One of Nigerian Banks, Access Bank Nigeria Plc has warned its customers to avoid participating in Mavrodi Mondial Movement, a viral ponzi scheme, which promises 30% return on investment after 30 days.
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.”
The Central Bank of Nigeria and the Securities and Exchange Commission had declared the MMM as illegal, urging Nigerians not to participate the scheme which started in Nigeria in November last year.
Greennews.ng can authoritatively report that despite the series of warning by Nigerian authorities, thousands of Nigerians have continued to patronise the scheme with its website ranks as the 5th most visited in the country.