MMM will lead to losses, Access bank warns customers

mmm_logo

Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.

READ ALSO: CBN warns against patronage of ‘wonder banks’

The bank in an emailed statement to its customers said it had come to its attention “that some customers are engaged in the Ponzi scheme called ‘MMM’”.

“Please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run,” the bank warned.

YOU MAY ALSO LIKE: Online fraudsters hit capital market, Sec warns

New ponzi scheme, Ultimate Cycler’s website down

Go after MMM promoters, Reps tell EFCC, CBN

“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”

Despite the warning by the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.

Be the first to comment

Advertisements