• According to a report by the Nigeria Electronic Fraud Forum, NeFF, a total of N11.9 billion was lost by Nigerians to the Mavrodi Mundial Moneybox, MMM, Ponzi scheme in 2016.

    The NeFF annual report said Nigerians invested over N28.7 billion in MMM between June and December 2016.

    It said the N28.7 billion passed through the Nigeria Inter-Bank Settlement System, NIBSS, involving only 14 banks. These banks are currently on the NIBSS industry Anti-fraud System, HEINDALL.

    This indicates that the aggregate amount Nigerians invested in the MMM and the loss could be much higher than the above figures, it said.

    It added that Nigeria’s financial sector lost N2.19 billion to fraudsters in 2016 and that some banks shield fraudsters in the financial system by refusing to expose them, thereby making it easy for such criminals to continue in their evil deeds.

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