Leave MMM alone and fix your dead economy Nigerians tell FG

Several Nigerians have berated the move by the federal government to shut down MMM operations in the country

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Speaking at the 2016 Lagos International Trade Fair, the managing director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said that regulators have set up a committee to see the end of what he maliciously called the nefarious activities of the ‘fraudsters’ across the country. In his remarks he stated

“I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks.

It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.

Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: 'insured by NDIC' in their banking halls or entrances.

However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee(FRSCC) to stem the nefarious activities of these fraudster across the nation”.

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Well, it seems Nigerians are not so cool about this update as they took to social media to lambast and curse the government. Read the reactions below:

A Facebook user, Adedoyin Adebamowo took to Facebook to write: ”Government says “Participate in MMM is at your own risk, this is laughable. In Nigeria, I sleep at my own risk, I wake up at my own risk, I go out at my own risk, I come in at my own risk, I put my MONEY in the bank at my own risk, Even in banks, CARS are parked at OWNERS risk. I do everything at my own risk. So there’s nothing special about doing MMM at my own risk… Long Live MMM Nigeria…Mavrodians"

Other respondent which spoke with SILNET NEWS express disgust over what they themed a gran-dual display of stack ignorance of government's official who enjoys scoring cheap political goals while at the same time brandishing suicide prone policies which have kept the country so backward.

MMM is not a wonder bank, but a community were people donate funds to each other, without a central monopoly which characterizes the capitalist word, also the constitution of Nigeria allows for freedom of association.

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