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Nigerians Lost N11.9 bln To MMM Ponzi Scheme, CBN Reveals

Nigerians lost N11.9 billion to popular Ponzi Scheme ‘MMM’ ad others in 2016, The Central Bank of Nigeria (CBN) has said.

CBN Acting Director, Corporate Communications, Alhaji Yusuf Wali, warned Nigerians on the inherent danger associated with the subscription to Ponzi Scheme, saying “I will also like to reiterate the position of the CBN on the need for the citizens to desist from unwholesome financial engagements in all Ponzi schemes. The Nigeria Electronic Fraud Forum made public a recent daunting report on the losses suffered by the subscribers which amounted to N11.9 billion in December, 2016.”

Speaking in Kano at the 2017 Bank-Wide Sensitization Campaign on CBN Initiative programme, Wali noted that the sensitization programme tagged ‘CBN Fair’ is geared towards sensitizing citizens on the activities of CBN as well as educating Nigerians on how best to engage in financial transactions.

According to him, “our objective is simple! We want you to understand what we do at the CBN. We want to sensitize you on your roles as citizens in keeping the Naira clean and other matters.

“We want to hear your complaints about matters relating to financial sector and we want to let you into how you can access and benefit from the different initiatives of the CBN.

“CBN has introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development.”

He mentioned the sectors to include agriculture, power, energy, manufacturing, micro, small and medium scale enterprises (MSME) as well as banking and industry, through credit delivery the real sector of the economy.

In his remarks, Kano state Governor, Dr Abdullahi Umar Ganduje lamented that Kano populace in recent times have failed to key into CBN programmes designed to benefit the economy of the state and their private businesses.

Represented by the state Commissioner for Finance, Prof. Kabiru Isah Dandago, he stated that the state government had been working with the apex bank to ensure it records success in all its programmes with CBN partnership.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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