FG moves to shut down MMM operations in Nigeria

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
…”