NDIC boss names ONE thing he can do for MMM victims

Umaru Ibrahim, the managing director of Nigeria Deposit Insurance Corporation (NDIC), has said that his agency can only pray for the victims of the recently crashed Mavrodi Mundial Movement, (MMM), Daily Trust reports.

According to him, all hands must be on deck to educate the public so that such scheme could be prevented next time.

READ ALSO: We invested our school fees, project money in MMM – University students cry out

Speaking to journalists over the weekend at the Workshop for Business Editors and Finance Correspondents in Kaduna, Ibrahim said the corporation will not relent in calling on Nigerians, sensitizing and enlightening them on the dangers of patronizing wonder banks.

He said MMM is a scheme that “pay out current investors with new investors money”.

Ibrahim said 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.

He said: “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.”

Recall that MMM operators froze the accounts of its investors in Nigeria few days ago. However, it promised to be back in January 2017.

This came a day after MMM founder Sergey Mavrodi reportedly wrote an open letter to the Nigerian government claiming that the scheme would never fail.