SHOCKING: 3 million Nigerians lost N18 billion to MMM – NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the social media that an estimated three million Nigerians have lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).
Speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday,the Managing Director of the corporation, Alhaji Umaru Ibrahim decried that despite repeated warnings by the Central Bank of Nigeria (CBN)  and the corporation, Nigerian’s still patronise MMM.
Represented by the Deputy Director Corporate Affairs,Hadi Suleiman,the MD emphasised that the creation,  usage or trading in the Phonzi scheme in forms of virtual currencies,  such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are Internet-based transactions and are not authorized by the CBN due to the risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.
He added,”The Ponzi scheme is the phenomenon of illegal fund managers,popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard earned money. This phenomenon has been a source for concern because despite our repeated warnings over the years,  some members of the public have continued to fall victims of their fraudulent practices.
“We would like to reiterate the fact that these fund managers are illegal as they are neither licenses by the CBN to take deposits from members of the public not are those who patronize them covered by the NDIC deposit insurance scheme.  I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognized to mobilize savings from their members.”

NDIC reveals how much Nigerians lost to MMM

The Nigerian Deposit Insurance Corporation (NDIC) has said that an estimated three million Nigerians have lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM).

Speaking at NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday, the Managing Director of the Corporation, Alhaji Umaru Ibrahim decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerian’s still patronise MMM.

He noted that the creation, usage or trading in the Ponzi scheme in forms of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are Internet-based transactions and are not authorised by the CBN due to the risks involved in their operations.

He cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.

He added,”The Phonzi scheme is the phenomenon of illegal fund managers, popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard earned money. This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public have continued to fall victims of their fraudulent practices.

“We would like to reiterate the fact that these fund managers are illegal as they are neither licences by the CBN to take deposits from members of the public not are those who patronise them covered by the NDIC deposit insurance scheme. I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members. “

Man jailed for investing customer’s money in MMM

A Karmo Grade 1 Area Court, Abuja, on Thursday sentenced one Hassan Joshua, 38, to two months’ imprisonment for criminal breach of trust and cheating, bordering on failure to pay back customer’s N430, 000.

The judge, Alhaji Abubakar Sadiq, however, gave him N 10,000 option of fine and warned him to desist from committing crime.

The judge also ordered the convict to pay N430, 000 to the complainant.
Joshua, a welder, who resides at Nimasa Estate Gwarimpa-Abuja, said that he paid the money into the money doubling scheme, Movrodi Mondial Movement.

MMM is social financial network, a mutual aid funding network of ordinary people helping each other.

Earlier, the prosecutor, Zannah Dalhatu, told the court that one Mr. Fagbo Tubosun of Gwarimpa Estate reported the matter at Gwarimpa Police Station on Feb. 7.

Dalhatu said that in October 2016, the convict was given the money to construct water tank and doors.

He said, “After collecting the money, he refused to do the work and he absconded to an unknown destination.”

The prosecutor said that during police investigation Joshua confessed to the crime.

Revealed: Why MMM Top Guider, Wife Fled Nigeria

The hope mavrodians have of retrieving their ‘investments’ and ‘profits’ from the Mavrodi Mondial Moneybox (MMM) Ponzi scheme continues to dim by the day, as Nigeria’s top guider, Chuddy Ugorji, has reportedly fled the country.

It was gathered that Ugorji, left Nigeria with his wife to the Philippines.

He fled the country when many investors were waiting to be paid their money with the accrued interest, the News Agency of Nigeria reported.

Chuddy’s relocation came barely 24 hours after he released new conditions for payment of participants.

He had given the impression that the Ponzi scheme had started paying outstanding money to participants of the scheme. But the payment is just symbolic.

Meanwhile, the ponzi scheme issued new guidelines on Wednesday.

It said, “As a necessary measure, we decided to set limit to withdrawal this week thus the N31,000 maximum withdrawal on your PO.

“We are still committed to prioritise paying smaller amounts first and gradually increase the amount to higher ones. The system does the calculations and knows how to calculate everyone’s mavros.

“Between Friday that we opened and today, hundreds of thousands of GH orders have been matched.
More and more GH orders will be matched as time goes on. If you see error notification when trying to GH, just keep trying.

“PH to GH is still a suggestion to be tabled before Sergey Mavrodi for consideration. Disregard any info suggesting that you must PH to GH till further announcement in your PO. Freezing of bonuses for now is another suggestion to be tabled before Sergey Mavrodi for his consideration. Which means if approved, you will only be able to GH your personal contributions for now until the system recovers and stabilises.”

 

Source:www.nigerianeye.com

MMM Nigeria sets withdrawal limit for participants

Operators of Mavrodi Moneybox Mundial (MMM) Nigeria have set a temporary fund withdrawal limit for its participants as the level of investment in the alleged Ponzi scheme dipped since its return from a one-month hiatus on January 13.

“Yes, there is a withdrawal limit for participants,” said an MMM guider who pleaded anonymity. “As of today, the limit is N31, 000. But that is subject to upward or downward review depending on the level of people who provide help (invest in the fund).”

Participants with the smallest funds would be given priority of withdrawing their funds, administrators of MMM Nigeria said when it resumed on January 13 without stating what constitute ‘small’ fund.

“The context of Nigeria’s economy cannot be separated from the scheme. It is not just that Nigeria’s economy is in a recession. The larger problem is a sense of hopelessness,” said Feyi Fawehinmi, a United Kingdom-based accountant and columnist with the Guardian.

“The middle class are escaping to Canada while poor Nigerians are crossing to Europe via Libya by the thousands practically every day. This is all the fertiliser that MMM needs to germinate and flourish in Nigeria and it is.”

A participant, Funmi Alabi, hoped the withdrawal limit would help restore participants’ confidence in the scheme and spur more inflow of funds.

“I’m a bit scared that I can’t get help (withdraw fund) the way I would have loved. But if the limit they set will ensure sanity in MMM community, I am okay with it. Hopefully, I can get my funds.”

Participants were prevented from withdrawing their funds from the scheme earlier in the week, but a person with knowledge of how the community works said participants were to be blamed for that.

“We know what is wrong,” Tobi Balogun said. “People wanted to play smart with the system, so GH (Get Help, which stands for withdrawal of fund) was hidden.

“Mavros [funds] grows every Tuesday and Thursday. Some participants would cancel mavros that they have already been allocated by Monday night so they can get more out of the system. That’s playing game on the system, and I believe that’s why the hidden GHed was implemented.”

These underhand tactics, Balogun confirmed, has created more panic in the system than ‘the media hysteria’ the operators of the scheme usually allude to.

Regardless of the fleeting gains participants derived from the Ponzi scheme, critics said the scheme does not present a way out of recession since it was not founded on any sound economic or investment principle.

Stay away from bitcoin. It isn’t legal tender – CBN warns Nigerians

The Central Bank of Nigeria (CBN) has warned Nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin.

 

In a statement on Tuesday, CBN said virtual currencies are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

 

“The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions actions pending substantive regulation or decision by the CBN,” the statement read.

 

“Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies. Ensure that existing customers that are virtual currency exchangers have effective capital AML/CFT controls that enable them to comply with customer identification, verification and transfer, monitoring requirements.

 

“Where banks or other financial institutions are not satisfied with the controls put in place by the virtual currency exchanger/customers, the relationship should be discontinued immediately.

 

“Any suspicious transactions by these customers should immediately be reported to the Nigerian Finance Intellignece Unit (NFIU).”

 

The apex bank said anyone trading in bitcoin is doing so at his or her own risk.

 

“The CBN reiterates that VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc., and similar products are not legal tenders in Nigeria.

 

“Thus, any bank or institution that transacts in such businesses does so at its own risk.”

 

Bitcoin was the best performing currency of the year 2016. It has appreciated from four cents in 2010 to over $1,000 in 2017.

 

On January 8, when MMM Nigeria announced its planned comeback, it introduced bitcoin as a mode of payment.

 

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira. However, the new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.

 

“Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system,” MMM said.

 

“So far, we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

 

“It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins). Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount.

 

“So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth.”

 

Source: The Cable

Feyi Fawehinmi: One nation under MMM

Around 11pm on the 23rd of June, I decided to go to bed. I had voted ‘Remain’ in the UK European Referendum earlier in the day and the first exit polls showed Remain was ahead by 10 points. So, imagine my complete shock when my wife woke me up the next morning to tell me that ‘Leave’ had won. It’s not just that the result surprised me, what annoyed me the most was that everything I read in the media and heard from my circle of friends and colleagues told me Remain was going to win.

Having learnt the lesson that surprises can happen when you go to bed at night, on the night of the US election in November, I took no chances – I stayed up till 3am and saw North Carolina, Ohio, Florida and Wisconsin fall to Donald Trump, handing him the US presidency. Overall, 2016 was an interesting year across the world to put it mildly.

But it’s not only when you close your eyes at night that you are asleep. If we define being asleep as being oblivious to something big and important happening around you, then it is possible to be asleep for months and even years. In a country like Nigeria where it is hard to get hard data on anything, the possibility of dozing off for years is very high. You only wake up when it’s too late.

One thing that Brexit, Trump supporters and MMM have in common is that they were all outside the mainstream of accepted behaviour for the most part. The entire establishment and media were for remaining in the EU. People who supported Brexit were either racists or those looking for a reason to lash out at the ennui of their lives. It was not ‘normal’. So it was with Trump – given the man’s behaviour and comments while campaigning, how could any reasonable person support him over Hillary Clinton? How can any person who was expensively educated put money in an obvious Ponzi like MMM?

What makes MMM particularly dangerous is that those who are currently cleaning out from it are NOT poor people. I’ve heard staggering tales of oil company workers who are deep inside the MMM vortex. People are even taking loans or pooling funds in a co-operative to join the fun. People who put millions of naira into MMM are not poor people. They are upper middle class or rich folk. They are also plugged into the internet which is not a past time of poor Nigerians per se. This is the biggest danger about MMM that is yet to come – poor people haven’t joined in yet. It is when they join that the scheme will come crashing down and leave sorrow, tears and blood in its wake.

Simply dismissing MMM as a regular Ponzi is not going to work. The marketing is very clever. Those who participate in it are able to assuage their conscience by telling themselves they are providing ‘help’ to people in need. It is an interesting type of help given that you earn 30% in one month for providing it. The members of MMM have also lately launched a blitzkrieg of publicity to normalise the activity in the eyes of ordinary Nigerians – donating to IDPs, hospitals and the like. It’s all part of the ‘help’ they are providing. MMM itself doesn’t even collect the money. You are told who to send ‘help’ to and you follow the instructions (this explains why it is almost impossible to shut it down – the transactions are simply people sending money to themselves).

The context of Nigeria’s economy cannot be separated from the scheme. It is not just that Nigeria’s economy is in a recession. The larger problem is a sense of hopelessness. Hence the middle class are escaping to Canada while poor Nigerians are crossing to Europe via Libya by the thousands practically every day. This is all the fertiliser that MMM needs to germinate and flourish in Nigeria and it is.

MMM is a problem to be solved. However, like Brexit and Trump, it won’t be solved simply by demonising those who participate in it. Many of them actually know it is a Ponzi but want to cash in before it comes crashing down. For the most part, they are rational actors. Ordering a crackdown by sending policemen (who are probably also invested in MMM) to harass a few people is not going to solve this brewing social problem.

At the entrance to the town hall of the ancient Dutch city of Gouda is inscribed one of my favourite sayings – Audite et alterem partem- To wake up from this sleep, we must at least hear the other side.

We need to understand what is so seductive about this scheme so we can properly counter it, before the poor decide to join the party.

MMM, Sambisa and the boy died – By Reuben Abati

“Happy New Year, my brother”

“What do you mean happy new year, more than two weeks into the New Year. Have I not been in touch with you since January 1?”

