MMM is a scam, Access bank warns Nigerians

Access Bank Nigeria Plc has cautioned Nigerians to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.

The bank in an emailed statement to its customers said it had come to its attention “that some customers are engaged in the Ponzi scheme called ‘MMM’”.

“Please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run,” the bank warned.

“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”

Despite the warning by the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.

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9 Comments

  1. This life sef,access bank sef dey claim scam,no be scam dem take collect intercontinental bank from erastus Akingbola,they should just shut the f**k up,if there banking products are failing and are not paying the bills again,let them invest in MMM too. MMM for life.

  2. Access bank show mind their own business. Because there are no more money in fixed deposits and treasury bills, that’s why they are castigating our dear MMM. Participate or keep quiet is as simple as dat. No body is forcing anyone to join. This is manner of the recent times, grab yours while ……….. Or ignore and be waiting for Buhari to perform magic. A word is a enough for the wise.

  3. Don’t mind them. They are bunch of hypocrites.
    I was in one of Access Bank branches in Port Harcourt last month when I heard one of their staff discussing her MMM Transactions with one guy.
    Believe me, Bankers are the real players of MMM.

  4. Fixed 500k for 3 mths in access bank and got just 9k on top, in this 2016. I wish I had known about MMM then. It’s only morons that’ll continue fixing their huge sums in the banks for paltry sums as commission.
    If MMM is a scam, let them continue to scam me o.

  5. So How haas d’genuine and approved investment nd product of CBN better the lots of ordinary Nigerian in dis era of non payment of workers’ salary ?.If MMM is a scam,abeg let d’scam continue ooo

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