Tag Archives: Ponzi

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

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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.”

RCCG sends message to all senior pastors over MMM, other schemes

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The Redeemed Christian Church of GOD (RCCG) has said that the doctrine of the mission does not support get rich quick schemes.

This was made known in a memo addressed to pastors in charge of regions and provinces, by the General Secretary of the church, Pastor Johnson Odesola, on Wednesday, January 18, 2017.

Pastor Odesola stated in the memo that some pastors and staff of the mission are getting themselves involved in all manner of money-making schemes, to the extent of using the platform of the church to promote same.

He advised those who are involved in such to desist forthwith, as disciplinary actions will be taken against those found culpable.

The memo read that “please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting, etc in any form.

“God is and remains our supplier by the application of biblical principles of working diligently with our hands.

“All senior pastors are hereby authorized to ensure no one uses the pulpit or any platform of the RCCG to promote any such schemes.”

 

 

Source: www.nigerianeye.com

72 Hours After Comeback, MMM Yet To Pay Participants.

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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

“I didn’t invest $5m in Ponzi scheme, my church did.” – Pastor Matthew Ashimolowo

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Matthew Ashimolowo, senior pastor of Kingsway International Christian Centre (KICC), says the former trustees of his church, not him, made the decision to invest $5 million dollars, which was lost to a ponzi scheme.

Ashimolowo said this in a statement signed on his behalf by Dipo Oluyomi, chief executive officer and James McGlashan, chief operating officer for KICC.

The statement said the investment was made seven and a half years ago.

KICC admitted that the trustees of the KICC made the decision to invest in the scheme, but however, said Ashimolowo had nothing to do with it.

“The attention of Pastor Matthew Ashimolowo and KICC has been drawn to publication in the media with the headline: ‘Pastor Matthew Ashimolowo loses $5million to Ponzi Scheme’,” the statement read.

“We wish to state that the headline was unfortunate and misleading and has caused damage to the reputation of Pastor Ashimolowo. The sensational headline suggests that Pastor Matthew Ashimolowo lost $5million when INFACT HE DID NOT and did not make the decision to invest.

“Pastor Matthew Ashimolowo is the Senior Pastor of KICC and not her trustee and has never been a trustee of KICC.

“As you are aware from the Charities Commission’s report, the decision to invest was solely that of the U.K trustees without any involvement of Pastor Matthew Ashimolowo.

“Importantly as the report states, it is the trustees who have the responsibility for investing Charity Funds and NOT PASTOR MATTHEW ASHIMOLOWO.

“The investment referred to were made by former trustees on behalf of the Charity over SEVEN AND HALF YEARS AGO. They believed they were acting in the best interest of the Charity and they did not and have not benefited personally.

“Their actions were totally independent and were not influenced in any way by Pastor Matthew Ashimolowo.

“KICC is a Charity whose main aim is to advance the Christian religion in the U.K. and around the world as well as provide local communities with a great deal of counseling and support, including educational, bereavement and prayer support.”

MMM Crash: Lagos Emergency Agency Issues Suicide Prevention Notice

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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.