The director, Nigeria Deposit Insurance Corporation, (NDIC), has reacted to the crashing of pyramid scheme, MMM Nigeria, citing that the organization will not be able to help participants who lost their money.
Umaru Ibrahim described MMM as a system that “pays out current investors with new investors money.”
According to Ibrahim,
"Beside the MMM case, there are some new cases of the emergence of the wonder banks in recent times in places like Enugu, Kaduna and Plateau states.
"For us, we already told Nigerians that MMM are not recognise, they are illegal, but some insisted that they are legal, all hands must be on deck to educate the public, today is MMM, tomorrow it could be YYY."