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Federal Government Moves To Shut Down MMM Operations In Nigeria



mmm-1The Federal Government of Nigeria has initiated moves to shut down MMM operations in Nigeria.

Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said regulators have set up a Committee to stem 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”.

Umaru spoke on Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair.

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  1. Pretty Iris Egberi

    Nov 9, 2016 at 13:44

    Make una no try am o

  2. Stella Udo

    Nov 9, 2016 at 18:08

    Abeg federal government should mind their business as this does not in anyway concern them.

  3. Ezindu Onyiloha

    Nov 9, 2016 at 18:13

    Amaka Nwobu

  4. Iamkwinzy Queen

    Nov 9, 2016 at 19:01


  5. Millicent Ogheneovo Miller

    Nov 9, 2016 at 19:35

    All d money Wei dem embezzle you never finish recover and bring culprits to bk na MMM be ur head ache ……………misplaced priority.

  6. samy

    Nov 10, 2016 at 13:17

    MMM is pro-people. The Scheme benefits the people of Nigeria. This explains why Nigerians are very much in support of it. Government should look for a way to harmonize it than scrap or collapse it.

  7. kingzina


    Nov 11, 2016 at 07:36

    should MMM naija be the headache if Federal govt or legislators?? We gat real issues

  8. Adekanbi Ismaeel

    Adekanbi Ismaeel

    Nov 12, 2016 at 16:26

    na lie

  9. Babatunde

    Nov 12, 2016 at 21:44

    Dis buhari GOVT shud bettr mind thr biz….dey can’t create jobs for youth…all dey do is to criticism…..blame GEJ, blame PDP nw dey want to fight wot God hs brot to elivate pple… won’t wrk…MMM is real….nd it hs come to stay….chikena

  10. Friday

    Nov 13, 2016 at 04:10

    Nigeria government should take it easy please

  11. Anne

    Nov 15, 2016 at 15:31

    What can be done about the recent happenings of people uploading fake deposit slips. It is discouraging. Advise please cos a friend of mine is a victim, he was paired with someone to pay him 154k and the guy uploaded fake teller. He wrote to support, and he has uploaded his bank statements, support is yet to answer him now.

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