We Warned You Against MMM – CBN Reacts To ‘Frozen’ Ponzi Scheme
The Nigerian Central Bank has vindictively reacted to popular gloating which has trailed the frozen ponzi scheme, MMM.
News broke out on Monday that the popular Ponzi scheme has frozen accounts of its Nigerian community for one month, following MMM’s official announcement that the measure was put in place because “in the New Year season the System is experiencing heavy workload”, in which none of the participants would be able to ‘get help’ (withdraw funds deposited with the mandatory 30% interest).
CBN Director of Development Finance, Dr. Mudashiru Olaitan has now reacted the apex bank had earlier advised Nigerians against the ponzi scheme, during a business leaders’ conference held in Ibadan, yesterday.
Olaitan, who was represented by the Head of CBN Development Office in Ibadan, Mr. Banji Akinola, said the Ponzi scheme has become a national embarrassment with the scheme’s operators insulting the Nigerian government just because it cautioned the people over the scheme.
“It is an embarrassment to the nation. The CBN had earlier warned them against investing their money into it. It is sad,” he said.