100bn In Russian Ponzi Scheme – 
The Central Bank of Nigeria (CBN) has denied reports making rounds in the media, that it approved operation of the Mavrodi Mondial Movement, popularly known as MMM in Nigeria.

The Apex Bank has once again, urged Nigerians to stay away from the Russian ponzi scheme, adding that reports claiming it had approved the scheme are of questionable origin.


In the report, operators of MMM purported that “A top official at the Ministry of Finance said even the federal government has invested the sum of N100b in MMM so that the interest of N30b can be reinvested in capital projects across the nation.”

The Acting Director, CBN Corporate Communications, Isaac Okorafor, has however dismissed the claim, warning Nigerians emphatically against patronising the ponzi scheme.

“There’s nothing like that. Nigerians should ignore any report claiming we approved financial institutions that don’t even exist,” Okorafor told newsmen on Thursday.

“I repeat, Nigerians should ignore questionable schemes,” he stressed.


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