CBN Warns Nigerians Against ‘MMM’ Wonder Bank…See Shocking Revelations
Nigeria community.
The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, made this known yesterday against the proliferation of wonder banks in the country in recent times, ThisDay reports.
Okoroafor said such deposit money institutions were dubious present Ponzi schemes.
“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.
He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.
“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.
Okoroafor said the CBN could not guarantee the unregistered institutions, insisting that when depositors lose money to them, the bank would not be able to help them.
“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur,” the CBN said.
CBN needs to apologise to MMM participants and ask for forgiveness of SIN from God because from what they wrote concerning MMM it shows that they do not know anything about MMM. Though this is not the first time of passing false information about MMM to the people but when they later studied what they did not care to know about it, they later apologised to the public and to MMM participants. CBN don't make this mistake again, instead go and study it very well.
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