FG has started moves to close down MMM operations in Nigeria.
The Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said controllers have set up a Committee to stem the detestable exercises of the fraudsters around the country.
“I wish to sound an expression of alert to individuals from the general population on the exercises of illicit reserve chiefs, also called Wonder Banks.
“It is troubling to note that in spite of rehashed counsel, numerous clueless individuals from the general population are as yet falling casualties to the mouth-watering enthusiasm being offered by these illicit fund managers.
“Individuals from general society are along these lines encouraged to patronize just banks that show the NDIC sticker: “Protected by NDIC” in their b anks lobbies or doorways.
“Be that as it may, the administrative powers have set up an organization panel under the Financial Services Regulatory Coordinating Committee(FRSCC) to stem the loathsome exercises of these fraudster in the country”.
Umaru talked on Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair.