Access Bank warns its customers over MMM

Access Bank of Nigeria has warned Nigerians not to deposit money in any institution that is not insured by the Deposit Insurance Corporation (NDIC).

The bank in a letter sent to its customers, cautioned that those involved in the controversial ponzi scheme, stand a risk of loosing all their money.

The letter further advised that the scheme is not in line with any applicable investment product and may ultimately lead to the loss of funds on the long run.

MMM Federal Republic of Nigeria made a grand entrance into the Nigerian investment market in 2016. MMM stands for Mavrodi Mondial Moneybox and takes its name from its founders, Sergei Panteleevich Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.

The scheme was established in 1989 by these three Russian nationals, and promises its clients 30 per cent return on investment (ROI) for money put into the system for 30 days. The scheme prides itself as a mutual aid fund through which recruited members contribute money to assist others

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