Nigerian Electronicl Fraud Forum Says Nigerians Invested Over N28.7bn And Lost N11.9bn In Crashed MMM

The Nigerian investing public lost N11.9 billion to the Mavrodi Mundial Moneybox, MMM, Ponzi scheme, according to the Annual Report of the Nigeria Electronic Fraud Forum, NeFF, which was unveiled, in Abuja, yesterday.

It indicated that Nigerians invested over N28.7 billion in the scheme between June and December 2016.
The report also showed that the N28.7 billion was money that passed through the NIBSS, involving only 14 banks that are currently on the NIBSS industry Anti-fraud System, HEINDALL, an indication that the aggregate amount Nigerians invested in the MMM and the loss could be much higher than the above figures.