UK Newspaper Warns Nigerians Off MMM

Following the collapse of MMM Global (Mavrodi Mondial Moneybox) scheme in Zimbabwe, the UK Independent newspaper has warned Africans against investing their money into the Ponzi Scheme.

Beware! MMM Global, 
The Ponzi Scheme Company Is In Nigeria

Speaking about the collapse of MMM Global in Zimbabwe, The Independent's article stated:

"That's despite a warning from the Reserve Bank of Zimbabwe that the scheme was fraudulent. RBZ warned members of the public that 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.

"What it simply means is that the number of people in need of help has outnumbered the number of people joining or providing here. Right now we have nowhere to get our money which we invested.

"There are similarities about this scheme in Zimbabwe and Nigeria, as it follows the same model. Both countries are also experiencing an economic crisis and many of its citizens have turned to the MMM Global as a means of livelihood.

Despite the cautionary tales of Zimbabwe and South Africa and indeed the original MM scheme, a branch is now proving increasingly popular in Nigeria.

A quote from a Central Bank official said: "These people always come with very interesting propositions", Mr Okoroafor said. "These are fraudsters who are just out there to collect people's money and run away as soon as they hit their target."

Nigeria's Central Bank and the Securities and Exchange Commission have warned Nigerians off the scheme but the promise of 30% Returns has proved too much of a bait for most people to resist.

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The South African "Experiment"

In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a '30% per month' return through a 'social financial network'. The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.

In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme staged a protest march in Johannesburg.

Earlier this year, the scheme crashed in South Africa. MMM Global only gave South Africans the bad news with a post on its website saying: "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 be able to pay 100 percent per month" Also recently, the scheme collapsed in Zimbabwe.

One of the victims, Mrs. Rosemary Mawonde was quoted by Breaking Times, saying: "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."

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).

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CBN Warns Nigerians To Stay Off MMM Nigeria

The Central Bank of Nigeria (CBN) has warned Nigerians against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, Punch reports. Speaking during a mentoring program for students of Government Secondary School, Suleja, the head of the consumer protection department of the CBN Kadija Kassim said the activities of the scheme is not regulated by any institution.

Kassim, referring to the scheme as "wonder bank", cautioned Nigerians on patronizing activities of the MMM scheme which stands for Mavrodi Mondial Moneybox.

Many Nigerians have been lured into MMM which functions as an online investment scheme. The scheme, through its campaign allows a monthly investment return of 30% for every investor. But Kassim said the scheme is fraudulent and is not supported by any business model.

"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," Kassim said.

MMM Federal Republic of Nigeria has become a household name in Nigeria in just over one year of introducing its operations into the country. The returns has been so stupendously immense that many members of the community pray that the scheme never crash or collapse.

As a matter of fact, so many people have invested a lot of money into the scheme that any thought of a crash or collapse of the system can give them a heart attack.

Nevertheless, like every other investment promising huge returns on investment, it is a course of wisdom to also consider the possibility of a collapse of the system in order to be fully prepared for it when it eventually happens.

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MMM Nigeria is Doomed To Crash!

Now, it is Nigeria's turn to witness MMM fleeting benevolence. And believe you me, MMM Nigeria, like all the wonder banks before it, is doomed to fail!

Now, let us assume that the members of the MMM community is made up 125 persons with varying amounts invested in the scheme in five groups of 5, 15, 25, 35, 45 persons respectively for 5 consecutive months. As time goes on, the payouts (including bonuses) every month will always be higher than the investment that members contribute to the scheme.

A major reason which will account for this is the fact that there is no ceiling or upper limit as to the amount of money that can be invested into the scheme. What this means is that members of the society will see the scheme as an easy way of making money without any stress and flood into the MMM scheme in their numbers.

Just imagine what would happen if about 100 persons invest the sum N5,000,000 each into the scheme in a particular month.

That would amount to a payout of N500,000,000 plus an interest of N150,000,000, making a total of N650,000,000 for all the persons for that month.

Where would the money come from to pay those people if those who register for the scheme for the next month do not put in enough money to cover those payouts for the persons whose investment had already matured?

Do you now see the impending doom which lurks around the corner for members of the community who stand a risk of losing their investments to the MMM scheme? I'm certain you do.

After all, it has happened before and it sure will happen again.

In August 2016, the Nigerian Securities and Exchange Commission declared MMM a ponzi scheme and advised Nigerians to distance themselves from the scheme.

However, the question some have asked is: How long would it take to sustain the profits? Many still remember vividly the mad days of the Wonder banks in the early 2000s. Then, many lost their hard-earned money to the likes of Pennywise and such other scammers.

A Word is Enough for the Wise!

Managing Partner, Two-Edge Partners Global Limited, Olajide Alex-Oni said such scheme is usually targeted at the extremely poor, greedy and desperate people of the society.

He said: "The get rich quick scheme usually comes out looking so attractive to the populace, but like what is, it is robbing Peter to pay Paul!"

He also continued: "When a company encourages existing investors to invite other potential investors by rewarding them with money from these new comers, then what do you call that? Such a model is not sustainable and is a highly risky investment, because once the flow of investors and their funds stop flowing into the scheme, the investors will most definitely suffer unimaginable losses."

Speaking on MMM operations, he said a number of countries around the world have banned this scheme and Nigeria should equally do the same. He said since SEC has warned Nigerians on the activity of this group, it is, therefore, illegal to invest in them, because their model is a typical pyramid scheme.

He explained that the scheme was not licensed to operate in Nigeria, noting that its operations are online based, which can crash or get closed down unannounced. He said it's designed to attract huge traffic and promises unconventional high returns on investment.

Speaking further, Alex-Oni warned: "People have to be careful of such schemes, because they claim to be foreign investor driven with amazing success stories, thus the attraction for the ignorant. The ignorant in this case are usually aware of the risk involved, but the greed in them let them take such risk with the hope to exit before the scheme crashes.

"It is also quite sad that in some extreme cases, some investors actually commit their entire life savings into these kinds of ponzi schemes. People should learn to get creative and innovative through hard work and smart thinking and start creating values and ideas that money will chase. That way, you may start small, but you will think big to grow big the proper way. A warning is enough for the wise."

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