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Saw this article on Guardian newspapers…Read, its very interesting;
With the current high rate of unemployment, job losses and pressing financial needs in the country, it is not surprising that the youth are embracing questionable get rich quick schemes and opportunities.
For instance, the number of Nigerians that now patronize the popular lottery games is on the increase. Some youths are also deeply involved in sport betting through such platforms as Nairabet, Merrybet and Bet9ja, among others.
It is against this backdrop that the MMM Federal Republic of Nigeria made a grand entrance into the Nigerian investment market in 2016. MMM stands for Mavrodi Mondial Moneybox and takes its name from its founders, Sergei Panteleevich Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.
The outfit was established in 1989 by these three Russian nationals, and promises its clients 30 per cent return on investment (ROI) for money put into the system for 30 days. The scheme prides itself as a mutual aid fund through which recruited members contribute money to assist others.
The founders claimed they are not into banking, online business, investment company or a multi level marketing (MLM) program. The scheme structure, however, indicates otherwise. For instance, members can have multi-level structures under them and receive bonus from each donation of every participant in their structures.
The company has been able to persuade many Nigerians to buy into its idea. Many Nigerian big online Business coaches and entrepreneurs with vast subscriber base are encouraging their followers to key in to the MMM opportunity. Thus, some Nigerians have invested millions of Naira into this scheme and are enjoying their newfound wealth.
This reporter has seen screenshots of money many claimed to have earned from the scheme. According to one such subscriber, Babajide Abayomi, MMM ensures a level playing ground for all. And with it, people don’t have to be under the yoke of the banking system, which demands that huge interest be paid on loans. He said MMM is real and safe.
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.
To really grasp the risk involved in investing in this type of scheme, a study of the founders’ backgrounds provides good insights into the viability of their outfit. According to Wikileak, the online information library, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes in the 1990s.
By different estimates, between five and 40 million people lost up to $10b. The website said the exact figures of money lost are not known, even to the founders.  The site described Sergie Mavrodi as a Russian criminal and a former deputy of the State Duma in Russia. According to it, he is the founder of the МММ series of pyramid schemes. Wikileak reported that in 2007, Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110m rubles ($4.3m).
Wikileak reported: “In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding, “It is a Unclad scheme, nothing more … People interact with each other and give each other money. For no reason!” Mavrodi said his goal for launching MMM-2011 is to destroy the current financial system, which he considers unfair, and form something new to take its place.
“In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid. He has also launched MMM in China. He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America.
“In 2015, MMM began operating in South Africa with the same business model as MMM-2011, claiming a “30 percent per month” returns 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 January 2016, the Chinese government banned MMM on the ground that it is a pyramid scheme, (Ponzi scheme), and not registered in the country. 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.” What then is a Ponzi scheme? The scheme (also a Ponzi game or a Ponzi) is an investment operation, where the operator, an individual or organisation pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate investments.

Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Initially, the promoter would pay out high returns to attract more investors, and to lure current investors into putting in additional money. Other investors would begin to participate, leading to a cascade effect. The “return” to the initial investors is paid out of the investments of new entrants, and not out of profits.

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Often, the high returns encourage investors to leave their money in the scheme, with the result that the promoter does not have to pay out very much to investors; he simply has to send them statements showing how much they have earned. This maintains a semblance that the scheme is an investment with high returns.
The Securities and Exchange Commission has warned the public about the activities of the scheme on August 30 of this year. According to its website, SEC said: “The attention of the Securities and Exchange Commission, Nigeria (SEC) has been drawn to the activities of an online investment scheme, tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30 percent.
“The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model, hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, the Commission does not register its operation.
“The general public is hereby advised to distance itself from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”
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!
“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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48 comments:

  1. Why keep educating us on things we already know...
    Please look for news elsewhere mmm-nigeria is strong, up and running. So go fuck yourself!

    ReplyDelete
  2. Have you finished wasting your time? If you have then go to sleep. Since when did Nigerian Government intend alleviating people's problems? All they have ever done is suffering people, I wonder where this concern for our protection is coming from if not that they are frustrated that people's financial problems are being ameliorated through MMM, something the government hates.

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  3. This guy is a fool by writing and copying news against mmm, and am sure he's a silent participant

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  4. This guy is a fool by writing and copying news against mmm, and am sure he's a silent participant

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  5. Abeg people let's fire down. Don't mind the wicked that called themselves helpers(whodemhelp).
    Abeg if you never join mmm and givers forum. Folo me come GIVERS FORUM !! GIVERS FORUM !!

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    ReplyDelete
  6. Who dem (FG) help? Na ur money???? E ko sii danu

    ReplyDelete
  7. Who the govt really help, we are not interested in your sweet story, allow us to take the risk.Nigeria is not a country.Nigeria itself is a risk to live in.

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  8. Fools. MMM. My choice. Fu**k 9ja govt

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  9. MMM always, you and your sponsors have failed. We know the truth and we are liberated from financial freedom already

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  10. Fool! Keep writing while we keep earning.

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  11. MMM is real! This writer is a factory-fitted fool.

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  12. Stupid blogger, go and tell your sponsor that you have fail..... You this animal

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  13. Mmm is real please don't listen to FG and CBN what is their interest? Life itself is risk,we vote and can still vote them out,they can't and will not stop mmm Nigeria.

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  14. How I will federal government will direct their strength to reducing fuel price, curb inflation,make our naira more valuable, provide jobs, make life easier for the masses instead of going all out to fight MMM. Why is MMM your problem when the Society is not complaining.

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  15. Michael Sophie Queen10 November 2016 at 09:46

    Why is government complaining when the society are not. Instead of banks paying interest, they reduce your money. The risk is ours not yours.

