Central Bank of Nigeria warns Nigerians against patronizing wonder bank

The Central Bank of Nigeria CBN on Monday warned Nigerians against patronizing ‘wonder banks, stating that their activities were not regulated by the apex bank.
Giving the warning during a mentoring programme for students of the Government Secondary School, Suleja, Niger State, the Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, said the scheme is fraudulent since it was not supported by any business model.

“We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated, she said.

“Desist from their activities because they are fraudulent,” she added.

The warning comes at a time when there is a high unemployment rate in the country which has made a lot of Nigerians take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria’.

The scheme recently embarked on an aggressive online media campaign to lure the public into participating in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.