“But for you the New Year has just started. Your January 1 was not on January 1”

“Looks like you have started taking something. I must inform your wife.”

“I say Happy New Year to you.”

“Okay, same to you.”

“You think I don’t know what you have been going through? Your wife told me you have not been yourself since those Mavrodi Mundia Moneybox people suspended their scheme. She specifically asked me to keep an eye on you.  But we thank God the MMM is back, 24 hours earlier than they promised.  Now, you can get your money back.”

“My brother, it is a lo-n-g story. This MMM thing has become a case of the more you hear, the less you understand. And to think I invested my children’s education savings. Everything.”

“What is the problem again? I hear you can get your money back, and MMM says they are ready to change the world.”

“I don’t know about changing the world, but let them change my sadness to joy by just returning my money, but now they say they can only pay a small amount per day and that those who invested big money like me should wait.”

“How much did you invest?”

“If I tell you the figure, you will know that the year is not new at all.”

“Tell me.”

“So you can go and tell your wife and your wife can tell my wife and the three of you can tell everybody. I just pray MMM does not mess me up, otherwise all of you won’t have anything to gossip about when you start looking for a casket.”

“Is it that bad?  Please don’t let it get to that stage. But I can assure you, if they mess you up, I will sue the hell out of them. I will get lawyers and sue them to court.”

“You will defend my rights after I am dead? Now, I see you are a very good friend indeed.”

“I am just trying to help. I almost invested in the MMM myself.”

“Let me ask you something.  What is a bitcoin?”

“Not too sure.”

“MMM says they will pay with bitcoins. I invested with Naira. They say they will pay me with coins, not with dollars, but coins. Ore mi, gba mi. Se kinni yi o ti fe di one chance bayi? And yet they are saying they want to change my world. Government should intervene and monitor the whole thing.”

“I won’t consider MMM the business of government.”

“Everything that has to do with the welfare of a citizen is the business of government.”

“If you decide to go and invest your money with money-doublers, why should government be bothered?”

“Government cannot allow anybody to spread frustration in any form. MMM should give me my money, not coins.”

“By the way, we should find out what a bitcoin is? We learn everyday.”

“I didn’t invest for research purposes. I invested for profit purposes.”

“But suppose the bitcoin is even better than the Naira. Somebody told me that bitcoin is a cryptocurrency, although he didn’t quite explain.”

“Ha. I am in trouble. So, I now have to carry dictionary over this MMM matter. Even a crypto something is now better than the Naira. God, pity your servants!”

“Just calm down.  We have enough people dying everyday. Don’t join the list. I am sure everything will be sorted out. While you are killing yourself over MMM, are you aware that some Nigerians are already investing in another Ponzi scheme?”

“What is that one?”

“It is called Swissgolden. They offer gold or cash profit.”

“I don’t want to hear about it. And you say government should not get involved? We are almost becoming a nation of desperate money-doublers.”

“Government should worry about more serious things, except of course someone sets out to commit a crime.”

“Nothing can be more serious.”

“Like the Southern Kaduna killings, for example”

“That is sad. Ethnic and religious violence has been a source of threat to Nigeria’s corporate existence. We need to build a nation first.”

“The Catholic Church says the casualty figure in Southern Kaduna so far is about 808.  Over 1, 422 houses, 16 churches, 19 shops and one primary school have been destroyed.  The challenge is how to prevent these things.”

“Too much politics in everything and that is why ordinary things become big things and so much tragedy is invited. Government must be pro-active.”

“That’s like saying nothing. I have heard that cliché too many times. The root of our national crisis is much deeper. Oftentimes the people themselves are the problem.”

“I hear in the Niger Delta, the people are also threatening to resume hostilities, shut down oil installations and destroy NDDC projects.”

“It is not the people. It is the Niger Delta Avengers (NDA) with their ‘Operation Walls of Jericho’ and the Niger Delta Revolutionary Crusaders (NDRC).  Vice President Yemi Osinbajo has led a delegation to go and talk to them, particularly the Pan-Niger Delta Forum (PANDEF).  I think the resort to dialogue is wise.”

“I’ll like to see that too in Southern Kaduna, coming from the highest levels and I like the fact that the Federal Government is talking to the Bring Back our Girls Group and that for once they are willing to listen. Before May 2015, that group never wanted to listen to government. Now they are in Sambisa Forest.”

“I call it the BBOG Journey to the Sambisa Forest of a Thousand Daemons. When you go to a forest like that, you will have stories to tell.”

“I like the strategy. Get the protesters to help government sell its own story. Quite clever.”

“What if the strategy back-fires?”

“Oh, come on. It won’t.”

“You are always cynical. Thank God you are not in Tanzania where media cynicism of any sort is now a crime.”

“Under President John Magufuli, the bulldozer? Everyone has been praising him for fighting corruption and administrative opaqueness.”

“Magufuli is now bulldozing the media and free speech. Just the other day, he threatened Tanzanian journalists. According to him: ‘We will not allow Tanzania to be a dumping yard for inciting content. This will not happen under my administration”

“What?”

“They now have in Tanzania, The Media Services Act of 2016 which gives government officials the powers to shut down media houses and seize their printing machines.”

“That is even worse that that Nigerian Decree. Decree… Decree….”

“It is not from my mouth you will hear that one. Just be careful. Magufuli’s position is that journalists provoked him with their inciting content.”

“What is it with our leaders in Africa? In other words, Magufuli is saying he is a constituted authority.”

“Not a…he is the constituted authority.”

“One of these days, he too will just say, “Bring that boy here…Leave him…Who do you think you are talking to…I am the constituted authority.”

“You are quoting someone else now, not Magufuli.”

“African leaders sound alike when it comes to the use and abuse of power. You are right, I am quoting the Governor of Oyo State, Nigeria, Governor Abiola Ajimobi. Students of Ladoke Akintola University of Technology (LAUTECH) provoked him. They had the temerity to remind him that their school had been shut down for eight months. The Governor was so irritated, he sounded as if the students were disturbing him.

“The students were rude. Nigerian students don’t respect constituted authority. They don’t know how to address power.”

“Which authority? Is that why they should be tongue-lashed and shot at by the police?”

“I know the Governor.  One of the students must have said something nasty to him.  I got that much from his daughter’s alleged reaction.”

“Who is that?”

“The Governor’s daughter defending her dad.”

“What does she know about a university being shut down for eight months and students having to stay at home because government is suffering from a disease called lack of funds. This democracy sha.”

“Don’t worry yourself. It is not an African thing. In the United States, the President-elect’s daughter is going to be very powerful in his in-coming government. Her husband, Jared Kushner is already warming up to play a major role, and his only qualification for the job according to the father-in-law is that he is a good lad and a natural talent”

“That Donald Trump. He should stop disturbing everyone with his reckless comments.”

“I pray he doesn’t cause a Third World War.”

“With the way he has been provoking China.”

“Everything is under negotiation including One China”, says Trump.

“Nobody can negotiate that,” says China.

“And Trump picks up his phone and makes a long-distance call to the President of Taiwan, and China says that is a terrible insult”

“Trump definitely thinks his trip to the White House is one of his ‘You’re fired’ episodes. He is busy burning bridges.”

“Meanwhile, in Nicaragua…”

“What’s happening in Nicaragua?”

“The President has just been sworn in for a third term in office, with his wife as his Vice-President!  A husband and wife Presidency”

“You think that can happen in Nigeria?”

“You are not aware that in some states in Nigeria, family members are the ones who run the government?”

“Which state?”

“Go and find out for yourself?”

“So, how is our friend, Jim Obazee of the Financial Reporting Council (FRCN)?

“He broke the law”

“He was trying to enforce the law”

“He broke the law of the Psalms. Psalm 105: 15 – “do not touch my anointed ones/And do my prophets no harm.” He wanted to use a Governance Code to force men of God to observe term limits.”

“You are missing the point.”

“And to think he would start implementing the Code from his own church, where he is a pastor, with Daddy G.O. of the Redeemed Church.  So he means charity begins at home.”

“You don’t get it. Are you recommending nepotism? The whole point of the Code is that when religious groups become business entities, they must pay taxes and respect corporate governance rules.”

“Nigeria is a secular state. Government should not dabble into religious matters.”

“But government can dabble into the matter of El-Zakzaky and his movement. I beg.”

“The Bible says…”

“Yes, I know what the Bible says. Don’t bother.”

“We should pray for the people of Gambia and the President-elect Adama Barrow who is supposed to be inaugurated as President on January 19. Yahya Jammeh is still insisting he will not step down.  The people are already fleeing the country, Ministers and other government appointees have resigned, the whole world is angry, but Jammeh is sitting tight.

“You know something?”

“What?”

“In the midst of all this, while Adama Barrow is in exile in Senegal waiting for January 19, his eight-year old son was bitten by a dog last Sunday.  He was rushed to the hospital.  The boy died.

“Oh. Oh, Africa.”

72 Hours After Comeback, MMM Yet To Pay Participants.

MMM Nigeria returned on Friday morning, 24 hours ahead of its scheduled date, but 72 hours later, its freeze on accounts is still intact, TheCable can report.

After its return on Friday, some MMM participants who spoke with TheCable said that although they were able to request for their money, had not been paid as the system still seems to be on a freeze.

Kolade Ogunwande, who said he put in N100,000 in November 2016, and referred two other people to the scheme, said his money had appreciated to N214,000 as of Friday, so he immediately request for it.

“They have not paid me anything, but they said we should be wait patiently to be matched with participants willing to invest in MMM. I have no choice than to be optimistic,” he told TheCable.

Lara Makanjuola, who also invested N100,000 in the scheme, said she was expecting N186,000, but she had not been able to request for her money.

She said anytime she requested to get help, the website said “mavros are not available for withdrawal”.

“I was supposed to collect my money two days to when accounts got frozen, but the person I was matched with didn’t pay.”

MMM freeze 2

The freeze message participants are getting now

An Abuja-based couple who requested not be named invested over N2 million in the scheme; they have also not been able to withdraw their money.

As of Monday, when any participant seeks to withdraw, the website puts up a message that links them to its previous freeze message, below:

“As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.

“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.: (Moreover, there are almost three weeks left to the New Year).

“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month. The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled.”

Mavrodians, as MMM participants are called, are optimistic that their pay will come through, considering, the scheme’s last message of “hope for the poor”.

In the message, MMM said it “will only pay a certain amount per day”.

“Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal,” it said.

Source: The Cable

“Some of our students invested their school fees in MMM”, says UNIOSUN VC

Several students of Osun State University have been unable to pay their school fees due to their investment in Mavrodi Mondial Moneybox, a popular Ponzi scheme.

Labode Popoola, vice chancellor of the university, on Saturday told Punch that students owe an estimated N2bn in school fees.

The professor said the institution would ensure that the undergraduates pay their tuition regardless of whether they are able to recoup their money from MMM.

He noted that the school’s registration portal would only be re-opened if many students pay their outstanding fees.

Popoola said: “Some of them (students) used their school fees to invest in MMM. But whether MMM comes back or not, it is their headache. I have told them that we are not going to open the portal.

“If I see that a critical mass of the students pay, then we will decide to open the portal just for about 48 hours. But they must pay first.

“This is how we accumulated a debt profile of over N2bn, we cannot continue this way. They just have to pay the money.”

The MMM Ponzi scheme went on break in December and recently announced the resumption of activities but it’s yet to be determined whether investors have started getting paid.

‘Expect panic,’ MMM tells participants as it returns day ahead of schedule

MMM Nigeria, an alleged Ponzi scheme which down tools in mid-December 2016 has commenced operations, a day ahead of the January 14 earlier promised for the resumption of operations but warned participants that “panic will reign in the first few days.”

“The holidays are over, and we”re now open. Just as promised,” operators of MMM Nigeria said in a message sent to participants.

In spite of the expected panic in the scheme, MMM Nigeria said the system would pay its participants, though gradually.

