MMM Is An Embarrassment To Nigeria, Stay Away From It – CBN Warns Nigerians Again


Nigeria’s apex bank, Central Bank of Nigeria (CBN) has for the umpteenth time, warned Nigerians against investing their hard-earned money in the Ponzi scheme, Mavrodi Mundial Moneybox (MMM).

The warning was given by the CBN Director of Development Finance, Dr. Mudashiru Olaitan at a business leaders’ conference with the theme: “Prospering in a Recession”, organised by EZ37 Solutions in Ibadan.

He urged people to embrace agriculture instead of getting involved in Ponzi schemes, saying that the nation was blessed with many resources and businesses that could bring returns at minimal risks.

See Also: Wife Of MMM Top Guider, Chuddy Ugorji, Writes Participants An Open Letter

CBN Warns Nigerians Again To Stay Away From MMM
CBN Warns Nigerians Again To Stay Away From MMM

Mudashiru 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.

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He said:

“It is an embarrassment to the nation. The CBN had earlier warned them against investing their money into it. It is sad.”

Recall that the MMM operators ‘froze’ the accounts of its investors in Nigeria a few days ago. This came a day after the founder of MMM, Sergey Mavrodi, reportedly wrote an open letter to the Nigerian government claiming that the scheme would never fail.

However, top MMM guider, Chuddy Ugorji has addressed MMM investors on the one month freeze of accounts. In a blog post on MMM BLOG on Tuesday, Chuddy called for calm among investors, explaining why the one month freeze was implemented. According to him, the measure was necessary in order to put the Nigerian Government and MMM haters to shame.

Ugorji’s explanation was the sequel to an open letter written by his wife, Chiamaka Chuddy Ugorji, encouraging participants to remain calm as there was no cause for alarm whatsoever.