Access Bank Writes Letter To Customers Over MMM – See Full Letter

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Access Bank Nigeria Plc has written its customers cautioning those involved in the controversial ponzi scheme, MMM, stand a risk of loosing all their money.

The bank in an emailed statement to its customers, warn them to avoid dealing with the Mavrodi Mondial Movement, as they could lose all their monies in the long run.

Also See: David Oyedepo Warns Nigerians to Brace Up for Tougher Times Ahead

The statement read:

“It has come to the  attention of the bank that some customers are engaged in the Ponzi scheme called ‘MMM’.

“Please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run.

“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”

MMM



MMM Global is a Russian company which is responsible for one of the world’s largest Ponzi schemes in the 1990s. It  was founded by a Russian politician, Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.

The name of the company was taken from the first letters of the three founders’ surnames (MMM). Like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 percent return on investment.

Despite the warning by the Central Bank of Nigeria and the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.

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The Scheme has gained popularity among thousands of Nigerians who have benefitted from the programme – which promises a monthly payment of 30 percent interest on loans provided by participants.

Since MMM was launched in Nigeria in July 2016, many people have continually testified to its usefulness in their financial life.

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