CBN denies approving MMM scheme

The Central Bank of Nigeria, CBN, has again asked Nigerians to dismiss reports that it has approved the operation of Russian ponzi scheme, The Mavrodi Mondial Movement, otherwise known as MMM.


The movement is a scheme that assures up to 30% interest of money invested.

A new report circulating online claimed that participants are challenging Nigerian authorities for “poking their nose into the affairs of well-meaning foreigners that have come to rescue them from money issues.”

It claimed that, “CBN governor has allayed the fears of sceptical Nigerians and disclosed that thorough checks carried out on the organisation shows that it is a legitimate investment facility.

It also claimed 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.”

Reacting, Isaac Okorafor, Acting Director, CBN Corporate Communications, told newsmen on Thursday that, “There’s nothing like that.”

“Nigerians should ignore any report claiming that we approved financial institutions that don’t even exist.”

Okorafor added: “I repeat, Nigerians should ignore questionable schemes”.

Recall that the Economic and Financial Crimes Commission early in the week told newsmen that it was carrying out surveillance on the MMM investment scheme.

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