“we’re going to make gradual paybacks by setting internal output limits. In other words, we will only pay a certain amount per day. Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal.“As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH amounts.

“The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days. No need to be tragic about it.”

The scheme closed shop in December 2016 for a month. In a message sent to all subscribers, it said it was freezing withdrawal of confirmed Mavros (funds) for one month, noting that the measure was put in place because “the System is experiencing heavy workload.”

Its operators insisted that the one-month closure was also partly occasioned by the “hysteria” created by the media and the government’s aversion for its popularity among Nigerians.

“By joining forces, they’ve managed to nearly give the members of the System a heart attack and have frightened them out of their wits. Poor souls don’t know what to expect,” MMM Nigeria said.

New rules for participants are expected to come into effect on January 14 to ensure its sustainability, the promoters explained.

“New model will address the issues of fake proof of payment and non-confirmation of order by recipients,” said MMM Nigeria.

“On the issue of fighting multiple accounts, the use of BVN was suggested which was unanimously rejected. Head of CRO, Mr Andrew attested that BVN can only be verified by Nigerian banks, so there is no way support can verify BVN.

BREAKING: Sergey Mavrodi’s Ponzi Scheme, MMM Is Finally Back.

Ponzi scheme, MMM Nigeria just announced their long awaited resumption a day earlier to their official resumption date via their official twitter handle.

 

The scheme officially tweeted their resumption with a caption “this is to officially inform you that MMM Nigeria is open for business a day earlier than promised! Let’s go there Nigerians!”

 

The popular financial scheme which announced its ‘freeze’ in mid-December 2016 assured its over three million subscribers to resume January 14, 2017 unexpectedly resumed a day earlier, January 13, 2017.

 

The scheme via its website apologized to its participants and cheered them with its popular slogan ‘together we can change the world’, assuring them to have no fear of expecting any emergency.

 

The founder furthermore pleaded with the authorities and mass media to leave attacking the scheme.

 

“I’d again like to call on the authorities and the mass media: please leave us alone! Have mercy on us.” He pleaded.

 

Read tweet below:

 

https://twitter.com/MMMNigeriaHelp/status/819847886582280192

LATEST UPDATE: MMM participants to receive payment in Bitcoin

Bitcoin, the popular cryptocurrency is to be introduced by MMM Nigeria as part of its mode of payment when it re-opens next week.

The Ponzi-scheme promoters last week issued instructions to its participants whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development, The SUN reported.

In the MMM message, subscribers were told to perform tasks, both online and offline, to promote the scheme and drive “traffic and participation” by the time the restriction on the account is lifted.

“Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community”, the message said.

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira.

According to The SUN, MMM new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.

In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.

“So far, we have only had Mavro-Naira in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

“It was the naira amount that grew. In other words, you received 30 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30 percent growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 percent monthly growth rate.

“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.

“And, what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again).

“This option is available in PO. You can convert both confirmed and unconfirmed Mavro.

“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”

RESURRECTION: MMM prepares for comeback, asks users to hit social media.

MMM Nigeria, the most popular Ponzi scheme in Nigeria, is preparing to resume operations after freezing the accounts of its participants in mid-December.

The scheme, via its website, asked participants, whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development”.

The tasks, which would be done both online and offline, is expected to promote the scheme and drive “traffic and participation” by the time the handlers lift the freeze on January 13, 2017.

In a statement on it website, the handlers said: “Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community. MMM is our home, and we are responsible to build and refine it.

“A lot of participants genuinely want to promote MMM, spread its ideology amongst people, though not always knowing what exactly has to be done. Therefore we have created a new PromoTasks section in the PO, which is added with various tasks: online and offline, easy and complicated, individual and team-oriented.

MMM NIgeria promo task

“A member who will perform these tasks will be benefited, because the tasks will allow him to attract new referrals, build his structure (and get bonuses for that), and it will be useful the whole Community, because more people will learn about MMM and its ideology.”

MMM Nigeria handlers also said via the statement that a “task may guide a member to join a Facebook group and write a comment to create some tweets on Twitter, like a YouTube video, share news on Google Plus, and make your website”.

“There are also offline tasks: conducting home sharings, cafe meetings, organizing MavroPicnics, MavroParties or MavroGames,” it said.

“Doing the tasks you contribute to the Community’s progress. Thanks to you and other members doing the tasks, MMM gains more popularity in social media and gets more registrations and PHs. MMM needs you and depends on your activity!

“It is obvious that the activity of MMM Nigeria members is growing. MMM is very proud of its members who are becoming kinder and more responsible. By our efforts, MMM Nigeria will overcome!”

MMM: Anxiety among participants as January 13 draws close.

MMM, the Ponzi scheme also known as Mavrodi Mondial Moneybox, sent its participants into panic last month when it announced that all accounts used by Nigerians had been frozen.

Precisely on Tuesday December 13 2016, one day after the Eid-el-Maulud holiday, Nigerians woke up to the news which many MMM enthusiasts, who fondly call themselves Mavrodians, received with mixed feelings.

MMM had sent out the unexpected circular to all Nigerian users explaining why accounts will remain frozen for a period of 30 days.

The circular urged participants to be calm and unperturbed, saying the development was to help prevent any problems in transactions, among other reasons, during the New Year season.

With the duration expected to lapse on or before January 13, 2017, investors are anxiously looking forward to mid-January, with the hope that they finally will be able to have access to their accounts once again.

But while some participants say they believe the accounts would be reopened, others have remained in a worrying state, expressing doubts about the assurance given by MMM.

“My brother, I don’t sleep well these days. I cannot wait for middle of this month to hear and see the good news,” said a respondent who wishes to be identified only as Chuks.

“I blame myself for not totally resisting the temptation because I put money just 4 days before MMM froze accounts.

“My friends have been pledging, putting money and getting 30 per cent. Since it wasn’t hearsay, I eventually decided to give it a try with N500,000.

“My money is hanging now and I just want to get it back. I did for two weeks, so obviously my interest and profit is due for collection. Let MMM please unfreeze the accounts; I know millions too are waiting for that day.”

Another MMM investor, Toyin, told DAILY POST that she was confident the scheme would bounce back.

The self-employed lady in her early thirties further lectured our correspondent on why accounts were frozen.

“The December period is when many investors take their money and this would affect the aim of MMM which is to put money in people’s hands.

“Assuming the accounts were left open, 70 percent of people would have cashed out. The effect is that when people seek assistance, they will not get money in 9, 10 days, unlike normal circumstance when you can get within 48 hours.

“MMM foresaw this and from experience, they know that pledges reduces during Yuletide. It was a timely decision that Nigerians will still appreciate.”

On how the popular scheme works, Toyin said participants can register themselves or have someone do so for them.

“If you come to me that you want to invest and decide to pledge N100,000, I will help spread it. An amount can be shared into as many as 4 places or more, depending on what the computer generates.

“I pay on your behalf to those accounts and then inform the owners of your payment; I also send proof. After this process, I continue to monitor. This of course is why people like me get 5 percent referral bonus. I have 13 participants under me.

“Those who have thousands of participants under them are the Guiders. They are the MMM multi-millionaires; the ones you see buying cars, houses and living large.

“What I noticed is that many actually prefer to give money to others to invest because they don’t want to go through the stress of staying online or making payments. Theirs is just to see credit alert.”

Meanwhile, top MMM Nigerian guiders have continued to assure Nigerians that there is no cause for alarm.

While one, a self-styled Nigerian pastor, Ernest Chigozie Mbanefo, boasted that MMM will run smoothly until Jesus Christ comes, another threw a lavish ?end of the year party in Lagos, apparently to boost investors’ confidence that all is well.

Similarly, MMM founder Sergey Mavrodi, a fortnight ago warned critics to stop castigating the scheme.

“Leave MMM alone and let us work. Nothing has collapsed, and MMM will perfectly resume its work in January. We can change the world!” he asserted.

But President of Omega Fire Ministry, Apostle John Suleman, predicted doom for the Ponzi scheme in his prophecies for the year 2017, concluding that money-doubler will crash.

While investors and Nigerians await the next news about MMM, the arguable fact is that the current recession in the country helped to make the scheme popular in Nigeria.

But for MMM, the freezing of accounts in Nigeria does not stop it from launching in other countries as it recently did in Kenya and Ghana.

During the launch in Kenya, MMM noted that it is “a community of ordinary people, selflessly helping each other. The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial Apocalypse! Before you join, be sure to get acquainted with our IDEOLOGY!”

Before Nigeria, MMM had taken its message to other African countries like South Africa and Zimbabwe. In 2016 though, South Africans who took part in the scheme had their accounts frozen and up till now, it has remained that way.

MMM was founded by Mavrodi, former Russian politician, who went on the run when the original MMM collapsed in the late 1990s. By different estimates, from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the owners.

Just In: MMM launches in Ghana.

The creation of the Mavrodi Mondial Moneybox (MMM) in Kenya and Ghana, approximately 48 hours after its activities in Nigeria were suspended for a month, has caused increased panic among its Nigerian participants.

Chiamaka Ugorji, the wife of Chuddy Ugorji, a leading MMM Nigeria promoter, attempted to calm nerves by writing an open letter to participants, but this failed to reassure Nigerians that their investments were safe.

Some individuals, who spoke to the News Agency of Nigeria on Monday in Abuja, shared their thoughts on the issue.

A civil servant, Charity Okafor, said “I participated in the scheme twice by investing N500,000 and one million naira respectively and I got my money back with the large interest.

“However, I felt I should not participate in the scheme any longer and I am lucky I had people around me who convinced me not to reinvest.

“I know I would have turned into a crazy woman if I had money there during this suspension,” Mr. Okafor said.

Ebube Okoh, a housewife, said that she believed the launch of MMM in Ghana and Kenya had everything to do with the Nigerian chapter.

According to the website, the ban on withdrawals is due to negative reports by the media, heavy workload experienced by the system, and an attempt to prevent problems during the New Year.

“I, however, believe that they have run out of people to get money from to pay back the large investments that were coming into the system.

“I believe the money obtained in Kenya and Ghana will be used to make up for the deficit in Nigeria, besides both countries have higher currency values when compared to the Nigeria naira.

“The launch in Ghana and Kenya can’t be a coincidence.”

Gregory Bello, an engineer, said “I have money in the programme, but I am not as upset as other participants because it is a small amount of money compared to others.

“The money I put in is the interest I got from my last investment. I am one of those hoping the system comes back in January for the sake of our sanity.

“I have friends who put in millions of naira and have either suddenly fallen ill or are showing signs of depression.

“I just pray that MMM Nigeria has not crashed because many people will commit suicide or turn crazy,” Bello said.

MMM Founder Accuses Media Of Causing Panic Among Participants

As subscribers await the resumption of operations of Mavrodi Moneybox Mondial (MMM) Nigeria in January 2017, the founder of the Ponzi scheme Sergey Mavrodi has accused the Nigerian press of deliberately “fueling hysteria around MMM and causing panic.”

The operators of the scheme in Nigeria said in a message sent to all subscribers on December 12 that all confirmed Mavros would be frozen for one month.

During the period – December 12 to January 12 – none of the participants would be able to ‘get help’ (withdraw funds deposited with the mandatory 30% interest). But they allowed to ‘provide help’ (deposit funds).

The scepticism and panic that followed the announcement were caused by the media, Mavrodi said.

He said, “I’m just astonished by your irresponsibility and cynical attitude. Interests of millions of people, your fellow citizens are at stake. Don’t you have any sympathy for them? Why are you fueling hysteria around MMM and provoking a panic? Why are you doing this so diligently and persistently, what is your purpose?”

He insisted that operations of the scheme would resume in January, noting that the “suspension of work for holidays” was not unusual. His claims contradicted the reason the Nigerian operators of MMM gave for freezing the confirmed Mavros for one month. They explained that the measure was put in place because “in the New Year season the System is experiencing heavy workload.”

