Yesterday, the Nigerian Deposit Insurance Corporation (NDIC) disclosed that the analysis made through the social media estimation shows that, about three million Nigerians had lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mondial Movement (MMM). According to the managing director of the Corporation, Alhaji Umaru Ibrahim, despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerians still patronize MMM.

According to Umaru, any persons or group of persons investing their hard earned money in the Ponzi scheme were doing so at their own risk, he emphasized that frequent usage of virtual currencies, such as Bit coin, Ripples, Monero, Lite coin, Doge coin and One coin as currencies for medium of exchange are Internet-based transactions and are not authorized by the Central Bank of Nigeria (CBN) due to the risks involved in their operations.

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