Despite repeated warning by the Central Bank of Nigeria (CBN) against patronizing Ponzi Schemes, indications weekend emerged that Nigerians lost N11.9 billion to the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM) in 2016.
Daily Champion recalled that the CBN and the Nigeria Deposit Insurance Corporation (NDIC) had repeatedly warned Nigerian not to patronize such schemes following the dangers associated to it. But so many Nigerians turned deaf ears to such warnings.
Speaking in Kano during the 2017 Bank-Wide Sensitization Campaign on CBN initiative programme, CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor warned Nigerians on the inherent danger associated with the subscription to Ponzi scheme.
Okorafor who was represented by Mr. Yusuf Wali noted that since 2015, the Bank had been adequately educating Nigerians on its banks activities in order to create awareness.
He said, “Our objective is simple. We want you to understand what we do at the CBN. We want to sensitize you on your roles as citizens in keeping the naira clean and other matters,” he told his audience.
He said the CBN had introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development, adding that the initiatives and intervention schemes can broadly be classified under the many sectors in the country economy.
In her address, the acting Controller of the CBN Kano office, Mrs. Bilkisu Mahe Wali, decried the inability of successive administration to cooperate with the CBN.
According to her, the purpose of the campaign was to sensitize the citizens on various intervention and other activities which the CBN was involved in for the benefits of the people.
She lamented that lack of education and awareness contributed to the inability of a lot of people to participate actively in the apex bank’s programmes.
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