Mavrodians, the name of account holders in MMM Nigeria, are still unable to get paid a return on their investment more than 96 hours after the Ponzi scheme returned. TheCable quoting some MMM participants said that although they were able to request for their money,...

Popular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), has placed one month ban on all withdrawals starting from Dec. 13. A letter displayed on the page of participants of the scheme cited “heavy workload on system” as reason for the ban. This means that members of the...

The House of Representatives has asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters of the Mavrodi Mondial Moneybox, otherwise known as MMM, in Nigeria. Lawmakers strongly opposed the investment scheme, which has lately gained...

As promoters of wonder banks and other ponzi schemes in the country continue to lure members of the public to mouthwatering offers, the Nigeria Deposit Insurance Corporation (NDIC) has warned members of the public not to patronise such investment schemes. The MMM investment scheme is...

The Central Bank of Nigeria has warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it. The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary...