FG, NDIC, others launch plan to shut down MMM in Nigeria

Barring unforeseen circumstances, the activities of MMM Nigeria and other wonder banks operating in the country may soon run into a hitch as regulatory authorities have unveiled plan to put them out of circulation.

According to the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, the regulators have set up a Committee to stem the nefarious activities of the fraudsters across the country.

Umaru, who disclosed this Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair, lamented that despite repeated warnings, Nigerians are still trooping out to patronise the illegal fund managers.

''I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks. It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers''

Members of the public are therefore advised to patronize only banking institutions that display the NDIC sticker: 'Insured By NDIC' in their banking halls or entrances.

''However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Co-ordinating Committee (FRSCC) to stem the nefarious activities of those fraudsters across the nation,'' he added