The federal government of Nigeria is taking moves to shut down MMM operations in Nigeria. Speaking at the 2016 Lagos International Trade Fair, the managing director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said that regulators have set up a committee to see the end of the nefarious activities of the ‘fraudsters’ across the country.
“I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks. It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.
“Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: “Insured by NDIC” in their banking halls or entrances. However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee(FRSCC) to stem the nefarious activities of these fraudster across the nation”.
Well, it seems Nigerians are not so cool about this update ass they took to social media to lambast and curse the government. Read the reactions below: A Facebook user, Adedoyin Adebamowo took to Facebook to wrote: ”Government says “Participate in MMM at your own risk” This is laughable. In Nigeria, I sleep at my own risk, I wake up at my own risk, I go out at my own risk, I come in at my own risk, I put my MONEY in the bank at my own risk, Even in banks, CARS are parked at OWNERS risk. I do everything at my own risk. So there’s nothing special about doing MMM at my own risk… Long Live MMM Nigeria…Mavrodians, enjoy jor …”