Millions of Nigerians Lose Over $100M USD As MMM Crashes!!!
There was widespread wailing and gnashing of teeth all morning in Lagos State last month when news came that the latest
darling of many Nigerians as far as financial and investment matters are concerned MMM Global, has crashed in Nigeria.
However, it was later discovered that MMM Nigeria has not crashed but simply experienced a minor hitch in their operations. But, that notwithstanding, the CBN, SEC and even private organisations has warned Nigerians that MMM Nigeria is doomed to fail and it is only a matter of time before the scheme failed.
Many die-hard risk-takers are not heeding this warning. They are still investing heavily in this scheme. For instance, a lecturer and his wife in Delta state committed
N500,000 each into the scheme. Others like him are
equally doing the same across the country.
Here is the testimony of a female member of Nairaland by the username "Dmostcheerful" who recently invested
into the scheme:
"And this is my 1.3million rolling in just today.
"Now just so you people know, we Nigerians are fond of joining what we know nothing about.
"Yes before I ventured into mmm about a year plus ago (I joined under mmm South Africa July last year and was moved to mmm Nigeria when it came here November last year) I took my time to read through the mmm page before I even attended mmm guiders school. I read all I could find in the website.
"I know it was stated that there is no guarantee so before I recruit anyone I would plainly explain all I can about mmm.
"In mmm you are not investing you are purely donating as mmm don't have any central office, all the system does is calculate interest, keep records and match/pair members to pay one another.
"You are purely adviced to participate with your spare money (money you can afford to loose), don't go and take a loan from any bank, borrow from family and friends to donate in mmm, so even if anything happen tomorrow you wouldn't say mmm scammed you.
"And another thing is this mmm is stricter in such a way that even if there is an issue old mavro/balance will be frozen and the system will be restarted and once the system balances old balance/mavro will be paid with time.
"So fellow Nigerians let's take our time to learn and also understand that there is nothing to loose joining this program if you follow the rules and it terms.
"Don't let greed becloud your mind, I donated a million 30days back cause I can afford to loose it."
"All business, even life itself is a risk, the more we learn to give without expectation the more we gain.
"For fellow mavrodians reading this I will urge everyone to recruit with our ideology, always know that mmm is not meant for everyone, but only a few who understands make it."
There you have it from a member of the MMM community.
If you are contemplating joining MMM Nigeria or you have already joined the program, you need
to thread carefully.
Just as "Dmostcheerful" said, only "participate with your spare money(money you can afford to loose), don't go and take a loan from any bank, borrow from family and friends to donate in mmm, so even if anything happen tomorrow you wouldn't say mmm scammed you".
I think I understand exactly how "Dmostcheerful" feels about the MMM Global ponzi pyramid
scheme. That is precisely how many persons felt when they were still being paid in Zimbabwe and South Africa
before the ponzi scheme collapsed.
Another victim of the MMM Global crash, 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."
You see! "We never thought the scheme would end this way", but it eventually ended. That is the same way many Nigerians presently feel about the scheme. They never think it will end, but simple common sense dictates that it sure will!
I wonder how those "happy-go-lucky investors" would feel when the scheme eventually collapses in Nigeria. I am pretty sure that was how "Youlove Shana" felt about the program when the going was stil good in South Africa.
However, when the scheme crashed in South Africa, "Youlove Shana", just like how Mrs Mawonde said, most certainly did not find it funny at all.
As you are about to find out in the video she posted on YouTube, she said:
"I know what's happening but I'm just gunna
pretend I'm confused because it feels better
to play dumb. Ignorance is bliss."
Youlove Shana lost $10,000 to the rogued scheme. At
N300 to the dollar,
that is a whooping N3,000,000. Ouch! That loss is HUGE!
Yet, "Dmostcheerful" says she can afford to lose a million naira!
According to her, she donated a million 30days back cause she can afford to loose it. Can she really afford to lose One Million Naira and not give it a second thought? I don't think so!