But Mavrodi insisted all was well with MMM Nigeria and urged the press to desist from being biased against the scheme.

He said, “Again, leave MMM alone and let us work. Nothing has collapsed, and MMM will perfectly resume its work in January. We Can Change the World!”

Credit:

http://guardian.ng/news/mmm-founder-accuses-media-of-causing-panic-among-participants/

Nigerians count losses, blame economic recession for MMM woes.

TOLUWANI ENIOLA writes on how economic recession drove three million Nigerians to embrace the controversial Mavrodi Mundial Moneybox, which has left them in the lurch after a freeze last week

With a 30 per cent return on investment within 30 days and other perks such as bonuses from referrals, the idea was too promising for Oladejo Ojo, an almost broke small-scale business owner, to turn down.

“Even if you don’t have the money, I will lend you. Trust me, try it and see the results,” Ojo’s friend, Olayemi kept prodding him when he complained of his difficulty in getting capital to start the scheme.

The idea sounded too good to be true but the bank statement his friend showed him assuaged his suspicion and fears.

Unsure of the fallout of his decision, Ojo joined the trending Mavrodi Mundial Moneybox, popular known as MMM, in October 2016. With an initial deposit of N17,000, which he borrowed from his friends, he had made a profit of more than N100,000 in less than two months.

In 30 days, his N17,000 initial deposit yielded N5, 100, the 30 per cent of his capital. He also gained more from referral bonuses from the 10 per cent of the amount the subscribers he enlisted contributed.

“It was a miracle of a sort to the biting recession which seriously affected my business in terms of cost of operations and even sales. I completed the mandatory National Youth Service Corps scheme last year with no job.

“I started a small business at the Federal University of Technology in Akure. The strike on the campus also crippled sales. A close friend of mine asked me to join MMM in order to make ends meet. So far, it has been weeks of testimonies. I enrolled five people in the scheme and settled my debt effortlessly,” he said while narrating his experience with SUNDAY PUNCH.

Just like Ojo, Adedeji, a sales executive in the Ikeja area of Lagos joined the MMM scheme last year when his employers could no longer pay his full salary. Adedeji, who was a victim of the failed wonder banks that plunged many Nigerians into debts in 2005, told SUNDAY PUNCH that he decided to participate in the MMM scheme because of the high profit  margins.

He stated, “Ordinarily with my experience with the failed wonder banks, I should be the one advising people not to put in for MMM but with the way it started, it was too nice to shun. Although we knew it was not sustainable, we were driven by the will to survive.

“Owing to the fact that salaries are not paid and the hardship in the country, I decided to invest a little amount of money and gain little, while I planned to withdraw all my capital. I registered with N50,000 to start.”

Adedeji, who has since introduced more than 15 other jobless youths to the scheme, has been able to make close to N500,000 as gains through referral bonuses and the 30 per cent of his initial capital.

The sweet melody however changed for Ojo and Adedeji last week when the founders of MMM announced that the accounts of three million Nigerians had been frozen for one month.

Both men are still in a daze over the announcement as their initial capital and profits are trapped in the scheme.

“When I got the news that our accounts had been frozen on Tuesday, I was traumatised because I was expecting N100,000 as bonuses that day. I am beginning to regret this because I was planning to use the fund to buy materials for my business,” Ojo told SUNDAY PUNCH.

How MMM works

From Lagos to Abuja to Kano and Aba, MMM became the solution to millions of Nigerians struggling to survive the economic recession.

MMM was created in 1989 in Russia by Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.  It describes itself as “a community of ordinary people, selflessly helping each other, a kind of the global fund of mutual aid.”

The scheme encourages its participants to send ‘help’ (money) to other participants who had provided help previously.

For instance, if one of its participants accepts to provide help of N50,000, the bank account of the person who requested an help of N50,000 or people whose total request equals N50,000 will be sent to such a participant to pay the money into. In the following month, such a helper would get 30 per cent of his initial capital plus bonuses from other referrals.

A statement on its website explains the business thus, “This is the first sprout of something new in modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial apocalypse! Before you join, be sure to be acquainted with our ideology!”

Also on its website, although it claims to have run the scheme successfully in 118 countries, SUNDAY PUNCH gathered that it was banned in China, Zimbabwe and South Africa on the grounds of being fraudulent. In South Africa, our correspondent learnt that accounts of its subscribers were frozen.

Despite its antecedents in other countries, MMM caught on like wildfire in Nigeria. Google’s Communications and Public Affairs Manager for Anglophone West Africa, Mr. Taiwo Kola-Ogunlade, said MMM has been a major trending topic in Nigeria’s cyberspace.

Web traffic data and analytics, Alexa.com showed that the MMM website was rated the 12th most visited website in Nigeria and 3,330 globally.

Renowned economist, Prof. Akpan Ekpo, in an interview with SUNDAY PUNCH, said  the scheme was not sustainable because it is a Ponzi scheme.

Ekpo described MMM as a Ponzi scheme because it imitated the investment model of Italian businessman, Charles Ponzi. According to him, MMM is fraudulent because it uses the contributions of new investors to pay the old ones.

“Those who partake in such schemes would reap initially while later, it would fail because it is not sustainable,” he stressed.

Repeated warnings were issued from the Economic and Financial Crimes Commission and the Securities and Exchange Commission that MMM was not feasible and should not be patronised, but many Nigerians did not pay heed.

“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the commission,” SEC stated.

But reacting to the criticisms by the government agencies, the founder of the scheme, Sergei Mavrodi, urged the Federal Government to look at the benefits of the scheme, adding that many Nigerians had benefitted from it.

In a scathing open letter addressed to the Federal Government, Mavrod was quoted as saying, “What are you trying to get? Do you want the MMM system to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on the most prominent place of the website.”

Recession pushed Nigerians to MMM — Experts

MMM launched its website in Nigeria when the recession began to bite Nigerians hard in November 2015. By the last quarter of 2016, up to three million Nigerians had joined the scheme. There are other get-rich-quick schemes such as Ultimate Cycler, Crowd Rising Paradise, Helping Hands but MMM is the most popular.

Financial experts say if the economy was not in bad shape, less people would have fallen for the Ponzi scheme.  From the last quarter of 2015 till date, life has been hard for the average Nigerian.

The Minister of Finance, Mrs. Kemi Adeosun,  had declared that Nigeria was in its worst possible time, quoting the Gross Domestic Product figures for the 2016 second quarter issued by the National Bureau of Statistics.

According to the NBS, in the second quarter of 2016, the nation’s GDP declined by -2.06 percent (year-on-year) in real terms.

“This was lower by 1.70 percentage points from the growth rate of 0.36 percent recorded in the preceding quarter, and also lower by 4.41 percentage points from the growth rate of 2.35 percent recorded in the corresponding quarter of 2015,” the NBS had stated.

Similarly, recent data published by the bureau also showed that the economic recession had led to 1.5 million job losses. In the 2016 report on underemployment and unemployment in Nigeria, the NBS stated that the country’s unemployment rate rose from 10.4 per cent in the last quarter of 2015 to 12.1 per cent.

Also, at the parallel market, the prolonged scarcity of foreign exchange also forced the naira to an all-time-low of 420 against the United States dollar.

Manufacturing firms, industries and banks are some of the worst hit. Earlier in the year, many banks and industries sacked thousands of workers in a bid to contain the recession.  With a dip in revenue occasioned by the falling oil prices, many states of the country also cannot pay workers’ backlog of salaries.  The effects of this have been damning for families.

To compound Nigerians’ woes, food prices have also increased, making them beyond the reach of the poor. A market survey conducted by our correspondent showed that the prices of some food items have increased by over 100 per cent since the inception of the President Muhammadu Buhari administration.

Traders and consumers of staple food items such as rice, beans, garri, palm oil, vegetable oil, flour, wheat, spaghetti etc. are lamenting the soaring food prices which are taking its toll on their businesses and homes.

The arrival of MMM became an elixir of a sort for millions of Nigerians who were already pushed to the wall.

A MMM subscriber, Bayo Salako, in an interview with SUNDAY PUNCH said he considered MMM as a substitute for lack of job.

“For personal and security reasons, I can’t disclose how much I have earned, but I can honestly tell you that by the grace of God and with the help of MMM, I’ve been able to upgrade my life from my initial status to my current level,” he said.

Similarly, Ekiti-State based civil servant, Fajewonyomi Akinwunmi, said he took to MMM to cushion the effect of  unpaid salaries.

Akinwunmi was invited by a friend to join MMM and in no time, he had introduced 10 people to the scheme. This, according to him, has transmuted to thousands of naira for him monthly.

He said, “I initially thought it was one of these fake schemes but after some months, I decided to register and give a try. The first ‘help’ I provided was a boom and ever since then, it has been from one testimony to the other. It has really changed my life and boosted my finances. It took me out of the rat race of recession.”

Amidst the challenges of skyrocketing inflation, rising unemployment, unpaid salaries and mass retrenchment that have been the hallmark of the economic recession, many Nigerians have made millions of naira as profits.

Sharing his success story from the scheme, Bamidele Michael said he joined MMM after several persuasions from friends and acquaintances.

“Being a sceptical person, I observed how they operated and how people get paid. I finally joined in October after being personally convinced. I invested N300,000 and got extra N95,000 as gain,” he told SUNDAY PUNCH.

Although majority of those who invested in the scheme are low and middle-income earners, many rich Nigerians joined the fray. The story of Jane shared on the MMM website showed that the rich have not been left out of the scheme.

Jane’s testimonial partly read, “My name is Jane. I reside in Lagos, Nigeria. On the 1st of November 2016 and 3rd November 2016,  I did pledge to provide help of 3,200,000 on both days and on the 29th of December 2016, I requested to get a help of 10,238,000, an accumulation of my  30 per cent mavro and some referral bonuses. In less than 48 hours, all funds were paid into my account. MMM Nigeria is real and really pays.”

An economist, Johnson Chukwu, blamed the recession for the rush for Ponzi schemes in the country.

Chukwu said since millions of naira of savings might be trapped in the scheme, the effects will be on the micro level.

He said, “Owing to the recession, a lot of people are facing hard times. If you close the windows to legitimate businesses, people will look for anything that will keep them alive. The MMM came at a point when people were desperate to survive. The returns on investment are way outside this world. It became too attractive for people who had no opportunities for gainful engagements.”

Banker and financial analyst, Kunle Ezun, said although the banks would not lose much because they didn’t lend to the MMM subscribers, the failure of the scheme would be felt.

Ezun maintained that since over three million Nigerians enrolled for the scheme, it had become an income line for the banks because they served as the platform for the transfer of funds.

He said, “You can’t rule out the fact that there will be an impact on the banks. Banks provided the platforms for funds transfer. If we put that into context, it means whatever transactions that were done by the MMM subscribers, there was a level of income that accrued to the banks. If every bank took N100 on every transfer, that’s a lot.”

The Director-General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo,  stressed that millions of Nigerians would not have patronised MMM if the country’s economy was stable.

The economist stated that since many of the MMM subscribers were from the informal sector, the loss of their savings would affect the sector.

He said, “The government should work more than last year. It needs to spend more on capital projects and get us out of the recession. The government should find ways to create opportunities for employment and provide temporary relief for the jobless. Recession drives the scheme.

“People are wrongly saying the government should not spend more on recurrent expenditure. But when you are in a recession, where workers are owed salaries, the Federal Government must ensure that it gives money immediately to the state governments or directly to those who are being owed so that demands for goods and services will increase. When in a recession, you have to spend both recurrent and capital expenditure. Otherwise, people will patronise fraudulent schemes and when they lose money for a long time, crime will increase.”

Tale of regrets, debts

The sudden news that the Ponzi scheme had frozen the accounts of its participants for one month on Tuesday threw the country into panic.

