FG moves to shut down MMM operations in Nigeria | Nigeria News Today. Your online Nigerian Newspaper

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The 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. Please let us be. Go and fix the economy first. We love MMM. Its our way of life.

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  2. What actually is your problem? I think there are some things you people are hiding from the the public. You have warned the public against mmm but they still continue with the program. I think the best thing is to leave them alone. Whose money will be lost if mmm crashes? Not your money but their money. So what is your headache? Are you really concerned about the people or your selfish interests? Leave mmm alone and allow it be. Enough of your threats.

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  3. Give your advice and let ppl make their decisions.Na your money dem use? This tells you how stupid all of you in government are. What of the political wonder bank that politicians pay huge sums for to get elected by all means so as to earn more than 20m monthly as salaries for rubbish sitting when 18 thousand is too much to pay civil servants? Oga mind ya business of ppl decide to bring their money to the bank fine if not sharap ya mouth. E dey pain una say ppl dey make money abi?

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  4. Please o, what does MMM have to do with "wonder banks" and all.. FYI MMM does not have an account and they equally don't have banks either, please be well informed about the platform before you make punchlines!

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  5. How does it affect FG on how people decide to invest or spend their personal income? MMM has come to stay let them face the hard economic issues they brought and leave MMM ALONE!

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  6. That's the rubbish post I was telling you about. No matter what they do MMM lives on.

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  7. Abeg abeg..fG jst mind ur business n solve ur own problms

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  8. FG should mind their business,it is not their money that we are using, mmm is taking people out of the streets. I have a question for all those against mmm expecailly FG..can you love a person more than that person love him/her self?.your answer is as good as mine. SO FG should be ashamed and try to fight recession other than trying to fight in fultilty.

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  9. You can't like a person more than he/she likes himself, so I advise FG to please stop and allow mmm change life's. Mmm has helped me.

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  10. Mmm has helped me, it is not fraud, its just a forum where honest persons meet and tries to help each other.

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  11. God go punish all of u political wonder bank wey call ur self govt. Since their is no central bank to charge tax, why won't u be talking rubbish? All the gambling companies were legalised bcos they are paying u tax.
    Get lost. Stupid FG.

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  12. These people eee! They know they can't do anything to stop mmm so they r trying to cause panic amongst participants and discourage them. Wicked and self centred FG, they will never like to see anyone being financially free so they 'd forever be enslaved to work for them. You people will surely be disappointed cos mmm has come to stay.

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  13. No cause for alarm. MMM is not a bank. So it keeps no money anywhere. It is like contributory support. People contribute to support or help one another. There is no central purse. The only thing is that instead of money lying doing nothing for the people in banks it now exchanges hands among the contributing members. Many have benefited from the programme. The idea is instead of keeping the money you don't need now in the bank why not use it to help people in need, and get your money back with a small increase? The FG should allow mmm to continue.

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  14. May God rain fire,brimstone n thunder on our politicians cos they have brought nothing but shame to dis Nation.Now they want to .send panic to d Hearts of MMM participants.Politicians your time is up cos God 'll strike u all with insanity

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  15. What happens to high unemployment without cash, crime , ritual, prostitution, revolution against the government etc will be on the increase.

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  16. As useless as they are, let them try it, they can't improve on the standard of living of the people, they pay poverty wage of 18k and they go home with maximum wage of 29m. Per month, inflation is on the roof top, a bag of rice is at the rate of 20 to 22k per bag. Over 4.5milion people ve lost their jobs BTWnow and last one year this failed administration, there was no meaningful policy to reduce unemployment, harsh business environment, kidnapping, armed robbery on the increase, its now obvious the economic recession is man made, but I advise them to keep off MMM community and continue with their looting as chasing MMM is already a fruitless exercise. They could not succeed with their foot soldiers selling the idea that MMM would crash, now they want to use their inefficient agencies to threaten MMM community, its God that will crash them with their generations benefiting and yet to benefit from our collective wealth that they stole and shared among themselves. What ever I do with my money is strictly my business provided it's legal. So let them go on steal Nigeria blind MMM community has come to stay. BASTARDS

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