She has to be lying and that's because the going is still good!
It is persons like her who would put in Two Million Naira after receiving the
payment out of sheer greed to earn more money. In her mind she has stumbled upon
a cash spitting money doubling atm machine!
Honestly, those who can afford to lose One Million Naira in a get-rich-quick scheme are those whose net worth per annum is at least ten million naira and above and they are not dumb to put their money in a scheme that has a 99% chance of failure.
Please watch the brief video below to comprehend the high risk nature of the MMM Global scheme.
The following is the notice posted to their website regarding the crash titled "MMM Global USA SHUTDOWN":
"We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to able to pay 100% per month. We can easily pay 30% per month (and we proved it in practice in many countries), but 100% is too much even for us.
"That's why the RB will be closed down.
"All the participants' RB-Mavro are transferred to the MMM-structure of the countries which the participants come
from. If there is no MMM-structure working in this country, it will be created within two weeks from the date of this
"All RB-Mavro will be demonstrated as "old" Mavro in PO. Any operations with them are impossible. Gradually, as your country will be developing, they will be paid back. 10% of the total input of the system will be spent on repaying "old" Mavro. This practice has already been tested in many countries and proved that it works. It usually takes a half a year to pay back old" Mavro.
"This news is not very pleasant but there is nothing that can be done about it. It''s not the end of the world. We just have to wait a bit.
"We hope for understanding, Administration"
"That Mavro guy
all the way to the bank!"
Prior to the crash, BehindMLM, published a report on April 09, 2016 titled: "MMM Global
Ponzi collapses, Sergey Mavrodi in hiding". In the report, the site wrote: "Sergey Mavrodi,
owner of MMM Global, executed his exit strategy a few weeks ago. On March 20th Mavrodi informed investors there would be no
more news updates published to the MMM Global website.
"Mavrodi has not been heard from or seen since, and is presumed to be on the run. It's highly likely he withdrew and/or transferred out as much of the money he stole from investors before fleeing.
"Additionally the official MMM Global Facebook page was shut down a few hours ago. (Added: What do you call that if not FIRST-CLASS Scam?)
"At the time of publication I'm only aware of South Africa investigating MMM Global. If any other regulator has been investigating the scheme and tracking Mavrodi, I'm yet to hear about it.
"What this currently means for MMM Global investors is that, as it stands now, the prospect of any financial recovery is looking slim.
"As designed, Sergey Mavrodi and his buddies have likely made off with millions of your money - and you've got no recourse."
In one of the responses to the BehindMLM report, the7figuremaker said: "I don't think they are going to pay all that money back. mmm global is just like a hyip. When in history did a hyip calpse and then the owners paid everyone thier money back?? That has never happened.
"That Marvo guy is laughing all the way
to the bank. He just made a easy 30 million
or more and you can't do anything about it."
Warning! You Can Lose ALL Your Money!
To legitimize its scam and set the stage for the perfect fraud of all time, here is a warning
posted on the MMM Nigeria website regarding the scheme.
"WARNING! There are no guarantees and promises! Neither explicit nor implicit. There are neither investments nor business! Participants help each other, sending each other money directly and without intermediaries. That's all! There's nothing more.
There are no securities transactions, no relationship with the professional participants of the securities market; you do not acquire any securities. (Do you need them? :-))
There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may "lose". "Win" might not be paid. Without any reasons or explanations.
And in general, you can lose all your money. Always remember about this and participate only with spare money. Or do not participate at all! Amen. :-))"
Is there any warning that can be more explicit than that? You can lose all your money without any reasons or explanations! Wonderful!
The Magnitude of the Crash in Nigeria
Now let us consider the magnitude of what Nigerians stand to lose when MMM Nigeria
eventually crashes and collapses completely in the country.
Believe me. The crash of MMM in Nigeria portends ominous consequences. Even the collapse of MMM Global in South Africa which "Youlove Shana" refer to as "MMM Global Epic Fail" and that of Zimbabwe put together would be nothing compared to how disastrous the collapse in Nigeria would be.