A statement by the promoters of the scheme cited “heavy workload on system” as the reason for the ban.

A day after freezing the accounts of its subscribers in Nigeria, the MMM scheme launched its website in Kenya, promising 40 per cent return on investment in 30 days, 10 per cent higher than what it gave its Nigerian subscribers.

With the freezing of the accounts, participants who were supposed to withdraw their profits and 30 per cent interest cannot do so until January 2017, further confirming the fears that the scheme had crashed.

This will be a bleak Christmas for millions of its subscribers who were expecting to get “help” in December from the scheme.

Bola Adeyinka, a job seeker told SUNDAY PUNCH that when she heard the news, she lost appetite for food. Adeyinka invested N200,000 which she partly borrowed from her sister.

“I put all my savings into the scheme. I was expecting N300,000 today. My target was to reap N500,000. If I can get my N200,000 back, I won’t do it again. I pray that they lift the suspension in January,” she told SUNDAY PUNCH.

Also on Tuesday, while Ojo was expecting to be paid over N100,000 as bonuses, Adedeji was expecting N57,000 as bonus. These are apart from their initial capital.

If the scheme crashes, they would have lost thousands of naira. People like Jane who invested millions of naira are the worst hit.  Some of them took to the social media to express their despair as the reality of losing their investments dawned on them.

Akinwunmi, another subscriber, said, “Waking up this morning to read from my private office (that it had been suspended until January) was shocking.”

Although the promoters of the scheme had tried to pacify its subscribers not to panic, the red signal is evident based on the fact that the scheme crashed after a temporary suspension in South Africa.

An online medium, DailyPost, had reported that a Benue State indigene, identified simply as Adakole, tried to commit suicide by ingesting insecticide when he learnt that MMM had frozen his account.

Adakole reportedly invested N300,000 meant for his wedding in the scheme. Checks by our correspondent showed that many people committed suicide when the scheme crashed in Russia.

To forestall similar occurrences,  the Lagos State Emergency Management Agency, on its Twitter handle, asked Lagosians to quickly dial the toll-free number 112 to report any case of attempted suicide.

Days after MMM disappeared, another Ponzi Scheme, NNN Nigeria rear its head.

Just days after the alleged disappearance of the Mavrodi Mundial Moneybox popularly known as MMM, there have been attempts by other Ponzi Schemes to fill the void MMM left behind.

 

Members of the famous money-doubling scheme, MMM have been thrown into panic and great confusion since Tuesday, following the message from the ponzi scheme freezing all confirmed Mavros, otherwise known as money due for withdrawal for one month.

 

Just this afternoon, Omojuwa.Com came across the latest Ponzi Scheme online.

 

According to the website, NNN is a community of ordinary people, selflessly helping each other, a kind of mutual aid. This is the first sprout of something new in modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to ACQUIRE AS MUCH AS YOU CAN.

 

The website also clearly states that; NNN is not a bank, NNN does not collect your money, NNN is not an online business, HYIP, investment or MLM program. NNN is a community where people help each other. NNN gives you a technical platform which helps millions of participants worldwide to connect those who NEED help to those who are ready to PROVIDE help, for FREE. All transferred funds to another participant are your help  given by your own good will to another one, absolutely gratis. If you are completely confident and certain in your actions and make your mind to participate, we kindly ask you to study carefully all warnings and instructions first. In cases of any matter regarding the topic Our online consultants are ready to help and answer all of your questions.

 

Further investigation into this new scheme reveals that NNN is a team of ‘freedom lovers’ in America headed by an influential Yoruba man (Name Undisclosed) and also is just an exact replica of MMM.

 

In the wake of the current economic recession, so many more Ponzi Schemes are expected to rise due to the economic challenges faced by Nigerians. However, warnings are on the high about the eventual fall of such schemes which in turn may result in loss of hard-earned money as scammers are on the prowl.

 

We hope Nigerians will shun this new scheme as a result of the lessons learnt from the now defunct MMM.

“We shall overcome by God’s grace”, MMM Nigeria top guider, Chuddy Ugorji reacts.

MMM Nigeria’s number one guider, Chuddy Ugorji, has finally reacted to the Ponzi scheme’s decision to pause withdrawals for one month.

Mr. Ugorji, who is quite active on social media, addressed several controversies and allegations leveled against him in a lengthy Facebook post on Friday.

A graduate of Karnataka State Open University in India, he is listed as the number one guider of the Ponzi scheme in Nigeria.

His wife, Amaka, had earlier calmed frayed nerves in a Facebook message she posted on Wednesday.

The pair tied the knot on November 12 in Lagos and their wedding was a certified “MMM” affair with the scheme’s logo and colours prominently displayed all through the festivities.

Many Nigerian socialites and celebrities including 5 Star Music act, Kcee, graced their wedding.

Further findings reveal that he joined MMM Global in 2015 and in 2016 played a major role in disseminating the Ponzi scheme’s gospel in Nigeria.

In his post, he said, just like every other MMM member in Nigeria, he woke up on Tuesday and saw the news that accounts have been frozen for a month and that he didn’t have any prior knowledge about it.

While debunking widespread claims that he is an admin on the MMM Nigerian site, Mr. Ugorji explained that he has always encouraged members to provide help only with their spare money and also get help at the end of 30 days.

In his parting note, he encouraged all ‘Mavrodians’ not to panic as the ban on their monies will soon be lifted on January 14, 2017 and everything will be back to normal in no time.

Read his Facebook post below:

This week has not been easy for all of us due to the news update on our POs. As we all know, the media has been a tool used by anti-MMMites and pessimists to fight against the growth of MMM Nigeria. Unfortunately some ignorant Nigerians who don’t understand what MMM is all about have been brainwashed by the information broadcasted by the media and social networks

Regarding the frozen mavro.

It is clearly stated on the news section on the website

Confirmed Mavro will be frozen for A MONTH .

The reason for this measure is evident. The system needs to prevent any problems that might arise during this festive season and this measure will be cancelled once the festive season comes to an end

Frozen of mavros does not mean MMM has stopped operations or crashed rather the system has adopted this measure to avoid any mishaps. The support system are working on issues to enhance the effectiveness of the community.

Also let’s note that contrary to what has been published by cheap bloggers, Am not the Admin of MMM but one of the top guiders of this great community. And non of us has access to the site, I woke up on Tuesdayand saw the News on my PO like every other person,

The MMM website is been managed in Russia by their control and supervisory team .They are responsible for every decision made,like pairing of participants to provide help and get help,resolving issues on the platform etc.

I have always been passionate about tutoring members and guiders about the ideology of MMM , the rules and the risk; I have encouraged members to provide help only with their SPARE MONEY and also get help at the end of 30 days. The reason members have to continue in this pattern of provide help and get help process is to ensure the sustainability of the system, because the platform is a peer to peer system, members knows that they own the system and pay only to themselves, There is no CENTRAL ACCOUNT.

Regarding getting help,every guider in the MMM community has a limit to withdrawal and I have never made withdrawals above my limit ,rather have always helped to ensure the growth of MMM Nigeria community.

Instead I have given more to the community through charity works and teaching of the ideology of MMM.

Bloggers who get paid for promoting rumour, when ignorant Nigerians click on their blogs, Google Ad sense pays them per click. Hence they seized this opportunity to enrich themselves even when most of them are participants and have taken more from the community, many of them are involved in uploading Fake Pop’s and multiple accounts all in the bid to frustrate the programme of the community and that is part of what is been looked into and it would be stop so that we have a healthy and stronger MMM NIGERIA in 2017

MMM founder is a Russian Sergey Mavrodi not a Philippines .I have never been to Philippines, the stories about going to the Philippines are untrue.

I stand for the true ideology of MMM which is anchored on providing and getting help willingly.

Let’s hope the best and STOP the PANIC! We shall overcome by God’s grace.

MMM and the Narrative of a Nigeria Open to All Swindlers, By Jibrin Ibrahim

Nigeria has had a history of “wonder banks” offering clients unbelievable returns on their money, and in the 1980s and 1990s, the government had banned such banks and closed their operations. Is it because MMM are foreigners that they were allowed to operate freely and even to regularly criticise government?

Some smart and fast thinking Nigerians invented 419 to swindle the rest of the world and today some Russian 419 experts have swindled three million Nigerians of billions of naira. Their scheme was devilishly simple; go for the poor, greedy and gullible Nigerians not aware that their company – Mavrodi Mondial Moneybox – MMM has been swindling millions all-over the world for three decades. They looked for and got millions of Nigerians who cannot Google – it takes about 30 seconds on Google to realize MMM is a fraud. According to Mr. Taiwo Kola-Ogunlade, Google’s Communications and Public Affairs Manager for Anglophone West Africa, search for MMM became the biggest traffic on Google following the Tuesday announcement, but by that time, the Ponzi scheme had collapsed in Nigeria, as it did in Zimbabwe and South Africa recently, and will remerge in another poor country soon where millions more would be swindled. Of course MMM has been actively reassuring its naïve believers that what has happened is a one month suspension of payments that will be revived in January but as everyone knows, they have raked in at least a five billion naira loot and most likely have moved on.

Three days ago, I had posted a story on the social media querying the Nigerian government for allowing so many millions of our compatriots to be swindled by a Ponzi scheme. I received a lot of responses criticising me for unfairly blaming the government. Imam Mora, for example, responded saying, “Sir, the Nigerian government through various financial agencies has come out repeatedly to warn Nigerians. I do not blame Govt, blame greed. ?” Mma Odi was more colourful: “Na government send them? They warned them, they no hear, they even said that na God send the MMM to help in this recession Abeg make we move to more urgent matters.” Okay, I accept Nigerian authorities warned people to stay away from the racket and many refused to listen. All the same, my concern has been that since the authorities knew the scheme was fraudulent, why was it allowed to flourish all over the country for twelve months, leading to the swindling of three million people? I ask this because pyramid or Ponzi schemes always produce the same outcome of people losing their money without exception.

The MMM scheme in Nigeria is based on offering people 30 percent profit after a month of “investing”. They accept that the profit will not be generated by investing the money, the profit comes from the next person to join, so as always happens in such schemes the first persons to enter make their profit, and immediately the number of investors becomes large, the system collapses for the simple reason that the so-called profit is simply money taken up from the next group of persons to come into the system. In other words, it is a system that is guaranteed to fail and the only question is when it will happen.

What really infuriated me about MMM was the warning they issued to the Nigerian government that it would be the fault of their anti-MMM propaganda if the system collapses and millions of Nigerians lose their “investment”.

To camouflage the racket, MMM advertised itself not as a financial system but as “a community of ordinary people selflessly helping each other through mutual aid – you assist with 100 and you will be assisted with 130.” To convince the gullible, they even went on a tirade against bankers on their website: “The modern world is bad. It is inhumane, unfair and unjust. This is the world of money. It is not for people. It is for those who produce this money, for bankers and financiers, government and millionaires. And people are mere “pawns” in this game. They just serve them as attendants. Why do bankers work less and earn a hundred times more?” So although MMM claimed that they were not offering financial services, they very clearly presented themselves as an alternative system to the banks. The Russian multibillionaire even defined himself as part of the ordinary people: “The banker has power over money, and is well-connected. And we are ordinary people, having no power or clout.” It’s 419 at its best.

What really infuriated me about MMM was the warning they issued to the Nigerian government that it would be the fault of their anti-MMM propaganda if the system collapses and millions of Nigerians lose their “investment”. This serves the government right because it appears that the regulatory authorities warned people but did not act against MMM simply because they claimed they were not running a financial service. The government cannot or should not be that naïve. MMM was collecting and paying out money so it was obvious they were running financial services, even if they denied that was what they were doing.

The pain that their money is gone for good is sobering. These three million Nigerians need to demand from their government why no one stopped them from foolishly giving out their hard earned money, borrowed money, money from the sale of their cars and other asset to a gang of thieves.

