CATCH PHRASE OF MMM NIGERIA

A CAREFULLY RE-PACKAGED, AND ENTICING VERSION of a Ponzi Scheme, known as MMM Global, with its Nigerian version, known as MMM Nigeria; now re-named MMM Cooperation, has been re-lunched, and back with its financial operations. Again, gullible Nigerians could be chasing after it.  This time, MMM is promising 50 per cent return on investment, which is 20 per cent more than what was offered in the defunct version.

Mavrodi Mundial Moneybox, MMM, in 2017, impoverished over three million Nigerians. Now, in a further smart move, the self-seeking pleasure promoters of MMM, may further financially hurt Nigerians, if they buy-in into the re-lunch of the Ponzi Scheme.  Will Nigeria’s economic and financial system further accommodation the return of this financial “evil genius?”

MMM Nigeria, officially, shut down its financial services in Nigerians in April, 2018, after the founder, Sergei Mavrodi, died of heart attack, March 26.  At that time, it released a statement on its website that: “After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense.”

Nigerians were fleeced of millions of naira by this statement. There was pandemonium in families and businesses that invested in MMM Nigeria, Ponzi Scheme.  In a surprise U-turn, the scheme has announced its return and re-named the scheme NMM Corporation.

MMM NIGERIA — OFFER ON INVESTMENT BEFORE IT COLLAPSED

MMM Corporation said it has gone “global”, since January 2019, “to make Mavrodi’s legacy worthwhile”.  It stated that: “Like sunrise in the morning, MMM Cooperation set the pace on the 22nd of January 2019 all over the world”. On twitter, one Guider Tee, one of the coordinators, said the re-launched MMM can be assessed in over 170 countries.

“From negligence by many to fear of unknown by prospective participants at the beginning; we are were we are today being most populous platform all over the world with six million participants all in space of four months,” message on its website added.

Before the scheme finally packed up in 2018, there were indicators of its imminent collapse, emanating from its operational hiccups, and inability to meet payments to investors, at different times.  There were, also, warnings from economic and financial experts, that the scheme was a financial farce, that would not survive the test of time.

The death of Mavrodi, founder of the scheme, in Russia, was the stroke that breaks the camel’s back. It puts nails on the coffin of the scheme.  If, Nigerians, again, patronise MMM Corporation, it would show those involved, to be anything, but incredible people.

MMM NIGERIA — STRUCTURE OF THE BUSINESS

MMM Global, known also, as МММ-2011 / МММ-2012,  Ponzi scheme, was launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries.  In Africa, the scheme was popular in South Africa, Nigeria, Zimbabwe, Kenya and Ghana.   Analysts, attributed the popularity of the scheme in Africa, to issues such as poverty and bad governance, exploited by Ponzi Scheme promoters.

November 2015, MMM launched its website, with Nigerian audience in focus.  It offered 30 percent monthly return on investment, in additional to other acquirable bonuses.  It described its operations as a “mutual aid fund”, in form of a “community” where people help one another.

By late 2016, about 2.4 million people had registered with MMM Nigeria. Observers of the scheme, noted, that Nigeria’s unemployment scale was targeted by the promoters of the scheme, hence they became gullible, and caught in the web of losing fortunes to the untidied exit of MMM from the country, when the scheme collapsed in 2017, it impoverished over three million people in Nigeria.

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