The
apex bank in Nigeria has discouraged Nigerians from participating in
the Russian Ponzi Scheme which has suffered hitches as the yuletide
draws closer.
CBN Governor, Godwin Emefiele
The Central Bank of Nigeria (CBN) has once again cautioned the
citizenry against investing in the ponzi scheme, Mavrodi Mundial
Moneybox (MMM).
The scheme operators stopped the accounts of its investors in
Nigeria few days ago.CBN Director of Development Finance Dr. Mudashiru
Olaitan gave the warning at a business leaders’ conference with the
theme: “Prospering in a recession”, organised by EZ37 Solutions in
Ibadan, Oyo State.
He called on Nigerians to be careful in investing their resources, especially at this period of economic recession.
According to him, the nation is blessed with many resources and
businesses that could bring returns at minimal risks, urging people to
embrace agriculture instead.
Olaitan, who was represented by the Head of CBN Development Office
in Ibadan, Mr. Banji Akinola, said the Ponzi scheme has become a
national embarrassment with the scheme’s operators insulting the
Nigerian government just because it cautioned the people over the
scheme.
A University don from the Department of Economics, Obafemi Awolowo
University, Ile Ife, Prof. Funmi Soetan, who spoke on the theme of the
conference, advised companies to consider cutting the cost of production
through waste elimination rather than laying-off workers.
According to her, Nigerian economy is passing through a difficult phase of the business cycle.
Factors responsible, she said, include Nigeria’s overdependence on
oil revenue, the adverse impact of the increase in global crude oil
supply, fall in global oil prices, slow and declining growth in China,
the BRICs and Europe, rising global and local terrorism and its
attendant insecurity in Nigeria.
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