The Nigerian Deposit Insurance Corporation (NDIC) on Thursday disclosed that the social media estimated that three million Nigerians had lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).
The Managing Director of the Corporation, Alhaji Umaru Ibrahim disclosed this 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.