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Wednesday, 07 December 2016 16:05

Access bank warns customers against MMM Featured

Written by LEDUM ALFRED
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MMM logo MMM logo Credits: google.com

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. It is thought that millions of Nigerians patronise the MMM scheme, with many testifying making huge profits in few days of participation.

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.

“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.

Banks and ATM points these days witness huge customers often linked to the scheme, draining ATMS points of cash.

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