The Nigerian Deposit Insurance Corporation (NDIC) has said that at least, three million Nigerians have lost N18bn in the popular Ponzi scheme, Mavrodi Mundial Movement (MMM). This revelation is coming on the heels of a repackaging by MMM managers preparatory for a re-launch into the Nigerian market. The managers made a kill from Nigerian investors when it froze payments last December.

The Managing Director of the corporation, Alhaji Umaru Ibrahim made this known at the ongoing 38th Kaduna International Trade Fair on Thursday.

He decried Nigerians investment in the scheme despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies.

He stressed that trading in the Ponzi scheme with Bitcoin, and other internet-based transactions were not in line with the Central Bank Nigeria’s directives.

He warned that any person who invests their money in the Ponzi scheme does so at their own risks.