About three million Nigerians had lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).
The Managing Director of the The Nigerian Deposit Insurance Corporation (NDIC) , Alhaji Umaru Ibrahim disclosed this on thursday while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair organized by the Kaduna Chambers of Commerce, Mines and Agriculture. (KADCCIMA).
Represented by the deputy director Communication and public Affairs Alh Hadi Birchi Suleiman, the managing director lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerians still patronise MMM.
The MD emphasised that frequent usage of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are Internet-based transactions and are not authorised by the CBN due to the risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.
