Access Bank of Nigeria has warned its customers to avoid dealing with controversial wonder bank, MMM, a ponzi scheme which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.
In a circular sent to its customers, the prominent bank cautioned that those involved in the controversial ponzi scheme, stand a risk of losing all their money, as the institution is not insured by the Deposit Insurance Corporation (NDIC).
In the circular, the bank 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.”
“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”
The caution is coming on the back of several warnings from the Federal Government, the CBN, House of Representatives and security agencies.
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