Nairametrics| The Nigerian Deposit Insurance Corporation (NDIC) has polled the figures of the total number of Nigerians who have lost money to the failed popular Ponzi, MMM and the results make for sad reading.

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, over 3 million Nigerians who participated in the scheme lost their money. The value of money lost to the scheme is estimated to be around N3 billion Naira, according to Daily Trust.

“The Ponzi scheme is the phenomenon of illegal fund managers,popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard-earned money.” NDIC said through the Deputy Director Corporate Affairs,Hadi Suleiman.

Furthermore, the NDIC also warned against investing in cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin,Dogecoin and Onecoin as they were unregulated and subjected their investors to inordinate risk.

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.


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