Nigeria has had a history of “wonder banks” offering clients unbelievable returns on their money, and in the 1980s and 1990s, the government had banned such banks and closed their operations. Is it because MMM are foreigners that they were allowed to operate freely and even to regularly criticise government? In November, after warnings from the Central Bank of Nigeria and the NDIC that Nigerians should stay away from MMM, the response of the Ponzi scheme was interesting. They went to the Gwoza and Bama IDP Camps located in Durumi area and the New Kuchingoro in Abuja offering five million naira worth of relief materials to “distressed Nigerians”. Almost all the media in Nigeria covered the “humanitarian gesture” and the criticisms against the scheme were drowned by stories of how they were helping Nigerians, particularly the poor.

The announcement by the MMM that Nigerians would not get their pay-outs to celebrate the Christmas and New Year festivities is a big blow to many and I sympathise with them. The pain that their money is gone for good is sobering. These three million Nigerians need to demand from their government why no one stopped them from foolishly giving out their hard earned money, borrowed money, money from the sale of their cars and other asset to a gang of thieves.

A professor of Political Science and development consultant/expert, Jibrin Ibrahim is a Senior Fellow of the Centre for Democracy and Development, and Chair of the Editorial Board of PREMIUM TIMES.

After Swindling Nigerians, MMM Is Now In Kenya Promising 40% Return On Deposits

After conquering South Africa, Zimbabwe and Nigeria, MMM has taken its message of 40% return on investment to Kenya.

 

The scheme, which calls itself a Global financial social network but is really just a Ponzi scheme was created by Russian criminal, Sergei Mavrodi.

 

mmm-kenya

Here’s to hoping Kenyans don’t get as greedy as Nigerians.

FLASH: Security Expert Insists MMM Has Crashed

An online security expert, has reaffirmed that MMM Nigeria has crashed. According to him, MMM is a ponzi scheme and ponzi schemes fail, when the payouts stop, and payouts have stopped in MMM. Continue to read his tweets.

 

“Not a prophet, but I warned Nigerians about MMM crashing in December, seems I was right. Wish more people listened. This is how MMM crashed in South Africa. In May, MMM SA announced a freeze, just like MMM Nigeria did in December, SA still frozen.

 

Unlikely it’ll be up ever again in Nigeria as MMM at anything close to what it was…It has crashed. A ponzi scheme crashes when payouts stop. Payouts have stopped.

 

Knowing it’s about to crash, #MMM Nigeria introduced a 20% bonus on the 7th of December to get people to hand over even more money. If MMM hasn’t crashed (it has), and it ‘unfreezes’, there will be a run on existing accounts which will lead to a crash.

 

All of you doing MMM, who regulates MMM’s currency, the Mavro, that’s all you really have in your account, the real money is with MMM. As MMM dies a natural death, many shall take its place, I hope people won’t be as gullible as they were with it.

 

People , MMM has crashed, your money is gone. You can stay in denial till January if you want or you can start working on Plan B right away.

 

Though merely ‘Frozen’ is the wrong term, it’s actually ‘frozen to death’, seeing as all pre-freeze accounts were ‘cancelled’, he said.

MMM Transactions Are Against Principles of Islam, By Murtada Gusau

In the name of Allah, the Most Gracious, the Most Merciful

May the peace and prayer of Allah be upon His Messenger (SAW)

To proceed:

Basically, MMM is a community where people render or provide help in expectations of getting a more greater reward in help (30 percent per month above your initial help).

Islam teaches us to give alms and donation to seek for rewards in the Hereafter. Whenever we prepare some money to be donated, we already intend to get the rewards in the Hereafter.

?????? ????????? ??????????? ????????????? ??? ??????? ??????? ???????? ??????? ?????????? ?????? ????????? ??? ????? ?????????? ??????? ??????? ????????? ????????? ?????? ??????? ????????? ??????? ??????? . ????????? ??????????? ????????????? ??? ??????? ??????? ????? ??? ??????????? ??? ?????????? ?????? ????? ????? ?????? ?????????? ?????? ????????? ????? ?????? ?????????? ????? ???? ???????????.

“The example of those who spend their wealth in the Way of Allah is like that of a grain of corn that sprouts seven ears, and in every ear there are a hundred grains. Thus Allah multiplies the action of whomsoever He wills. Allah is Munificent, All-Knowing. Those who spend their wealth in the Way of Allah and do not follow up their spending by stressing their benevolence and causing hurt, will find their reward secure with their Lord. They have no cause for fear and grief.” (Al Baqarah, :261-262)

The Messenger of Allah – peace and prayer of Allah be upon him – also advised us, so that no matter how small that we give, we give it due to our fear of Allah’s punishment.

???????????????? ?????????? ???????? ?????? ??????? ????????? ?????? ???? ?????? ???????????? ?????????.

“Fear the Hell, (and protect yourself from it) even with a half of date fruit. If you don’t have it, then by saying good words.” (Narrated by Bukhari no. 1413, Muslim no.1016, and others)

Verses and hadith that speak about this matter are numerous.

Islam also teaches us to give something to other without wishing for greater return. Allah reminded us:

????? ???????? ????????????.

“And bestow not favour in order to seek from others a greater return.” (Al Mudassir :6)

Imam al-Qurtubi interpreted this verse:

? ??? ???? ????? ??? ???? ????.

“Do not give something to seek for a better return.” (Tafsir al Qurtubi, 19/67)

This is how Islam teaches the Muslims, to build the nonprofit spirit in doing the social deeds. Moreover to wish for return from the aid given.

It all shows that the MMM transaction is not in line with some principles of Islam, thus it shouldn’t be preserved.

Allah knows best.

Imam Murtadha Muhammad Gusau writes from Okene, Kogi State, Nigeria.

How MMM warned Nigerians before suspending payments

Just hours before it suspended further payments to subscribers, promoters of shadowy deposit money scheme, MMM, warned Nigerians not to be “unnecessarily greedy”.

In an update on its Twitter page at 6:30 p.m. Monday night, MMM Nigeria said interested participants should exercise caution and use only their “spare money”.

“MMM has always advised that you use your #SpareMoney. Use your #SpareMoney and #SpareMoney only. Don’t be unnecessarily greedy,” it tweeted.

On Tuesday morning, the scheme put up a disclaimer on its website informing Nigerians of a temporary freeze on payments to existing subscribers.

It blamed a “heavy workload” being experienced by its servers and the panic caused by the Nigerian government and media for the development, but said it will be back by mid-January, 2017.

It also continued to encourage new users to sign up and existing ones to continue making donations.

MMM allows Nigerians to sign up and pledge a monetary donation to people who are in need of it. The pledge is made with a guarantee of 30% appreciation fee that is essentially an interest on the specific amount donated.

The promoters of the scheme have yet to explain how they manage to pay a 30% interest within 30 days —which is more than three times the return on a fixed deposit account.

The model has remained a mystery even for market analysts and economics, especially as it does not involve the firm receiving funds directly from subscribers.

In July, the Securities and Exchange Commission warned Nigerians against MMM and other questionable varieties of it.

“How can somebody give you 50 per cent return? Where is he going to get the 50 per cent from?” the Director-General of SEC, Mounir Gwarzo, said. “Where is he going to put the money? What is he going to do?”

About a month ago, the House of Representatives urged an immediate crackdown.

But the scheme found an easy ride in Nigeria, given the country’s lingering economic crisis.

An estimated 3 million Nigerians are said to have signed up for the scheme within the past 12 months. For the past one month, the organisation’s website has become the 5th most-visited in Nigeria.

But many Nigerians who took to social media to vent their exasperation over the announcement were immediately assured of a return of the scheme in no further than 30 days’ time.

“Be rest assured that we will be back, bigger, more sustainable and stable,” MMM Nigeria tweeted after a deluge of enquiries from panicking Nigerians.

In fact, the scheme said those who expected to be paid this month will see their interest grow by nearly double by the time it returns to normal operations in January.

“Dear Mavrodians, the one month freezing of confirmed Mavros is a step to ensure the sustainability and stability of the MMM Nigeria system.

“There is no better time to PH (provide help) than now when you can earn 50% more of your amount of PH (provided help). There is nothing to worry about,” MMM said.

EXCLUSIVE: The Cartel behind MMM Nigeria revealed. [Pictures]

In what seems to be a depressing turn of event for all members of the Mavrodi Mondial Moneybox in Nigeria, the scheme was frozen today as a result of an alleged overload and has promised to be back in operation on the 17th of January, 2017.

However, new revelations brought to our notice paints a new picture of the somewhat fraudulent scheme. According to the source, MMM was brought into Nigeria by a young man named Chuddy Anayo Ugorji who is the owner of a dormant Twitter Account; @ChuddyUgorji in November 2015

 

The source went ahead to reveal  that Chuddy apparently struck a deal with some Phillipine citizens to create MMM-Nigeria. One of his Phillipine accomplices is TC Glady on Facebook.

Chuddy is said to be a former participant of MMM Global before he introduced MMM Nigeria

 

“Chuddy Anayo Ugorji has made money running into billions of Naira, he threw a lavish wedding in Lagos on 12 December and traditional wedding ceremony on 30 September, 2016.” the source claims.

Chuddy, however is said to be the son of Rev. Kingdom Ugorji and is married to Chiamaka Goodness Ekeoma now known as Chiamaka Ugorji

 

In mid 2016 Chuddy Ugorji travelled to Dubai to put finishing touches to MMM Nigeria

TC Gladys, his Filipino partner allegedly bankrolled the MMM-Nigeria platform. All deals were struck in Dubai and the Nigerian MMM server is being hosted in Philippine.

 

Chuddy has made over 5 billion Naira as at 22nd of September, 2016 after which he traveled to Dubai again to remit money he has made to honour his own part of the international deal.

As posted on his Twitter Account, our source shared the following contact details; Chuddy Anayo Ugorji – 08186478767,  Chiamaka Ugorji – 08131963287/09081347186, Yinka – 07030274656, Mr Positive-07034635930.

Those are members of the cartel behind MMM Nigeria.

JUST IN: Man drinks insecticide over alleged crash of MMM in Otukpo

A soon-to-wed man simply identified as Adakole is currently between life and death after allegedly taking insecticide following the alleged crash of Ponzi scheme, Mavrodi Mondial Moneybox, famously known as MMM.

The incident happened in Otukpo, Benue State, after promoters and participants were thrown into confusion on Tuesday following the news that the ponzi scheme has been frozen.

Reports had it that all confirmed accounts, as at early hours of Monday, were frozen.

DAILY POST gathered that Adakole, a native of Ai Okpe in Okpokwu LGA whose wedding is slated for December 28 had earlier invested 300 thousand into the scheme last month and was expecting to get his 30 per cent income before his wedding.

An eyewitness told our reporter that when the news broke out Tuesday morning, Adakole, who was introduced into the business literally went mad.

“Kole is my childhood friend, we all grew up in Ugbokolo but when he traveled to Abuja to meet with the pastor of his fiancée, he said someone introduced him into the MMM thing but I and his babe warned him but he told us the scheme was not a scam.

“He invested the 300k he was saving for his wedding into the thing and was expecting to get the 30 per cent before his wedding on 28 of this month.

“This early morning, he called me to check the internet if the story of the alleged crashed of the scheme was true, I told him so I heard and he screamed and hung up.

“When I heard him, I knew it was no longer funny, so I had to rush to his house around Sabon Gari to discover that he had taken Raid insecticide. I had to call the fiancée to inform her.

“I had to take him to the clinic where he is currently battling for his life. The babe is already on her way from Abuja,” he added.

When our reporter contacted the Benue State Police Public Relations Officer, Moses Yamu, he said the incident has not been reported.

“We are yet to receive the report as we speak but I promise to get back to you as soon as I get the report,” he assured.

