'Stop investing in MMM' - CBN warns Nigerians again | Nigeria News Today. Your online Nigerian Newspaper f

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The Central Bank of Nigeria (CBN) has once again cautioned the citizenry against investing in the ponzi scheme, Mavrodi Mundial Moneybox (MMM).


The scheme operators stopped the accounts of its investors in Nigeria few days ago.

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

He called on Nigerians to be careful in investing their resources, especially at this period of economic recession.

According to him, the nation is blessed with many resources and businesses that could bring returns at minimal risks, urging people to embrace agriculture instead.

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.

A university don from the Department of Economics, Obafemi Awolowo University, Ile Ife, Prof. Funmi Soetan, who spoke on the theme of the conference, advised companies to consider cutting the cost of production through waste elimination rather than laying-off workers.

According to her, Nigerian economy is passing through a difficult phase of the business cycle.

Factors responsible, she said, include Nigeria’s overdependence on oil revenue, the adverse impact of the increase in global crude oil supply, fall in global oil prices, slow and declining growth in China, the BRICs and Europe, rising global and local terrorism and its attendant insecurity in Nigeria.

Other factors listed by Prof. Soetan include corruption and poor management of Nigeria’s oil revenue, the decline in external reserves and CBN devaluation of the Naira.

An associate professor at the Nigerian Institute of Social and Economic Research (NISER), Mr. Femi Ogundele, stated that the immediate consequence of recession was that businesses might cut employees, which translate to more work being done by fewer people.

The Chief Executive Officer of EZ37, Adaora Ayoade, stated that the effects of recession on the business community were challenging, urging firms to engage the situation in an informed, constructive and pragmatic manner.

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  1. Sorry to disappoint u sir, I won't stop investing cos I have been making livelihood from the scheme from inception. Mmm has done wat government can not do so why the ill advice. Mmm lives on

    ReplyDelete
  2. My advice to my fellow investors of mmm is that we should not invest much on it in case anything happens you can let go than putting millions of naira in mmm.

    ReplyDelete
  3. *HARD FACT THE UNJUST GOVERNMENT, THE FOOLISH MASS MEDIA AND DEAD NIGERIA CHURCHES FAILED TO UNDERSTAND*

    Imagine a man trying stop fire in a dry bush fire during dry season by scattering it with stick when he knows the fire has build up much hot charcoal ������

    The fire may seems stopped as everything becomes smoky allover the land but the hard fact remains that it is a matter of small time for the man to know that he has just spread the fire the more.

    *For the Government.*

    If the government want to stop MMM, the only way is to give to the people what MMM cannot give. A fair financial system where everybody is self sufficient and No wide gap between the poor and the rich. People are tired of the situation where some sit in government offices or church altars eating fat and living like Lord, while the majority of masses barely see daily food to eat.

    It is high time they realise that Nigerians are tired of fake promises from the political leaders and it has become a normal thing to survive only through risk.

    Fighting MMM the government started early this year is what has help to project the participants number high this year and what we are seen now is just another great smoke for the coming year. Greater MMM fire will erupt.

    Last year, it was only MMM but persecution has helped to spread the message to such an extent that more MMM models are coming up some include

    MMM United
    MMM global btc
    MMM btc
    MMM Japan
    My African Legacy
    Help Givers
    BTC club
    Givers Forum
    Helping Revolution
    MMM West Africa just to mention few.

    All the above are not attached to Mavrodi directly but they grew up from the constant persecution of the Main MMM.

    If Nigerian Government are wise they should tighten their belt and rethink because the worst they can do to MMM is to push it to Pause mode and that will indirectly expands the other Models, so, why all the threat?

    If the government is actually Wise they would have handed MMM issue with care but the same carelessness demonstrated in Boko Haram Case and Biafra case is what they are still demonstrating.

    When BoKo Haram was harmless, the government turn it to violent group by Murdering their Leader. The same approach was applied Kanu recently if not for God's mercy.

    Here comes MMM now, and the government are not wise enough to understand that MMM is a Non-Voilent Revolution that if not handle properly will lead to Violent Revenge should anything happen adversely to the people.

    Should MMM stop today, many Harm robbers, hassasins, etc who have dropped their guns to particpate in MMM will surely return and this time will have to hunt down the government official and the rich in revenge

    The mass media may be thinking people will hang themselves, but far from it, I trust Nigerian, the opposite will be the case and the government should prepare for the Youth Mass Revolution prophet TB Joshua has predicted some years ago.
    👇👇👇

    ReplyDelete

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