The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria’.
The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called �mutual aid financial network,” with a monthly investment return of 30 per cent.
Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.
She said, �We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.
�Desist from their activities because they are fraudulent.”
The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.
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