Meanwhile, the founders have announced that the scheme has not crashed as widely being speculated, adding that it was only in pause mode.

They called on investors not to panic as the scheme would return next year.

MMM Crash: Lagos Emergency Agency Issues Suicide Prevention Notice

Following the announcement by the Nigerian handlers of the popular Ponzi scheme, MMM, that the mavro accounts of its participants which includes Mainlanders and a myriad of citizens from other parts of the country will be frozen until the new year, the Lagos State Emergency Management Authority (LASEMA) has issued a public notice for residents across the state.

The news of the frozen accounts is coming few days after handlers of MMM which thrives on providing and getting help within a community promised its participants in Nigeria a 50% bonus for any help provided during the yuletide season.

Before now, participants of the Ponzi scheme are only entitled to a 30% bonus on mavro and 10% interest on any referral.

According to LASEMA who responded to a tweet by a concerned Nigerian who predicted that suicide rates in the country will spike due to the panic and effect the MMM crash will have on its participant, the agency disclosed that residents should quickly dial the dedicated 112 emergency line if cases of such is noticed in any part of Lagos.

You will recall that participants of the Ponzi scheme were thrown into panic in the early hours of this morning after its administrators announced via a statement obtained by the press that as a result of “the New Year season, the system is experiencing heavy workload.”

The statement further explains the freezing of accounts that “moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk. Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.”

“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled,” the statement reads.

Since the news of the frozen accounts broke online, the fear of participants losing their money has increased. Also, it should be noted that the scheme crashed in other parts of Africa such as Zimbabwe and South Africa with participant’s accounts wiped clean when something of this nature occurred.

Man laments how MMM in South Africa got frozen, and his money disappeared.

A South-African man has schooled Nigerians who are MMM participants. Relaying his experience of what happened to the popular money doubling scheme in his country way back in May, the man said contrary to reports that the participants will get their money when the bans on Mavros have been lifted, nothing like that will happen.

He said that was the exact thing that happened to them in May and up till now, no one has been able to get their money. He went ahead to say that Nigerians should have leanrt from South Africans. Read what he wrote below:

”LOL u should have learned from your brothers and sisters here in south africa , our own mavro money is gone as we speak and MMM is at silence as we speak so watch out for this ponzi schemes i have also learned my lesson here in south africa but atleast is not to much money that i lost”

“Nigerians This Serves You Right You Guys Are Very Greedy, This Was The Same Technique MMM Used To Scam People In South Africa” (Must See)

From reports gathered, this exact occurrence happening in Nigeria had happened also to the South African MMM sometime back. Headlines like:

“Controversial “donation platform” and alleged Ponzi scheme, MMM” and “South Africa collapsed and rebooted amid what it calls a “media panic”, flooded the news page when it happened in SA.

In a notice posted to participants of the scheme after it happened, the group said that “persecution against MMM organized by the mass media” has provoked a panic which has forced the scheme to “start all over again”.

MMM’s administration said that the scheme’s currency – “Mavros” had been frozen and were impossible to use. The group blamed the collapse of the system on media reports and South African banks, which it alleges have hurt and robbed “millions” of people who were part of the MMM scheme.

The scheme said it has started over with a clean sweep and all users whose mavros were frozen will be rewarded handsomely. They promised that the “old” version of the Mavro currency will be ‘bought out’ through trades of the “new” version of the currency, where equal value would be paid out to participants over six months, using 10% of total trade – effectively placing a debt burden on all participants. All these were made known May 1, 2016. See the exact notice as sent to all participants below:

“Dear participants!

Unfortunately, the persecution against MMM organized by the mass media has provoked a panic. We have been working in South Africa for almost 2 years and we have millions of members. During all that time, we had no complaints and accusations from participants, everything was paid to everyone in time and in full amount, by 30% per month. We held charity events and helped children. We did a lot of useful things for people! Well, who was suffering from this?

“The bankers and the adherents of the current unjust financial system. That is why they planned and brought all these crazy investigations and persecution in the mass media. “The only thing which prevents the investigation is the fact that non of the participants reported to the police”. If there are no complaints, and everybody is happy, then what is the investigation for? What is the subject? Did not they understand the consequences? Did not they understand that their irresponsible actions would hurt people? Millions of people! Well, try oppressing any bank, even the most reliable one, in the same way, and see what will happen tomorrow.

“However, it is futile to explain that to them. MMM prevents banks from robbing people, that is the only reason why all this is happening. And nobody cares about people. If we managed to pay millions of participants 30% per month for two years (and would still be paying, if the mass media did not lie about MMM!), why do banks not do the same? Why do they offer only a few percents a year? Make your own conclusions. Thought everything is clear right now. You are simply robbed, we have always been saying it. The modern financial system is predatory by nature. It is not for ordinary people, it is for the bankers. Its purpose is financial slavery! And it achieves this purpose perfectly. In general, in this situation, we have to start all over again. We have no choice. You can see on your own what is happening.

HILARIOUS: Nigerian Twitter reacts to the news of MMM Freeze.

It is no longer news that MMM Nigeria has frozen accounts of its participants, blocking them from withdrawing their funds along with accruing 30% interest until January 12, 2017.

 

While some participants in the alleged Ponzi scheme have said they were not worried about the temporary ban placed on their accounts, a lot of critics are having a good laugh. And Twitter seems to be their ideal place for that.

 

We did a compilation of tweets from our TL today and too many people had fun. Enjoy:

 

https://twitter.com/nassyblue/status/808579268859035648

https://twitter.com/oh_nixx/status/808635960753844224

https://twitter.com/KraksTV/status/808605212441190400

https://twitter.com/TWEETEST_BOI/status/808635497002205184

https://twitter.com/TrailerJam/status/808636002185121792

BREAKING: Panic, confusion grip Nigerians as MMM freezes all confirmed accounts

Members of the famous money-doubling scheme, Mavrodi Mundial Moneybox, MMM have been thrown into panic and great confusion, Tuesday, following the message from the ponzi scheme freezing all confirmed Mavros, otherwise known as money due for withdrawal for one month.
Sergey Mavrodi of inventor MMM Sergey Mavrodi of inventor MMM This means, all the accounts of members who are due to be paid after having ‘provided help’ (PH) to another person since the last month have been frozen and hence, have no access to request for payment, known as ‘Get Help’ (GH) until after one month. All members woke up with the shock message displayed on the screen as soon as they logged into their accounts. Giving reasons for freezing the Mavros, the scheme said it is experiencing heavy workload and want to deal with the attacks coming from the country’s mass media.
It also said it wants to prevent hitches in the coming new year hence, the freezing of the access to requesting for payments even when such person is due for payment. mmm freezing notice mmm freezing notice.
The message read thus: “One-Month Freezing of Confirmed Mavros” “Dear members!” “As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.”
“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)”
“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.” “The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))” “We hope for your understanding, Administration”
Panic Quarters Lamentations:
In a WhatsApp group, MMM Nexus Solution, members of the ponzi scheme, many who are Guilders, have launched their displeasure over the new development. Many have lamented that they don’t know how to communicate the development to their downliners (Those they persuaded to stake their money in the ponzi scheme).
They also argued that this decision of the scheme’s management will trigger the downfall of the scheme. They said most people will hence, be skeptical in staking their money while a good number of them said such decision is selfish and would have been better if it was conveyed to members before now.
One of the members with the name, Rosy, said thus: ” This rule is obnoxious, unscrupulous, provocative, insensitive….they did not advise them well, evil prophesy coming to pass.”
Another, Samroyal said: “it shouldn’t have been now when both the media and govt are predicting that it will soon collapse thereby trying to discourage people from it.”
Another member lamented thus; ” One of my down lines was supposed to pay 50k today and he has just called me to tell me he isn’t paying again till this is sorted out. Exactly my point. If millions GH in January, how will the system manage that, bearing in mind that this act of suspension of GH this period will discourage many people from joining; who will pay the January GH?”
And yet another member lamented thus: “I am a member of NBA Abuja branch, tomorrow, we have a seminar on lottery, gaming, casino, MMM etc hosted by Nat lottery Comm. I have been a strong MMM advocate amongst Abuja lawyers, what do i tell them tomorrow?”

If MMM collapses, millions of Nigerians will suffer – Founder.

MMM founder Sergey Mavrodi has said the scheme has done a lot to improve the welfare of Nigerians and reduce poverty despite the fear expressed by the federal government that it is a ponzi scheme.

In an open letter, MMM founder urged the government to look at the benefits of the scheme to over three million Nigerians in one year of its existence in the country, especially, where the scheme is the only source of livelihood for some Nigerians.

The letter was displayed on the page of MMM participants, NAN reported.

The open letter read, “So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.”

“What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.

“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?

“You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works………

“And finally. If you know what is right for people, why is the life so bad in the country?”

The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) had warned against participation in the scheme while as the House of Representatives ordered a probe into its activities in the country.

MMM founder, Sergey Mavrodi writes to President Buhari

Sergey Mavrodi, founder of MMM, has written an open letter to the Nigerian government to justify the importance of the popular Ponzi scheme.

The News Agency of Nigeria (NAN) reports that the letter was displayed on the page of all participants of the scheme.

Mavrodi warned the federal government that if the Ponzi scheme collapses, millions of Nigerians will suffer, noting that “MMM is their only means of livelihood”.

He stated that the money being made from the scheme was being redistributed among Nigerians as a way of “restoring social justice”.

The letter reads in part: “So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.

“What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.

“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What’s wrong with that?

“You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works.

“And finally. If you know what is right for people, why is the life so bad in the country?”

He further noted that the MMM “has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people”.

The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have previously warned Nigerians against participating in the scheme while the house of representatives also ordered an investigation into the operation of the scheme, in October.

Any Christian who plays MMM or Lotto needs deliverance – Suleman

The general overseer of the Omega Fire Ministries International, Apostle Johnson Suleman, has condemned the popular money doubling scheme called MMM.

Asking his members not to partake in the scheme which has spread like wildfire in Nigeria, Apostle Suleman The General Overseer of Omega Fire Ministries International (OFM), Apostle Johnson Suleman said MMM and other get-rich-quick schemes are satanic ventures aimed at further impoverishing the poor and stealing from the rich to enrich some other people.

Any Christian who plays MMM or Lotto needs deliverance – Suleman
Suleman, giving a sermon at the maiden edition of his ministry’s International Amazing Grace 2016 programme, said “MMM is Satanic and those involved in it are demonic.”

“MMM is an agenda set to bring limitations and restrictions into your life, it is meant to make poorer the poor and take away from the rich,” said the clergyman, adding that if you want to know more about MMM, “go and check the founder. He was a fraudster in America, who defrauded a lot of people. And that’s what you are involving yourself in and you are a Christian, looking for easy way out.”

Many Christians have gotten involved, he said, “but if you are already involved in MMM, you need prayer. I have to pray for you today. MMM and its likes are not of God. Any quick fix way for money is not of God because some people are being defrauded to enrich some other people.”

Warning further, the clergyman said that “even kings can be stranded. Anyone can be. You may be stranded but you can’t be strangled.”

“In life, everything you get, if it’s not favour from a particular individual. If it’s quick favour through a process, you will pay for it later. If it’s a person you know that walked up to you and blesses you, take it.
That’s favour. But a quick business transaction that can bring a return of over 200 persons, is not of God.
That is why we take it upon ourselves to do charity works, help the needy and feed them with the Word. When you give, your greatness is not in your properties but in how many lives you have sustained,” he pointed out.

MMM Will Lead To Losses, Access Bank Warns Customers

Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.

The bank in an emailed statement to its customers 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,” the bank warned.

“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”

Despite the warning by the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.

