NIGERIANS WARNED ABOUT MMM SCHEME

NIGERIANS WARNED ABOUT MMM SCHEME

Nigerians in South Africa warn friends and families back to be wary of the Mavrodi Mundial Moneybag Scheme that is about to be re-introduced to the country.
The Nigerian Deposit Insurance Corporation, NDIC, had indicated in the past that an ‎estimated three million Nigerians lost N18 billion in the MavrodiMundial Movement, MMM, ponzi scheme.
It was said that over three million Nigerians were participating in MMM before December 2016 when organisers suspended payment to investors due to its system failure.
A letter displayed on the pages of participants of the scheme on August 31 urged them to invite new members
The money making scam, Mavrodi Mundial Moneybox, that collapsed months ago, has launched a weekly promotional stunt, obviously aimed at wooing old and unsuspecting new “investors”.
A letter displayed on the pages of participants of the scheme, urged them to invite new members.

Members must invite new participants and register them as referrals to qualify for the contest.

They have the opportunity to win cash prizes between N30,000 and N500,000 under an exercise the Ponzi scheme masterminds call: “Promo-Task Contest.”

The letter stated: “MMM Nigeria launches Promo-Task Contest.
“MMM Nigeria launches the first Promo-Task Contest, which a relevant section has been created for the contest in the Personal Office.
“Winners are selected based on the number of points received for completing promo-tasks. Whoever receives the biggest number of points becomes the winner.

“The contest period is from Monday to Sunday while at the end of each week; winners are announced and awarded Mavros (cash prizes) available for output.
“In the first contest, there are 50 prizes. First place will win N500, 000, second place N300,000 and third place winner will take home N200,000.

“Fourth place to 10th place winner get N100,000 each, 11th to 30th place wins N50,000 each while participants who placed 31th to 50th wins N30,000 each.

“Members can complete both online and offline tasks with focus to promoting the community and contribute to growth of the scheme.
“The promo-task contest is a serious tool aimed at community growth, and as such, would be continuously adjusted and refined to enable MMM Nigeria to overcome.”

The Securities and Exchange Commission and the Central bank of Nigeria have warned Nigerians against participating in the scheme, which they described as a “Ponzi”.
The scheme has been mired in controversies after it placed a one-month freeze on all withdrawals from the scheme on December 13, 2016.

The scheme, however, made a comeback on January 13 and quickly placed a limit to the number of withdrawals from old-confirmed mavros (money), drawing wide condemnation from members and making many of them walk away.

The scheme failed in South Africa, with many people losing their hard earned money.

Though it was predicted that the scheme will thrive in Nigeria (before MMM) went to Nigeria because of the prevailing hardship in the country.

A Nigerian pastor in South Africa who lost R30,000 to the scheme has called his friends and family to desist from MMM.

Majority of Nigerians in South Africa are echoing similar sentiments to that of the pastor.

“Once beaten twice shy. They should go near the scheme. It is advanced 419. But greedy people won’t listen”. These were the words of a Nigerian barber in Randburg, Johannesburg.

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Femi Oshin
Femi Oshin 185 posts

Femi Oshin is a publisher at Nigeriansinsouthafrica.ca.za and Producer /Presenter of Agogo Ayo on Africa Magic Yoruba.

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