It would be like a major financial earthquake of the greatest proportion I tell you!
According to one report in a popular news tabloid, Nigerians have committed over $100million into the scheme. At
N300 to the dollar, that is a whooping N30 BILLION Naira and
many of those funds are borrowed money or people's life savings.
So, you can imagine what would happen if MMM eventually shut down in Nigeria. To say that many people would literally lose their lives is the greatest understatement of the year!
To show you just how devastating the crash would be, when it was reported that MMM Nigeria crashed in September 2016, a young man by name Ufot Edidiong, was found rolling on the road in the street of Lagos lamenting his loss while passers-by tried to console him.
It was discovered that he invested
N200,000 into the scheme a week before news of
the alleged crash. That was money that he could not afford to lose - money that was meant for his
forthcoming wedding with his longtime heartthrobe, Ememobong - only for news to come that MMM had crashed just
one week to his wedding.
He wailed: "My own don finish" he wept "mbok wedin I go tell Ememobong? Say I don Spain dey money
for dey werring for aim-aim-aim and e don doss (loss)? Abasi!"
So, do you now see the need for you to be very careful and thread cautiously when it comes to joining and investing your funds in MMM Nigeria? I'm sure you do.
You will recall that when MMM crashed in Zimbabwe and South Africa, it resulted in widespread disbelief, shock and even suicide of some members who lost their life savings to the Ponzi Scheme. There were similar warnings like the one being made by CBN, SEC, other private organisations and even this article that you are presently reading.
But, the people paid deaf ears to them and they learned a bitter lesson in the end.
The same story is playing itself all over again with the Nigerian experience. But, this is not in the least unexpected that many die-hard Mavrodians live in constant denial that the scheme can fail. They have found a very stress-free easy way to get out of the current recession that is hitting the country very hard and no one would wish such an easy way to make money online to end.
Even when the vast majority are apprehensive of an imminent crash of the ponzi pyramid scheme, The mindset of over 50% of those who join MMM Nigeria is to cash in big time before the crash - because they know that the scheme would surely crash.
After all, countless similar schemes like it have suffered a crash and MMM Nigeria is no different
than the other pyramid schemes. If it could crash in Russia where it originated, in China and even in South Africa, why
do you think it will not crash in Nigeria?
But, die-hard Mavrodians firmly believe that they will have made their own money before it crashes and they will have the last laugh. Do not be like them!
Take note that MMM is a pyramid scheme like any other and it will eventually get to a time when there is not enough money to go around. That is when it will crash! Like an inverted pyramid with no solid foundation to hold the weight of the entire structure, MMM will crash like a pack of cards!
The 30% returns on investment is way too high and the payback period of one month is JUST TOO SHORT.
DO NOT BE DECEIVED! MMM Nigeria WILL eventually CRASH!!! BELIEVE ME!!!
The Only True Way To Make Money Online!
The only true way that wise investors make money online is NOT to put all their eggs
in one basket.
But, the majority of Nigerians do the opposite. They do it in online sports betting and even are doing it with MMM Nigeria.
The secret code to making a lot of money on the internet is through generating a sustainable income from multiple streams of various online businesses.
For instance, one highly successful internet marketer by name Gbolagade Adetunji made over
N1.2 Million Naira monthly in less than 5 months. 6 months later, he was already making
steady and reasonable amount of money online.
He did not make that money from MMM Nigeria and I doubt it if he will even be remotely interested in the pyramid scheme. He is so rich now that he does not need money from the scheme.
There he is cruising his H3 out. Of course, it's damn pleasurable to drive in. You can believe that!
Here are the list of the various online business that made Gbolagade Adetunji over
N13,000,000 last year:
3. Affiliate Marketing
4. Football Betting
5. Importation Business
6. Referral Programs
7. Information Marketing (The ultimate one which contribute over 50% of his earnings)
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