Credit: punchng

Fear grips Nigerians in MMM, others as ponzi website, Ultimate Cycler, crashes

One of the ponzi schemes in Nigeria, Ultimate Cycler has crashed, sending panic waves across many of its Nigerian members who have invested their money in it as well as those who have equally invested in others such as MMM. cycler The ponzi website, Ultimate Cycler went down early Thursday morning, specifically around 10:30am(Nigerian time), shutting out every member who owns an account with it.
When accessed, the site initially displayed an error line of code, before displaying ”Error 500” in bold letters, then it proceeded to display another message: “Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly.
Our update estimation is to be complete over the next 6 – 12 hours. Thank you, Peter Wolfing.”ultimate-cycler Ultimate Cycler is a new ponzi scheme that followed MMM. This new money doubling scheme claims a promise of better returns on invested money than MMM. The hook for Ultimate Cycler is members get a return of N50,000 after paying N12,500 to a fellow member he or she registered under.
As at the time of filing this report, the ponzi website has still not come to life. Dangers for members who have invested in it or others like MMM is that when such websites go down, chances are that it never comes up again and hence, “investors’” money goes with it.
So, will Ultimate Cycler ever come back to life? This is question on the minds of every member.

The Man Behind MMM Nigeria, Ernest Mbanefo Unmasked.

A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo is the mastermind of the suspected Ponzi scheme known as MMM Nigeria.

According to an online report, Mbanefo is based in South Africa.

Nigerian Communications Week said Mbanefo  registered the site MMM-Nigeria.net domain  on June 7, 2016 about at about 5 pm Nigerian time.

NCW quoting  Pageone report written as far back as September said Mbanefo made a single year domain payment.  The domain will expire on June 7, 2017.

It was also revealed that  MMM Nigeria is not part of MMM Global – a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s.

MMM Global  was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.

The name of the company was taken from the first letters of the three founders’ surnames (MMM)

But like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 per cent return on investment.

Around the world, MMM is feared.

In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered.

MMM recently crashed in Zimbabwe: Thousands of ‘Mavrodians’ in Zimbabwe were left in tears when the scheme crashed, losing tens of thousands of their lifetime savings.

PageOne gave Mbanefo’s address as 1 ROYAL STREET, LINDBERG PARK, JOHANNESBURG, SOUTH AFRICA.

According to Page One, on the 15th of July, Ernest was awarded a certificate of completion of an online course titled ‘MMM Guiders School’. The certificate was supposedly signed by Sergei Mavrodi himself. He has since given himself the nickname the ‘Super Guider of MMM’.

To share news and information about MMM, Ernest also operates a subdomain ‘news.mmm-nigeria.net. The site praises him and projects him as the leader of the Ponzi Scheme in Nigeria.

“He is described as: MMM Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigeria Participants whether or not they fall under his downline structure. The brain behind the MMM NIGERIA REVOLUTION operation has been working selflessly and tirelessly towards the education, information and proper guidance for the MMM Nigeria Community’

MMM subscriber allegedly commits suicide in Nsukka

A final year student of Agricultural Engineering at the University of Nigeria, Nsukka (UNN), who is also reported to be a participant of the Mavrodi Mondial Movement investment scheme (MMM), has committed suicide.

 

According to an online medium, Premium Times, the student, identified as Tobechukwu Okeke, was found on Sunday morning, dangling from a rope in his room at Odenigwe, a community in Nsukka, Enugu State.

 

The deceased was said to have left a note behind where he apologised to his family, according to accounts by a neighbour. The contents of the note read: “Mother, father, brother, I’m sorry. Ify, may your children never suffer. Uncle Mathias, you gave me all. I am sorry. Death calls. Linguistic department, I am sorry. Okeke Tobechukwu S. 2012/185649,” the neighbour, who did not want to be named, quoted.

 

Though the cause of Okeke’s death is yet to be ascertained, some of his neighbours suggested that he was in debt, some said he was tired of schooling, others attributed his suicide to the loss of money in a network business he invested into.

 

The deceased’s last Facebook posts showed he had been involved in the controversial MMM scheme, as he used his page to advertise the scheme. His last post, in September, read: “MMM is enriching lives of millions of Nigerians everyday. If you care to join or you have any questions, please send me a message or comment below.”

 

One of the deceased’s colleagues, who also did not want to be named, said he was given an electrical wiring job to do at the department of Linguistics in the university, because of his expertise in electrical works. “I saw him this (Sunday) morning, he seemed to have a problem which he needed money to solve,” the colleague added.

 

The university authorities have also confirmed the incident, but said the family had not officially informed the institution. Uju Umo, the university’s Dean of Student Affairs said: “I travelled for a burial last weekend and yesterday I got a text message saying a student had committed suicide.

 

“It happened at Odenigwe, one of the host communities outside the school and I was told he left a suicide note apologising to his fellow gamblers.”

 

Similarly, Chukwu Emmanuel, the university’s student union president, also confirmed the incident, and said the matter was being investigated. “There’s no concrete details for now,” he added.

 

People close to the deceased described him as a comedian, who always used jokes to awake sleeping students during night classes. “He used to go around to classes at night to crack jokes and encourage students to forget their worries.”

Christians involved in MMM will not enter Heaven – Man says

A Facebook user, identified as Akande Thomas, has shared the experience of a participant from the popular quick money scheme called Mavrodi Mondial Movement (MMM) Nigeria.
The participant claims that God rejected his tithe from MMM earnings and clearly told him that Christians involved in the scheme have had their names removed from the book of life.
??? was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
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MMM membership grows in spite of risk involved.

Some Abuja residents on Thursday said that they have benefited immensely from the popular financial programme, MMM Nigeria Scheme, and have no intention of leaving the scheme anytime soon.

The Mavrodi Mondial Movement popularly known as MMM has gained popularity among Nigerians as the programme promises a monthly payment of 30 per cent interest on loans provided by participants.

This is against the backdrop of the House of Representatives order in November that operators of the scheme should be arrested to protect Nigerians from financial devastation.

The News Agency of Nigeria (NAN) reports that in spite of the order, MMM’s membership had continued to grow.

Some residents who spoke to NAN said that MMM was very beneficial to Nigerians.

Ebube osakwe, a civil servant told NAN that she doesn’t see the programme as a Ponzi scheme and believed it could help many Nigerians.

“When I heard about it, I was skeptical at first, but I decided to test the system by putting in N20,000 to see if I would get the money they claimed.

“To my surprise, a month later, I got my N20,000 with my 30 per cent interest and an extra bonus.

“I was amazed by the success so I put more money into the system and have benefitted from it.

“This programme has helped many Nigerians deal with this recession so I don’t see the wrong in it.”

Godwin Dickson, a mechanic said that the scheme had helped him with his finances, adding that it had assisted him immensely in paying his debts.

“I don’t care what anyone has to say about MMM because as far as I am concerned, it has saved my life.

“I have paid off my debts and I have been able to generate extra change to take care of my household.

“I owed someone a large sum of money and someone introduced me to MMM and loaned me N500,000 to put into the scheme.

“The money I got back was able to clear all my debts at once and I was able to finally breathe again.

“I am aware of the risks of this programme, but it is also a lifesaver and I will advise more Nigerians to get involved at least for now that it seems safe,” he said.

Joyce Okoh, an entrepreneur, said that she was certain the business would crash at a point, but she would take advantage of it while it lasts.

“I know that this programme has failed before in some countries and I admit it is a sort of Ponzi scheme but why should I complain when I am benefitting from it?

“MMM is bound to fail whether the government bans it or not, because the process is supported by new members funding the profits to be made by older members which will crash at some point.

“However, I have made a large sum of money from this programme and I am willing to continue reaping the benefits it is offering for now.

“I just have to ensure I don’t get greedy and invest my whole savings or sell my property like many people have done because when it crashes, people will become suicidal.

“I think the key thing here is to know your limit and know when to bow out of the programme,” she said.

Nigerian Lawmakers Call for the Arrest of ‘MMM’ Promoters in the Country

The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.

Lawmakers strongly opposed the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country.

MMM promises 30 per cent return on investment for any money put into the scheme within 30 days.

The investment scheme has a Russian origin and “involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.”

But, members described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.

Lawmakers warned that the “trick” used by the operators was to attract as many Nigerians as possible to invest substantial amounts of money before the bubble would burst.

The House directed the EFCC, security agencies and the CBN to take urgent steps to halt the scheme before many Nigerians would become victims of the scam.

It also asked its Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”

The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.

Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency.

“The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics”, Fijabi stated.

He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.

NDIC launches plan to shut down MMM in Nigeria, insists it is fraudulent.

The Nigeria Deposit Insurance Corporation, NDIC, has revealed plans to shut down Mavrodi Mondial Movement, MMM, scheme in Nigeria.

The Managing Director, MD of NDIC, Alhaji Umaru Ibrahim, disclosed that the regulators had set up a Committee to stem the nefarious activities of the fraudsters across the country.

Speaking on Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair, Umaru advised members of the public to patronize only banking institutions that display the NDIC sticker: ‘Insured By NDIC’ in their banking halls or entrances.

He lamented that despite repeated warnings, Nigerians were still trooping out to patronize the illegal fund managers.

The MD said, “I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks.

“It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.

“However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Co-ordinating Committee (FRSCC) to stem the nefarious activities of those fraudsters across the nation,” he added

This is coming at a time when there were growing apprehension that the MMM scheme was fraudulent.

Recall that the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, had dissociated himself from the MMM, saying he had nothing to do with it or any other online financial aid community, projects or contracts.

Also, the Central Bank of Nigeria, CBN, had warned Nigerians to be wary of it, referring to the scheme as a “wonder bank”.

The head of the consumer protection department of the CBN, Kadija Kassim, had said, “But I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

MMM Is A Fraud, Don’t Invest In It, CBN Warns Nigerians

The Central Bank of Nigeria (CBN) has cautioned Nigerians against getting involved in MMM, a scheme that is currently making the rounds among Nigerians.

This is coming shortly after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.

This was made known by the head of the consumer protection department of the CBN, Kadija Kassim, on Monday. She made it known that activities associated with the scheme are not regulated by any institution.

Speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a “wonder bank”.

In Kassim’s words, “We have heard about the activities of MMM.

“But I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.

“Don’t save what is left after spending, but spend what is left after saving.”

The scheme claims to allow a 30 per cent monthly return on investment for every investor and a lot of Nigerians have been lured into it.

Credit: dailytrust

Thousands Of Zimbabweans Lose Money As MMM Crashes

Thousands of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.

This comes as Econet’s mobile financial service platform, EcoCash yesterday distanced itself from the pyramid scheme. Participants claimed they were using EcoCash for their transactions.

Zimbabweans have in the past months been joining the online investment scheme in droves in a bid “to get rich quickly”. The Reserve Bank of Zimbabwe warned people that the scheme was fraudulent and there was no legal recourse in the event they lost their money.

The central bank said MMM, which advertises its operations through a website and recruiting agents, was not a registered or regulated entity. EcoCash yesterday said: “We have noted that some of these pyramid schemes are allegedly advertising in a manner that suggests that the Ecocash facility is a medium for prospective members to deposit their money. This is not correct.

“We advise our valued customers and all stakeholders that Ecocash is a licensed mobile payment platform that enables customers to make financial transactions such as sending money, buying prepaid airtime as well as paying for goods and services within the confines of the law of Zimbabwe. EcoCash promotes safe and legal transactions but will not be held liable for any losses arising from the use of EcoCash to engage in illegal activities such as Ponzi schemes.”

The scheme advertises itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.

“All along things were moving in the right direction and we now have nowhere to claim our investments,” said Mr Tinashe Muza of Harare.

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.

Another victim, Mrs Rosemary Mawonde said: “We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”

While some people who were skeptical about the scheme started with small amounts, it is believed some poured in thousands of dollars anticipating higher returns. The RBZ said the schemes were fraudulent as existing investors were ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors,”

“The participants are made aware that they make their money by recruiting new members who in turn must recruit more members,” warned the Central Bank.