CBN Denies Approving MMM, Describes Scheme As Questionable

The Central Bank of Nigeria (CBN) has reacted with a rebuttal to reports making the round that it approved the operation of the Mavrodi Mondial Movement, better known as MMM.

Some birds had squealed that the apex bank ratified the operations of the Russian ponzi scheme.

In the report, which went viral, participants were said to have challenged the Nigerian authorities for “poking their nose into the affairs of well meaning foreigners that have come to rescue them from money issues.”

The report also claimed that the “CBN governor has allayed the fears of skeptical Nigerians and disclosed that thorough checks carried out on the organisation shows that it is a legitimate investment facility.”


It added: “A top official at the Ministry of Finance said even the federal government has invested the sum of N100b in MMM so that the interest of N30b can be reinvested in capital projects across the nation.”

However, in a statement of dismissal, the Acting Director, CBN Corporate Communications, Isaac Okorafor, told Daily Post on Thursday that, “There’s nothing like that.”


Okorafor said: “Nigerians should ignore any report claiming the we approved financial institutions that don’t even exist.”

“I repeat, Nigerians should ignore questionable schemes”.