Business & Finance

CBN Denies Approving MMM


The Central Bank of Nigeria (CBN) has denied reports that it has approved the operation of Russian ponzi scheme, Mavrodi Mondial Moneybox, otherwise known as MMM, reports Daily Post

There were reports that the CBN governor, Godwin Emefiele has disclosed that checks carried out on the organisation shows that it is a legitimate investment facility.

The report also claimed that “a top official at the Ministry of Finance said 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.

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But, the CBN on Wednesday said it has not approved the scheme.

Isaac Okorafor, Acting Director, CBN Corporate Communications, said Nigerians should ignore any report claiming the apex bank approved a financial institution that don’t even exist.

Recall that the Economic and Financial Crimes Commission (EFCC) said it was carrying out surveillance on the MMM investment scheme

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