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  16. Mumu and greedy government who are only interested in their family alone and leave voters to die in their own country. If you don't like MMM please don't disturb participants. Stupid honorable senators and members of house of representatives.

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  17. Go fuck yourself. Mmm is real an we're not complaining why disturbing yourself for no reason? It's our money an have decided to give it out. No course for alarm mr. Writer

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  18. Drinking fensic for my headache. Foolish government and lawmakers(scammers). Fools. CONCENTRATE on how to better the nation and leave the masses alone.Imbeciles!

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  19. mmm sure pass coz waiting on govt help is like waiting till d judgment day. Dy av made Dia own money, we nva question dem hw dy do it, so dy should leave us do ours.

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  20. It is not an investment... Mumu log in to MMM and see their write up.You aren't paying to MMM so how will they run with our money. Bros we no need your silly story.. Jobless motherfucker

    ReplyDelete
  21. Hey..., Mr Anonymous! The writer has done a good job there's no point saying go f**** urself ok? U must not abuse. Everybody should be free to make their point, let's respect people and fear God.
    Anyways, I'll also add that a lot of mmm participants like me are aware of the risk involve. Some of us are gainfully employed or in business in different capacities. The system is robust and some check to monitor failure is put in place! However, this does not rule out the fact that the founders can alter this check, but we're open to invest based on the extend of loss we can bear. Some invest in thousand some in million depending on what their weight can carry. For me I've concluded, if i loose no probs. #lol. The task/permit/rent u pay to do some business in our country is also alarming. Govt don't get involve in improving the lives of the masses. They get into office n the next thing is their convoy almost knocking u off the road on daily basis even when you're on your lane!! The govt is not genuinely improving lives! They flood every employment opportunity with their children and affiliates whether qualified or not. There's wickedness from the leaders, they're never haste to make law that'll better the life of the poor. Injustice everywhere, security personnel abusing people right day-in day-out, the calm n responsible people in the society are not given attention, rather gun carrier are called for negotiation. I call it "misplacement" of value. So it's hard for people to listen to the said govt. Am not making excuses here but the fact is everybody is scattered to try to survive.

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  22. So called Nigeria government,since you came into power what have you done for the masses. How much was rice before you came? What about fuel?the most essential things in life, like water and light that supposed to be the priority of the government, how far? They left that and Start prying into people's affairs as they are caring,they are not, instead they are looking for ways to impoverish the masses the more. When government is clueless they start chasing Shadow.is mmm a problem to Nigeria? The answer is NO,so government should back off.

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  23. I love the fact that Nigerians now know better... Pls lets keep helping ourselves out since the government refuse to help us... Long live MMM Nigeria

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  24. What I expected from a reasonable government is to look for a way to come into the scheme by putting some money aside to sustain poverty free scheme like this. MMM will prosper and Nigeria government will keep failing because we are the community of givers and God will stand by us. Mmm keep moving let the haters continue their struggle while we continue to prosper.

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  25. whether u guys like it or not, insult me join the writer...its a ponzi scheme I do it but I really am scared it doesn't crash.....everything when get beginning get end ooh we all should be wise about it as simple as that

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  26. Mmm is haram in Islam therefore muslims should be aware

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  27. But really...i think government/house of assembly are jobless as we have more alarming issues to solve for d country.

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  28. Our leaders, you have all failed this country and this nation of ours. MMM is here to assist you all. Accept MMM and work with it.

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  29. MMM is 100% organized than any establishments in Nigeria, even the so called House of Rep. Their rules and regulations are strict and firm if followed you are safe. MMM will Live Long, the writer should stop wasting time on this issue.... Go deeper on you research because this one has no base.

    ReplyDelete
  30. We preferred to take the risk Rather than allowing our so called leaders enslavery us. What happened to most commercial banks that failed? Even the one that is currently shaking now. We know all will crash one day. My professional advise to you is Your money is save only in your house or pocket. It is riskier not to take risk as scholars suggest. BE WISE AND INVEST WISE.

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  31. So at the end the guy said "if you want to join MMM click here" that got me laughing. The writer only copied I don't think he is against the "ponzi scheme"

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  32. Long live MMM Nigeria, MMM pays..........
    What have sec and govt done about shares? They decieved us to buy shares, now shares is no where to be found. The money i was able to save when i eas in school, i bought shares with it. I bought all the bank shares now many of the bank don fold. eg intercontinental bank oceanic bank, fin bank and so many others. Even dunlop shares.
    Anyway if SEC, CBN and GOVT no live mmm-nigeria alone, na the thunder way no get brake go fire them.

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  33. Pls oooo wait,i use my own money,my own risk,my own everything,and provide help in 30days I get 30percent from MMM and 40percent from GIVERS FORUM how does that concern anybody? MMM and GIVERS FORUM will never crash until participants is a millionaire. And the government are worried bcoz we are no longer crying for their help...
    #long live
    #MMM!!!!!
    #GIVERS FORUM!!!!
    if u have not registered yet contact us for more info on whatsapp
    "07035301922"
    DON'T BE LEFT OUT IT IS REALLY PAYING AND DE GOVERNMENT ARE JEALOUS!!!!!!!

    ReplyDelete
  34. Mathew 5:22 But I say unto you, That whosoever is angry with his brother without a cause shall be in danger of the judgment: and whosoever shall say to his brother, Raca, shall be in danger of the council: but whosoever shall say, Thou fool, shall be in danger of hell fire.

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  35. MMM Nigeria is by our own risk not urs so live us alone.

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  36. One LOVE to all MMM participants.Together we stand

    ReplyDelete
  37. living in this country alone is a very big risk...no security...no job for millions of graduates out there,,,,no social security system....no affordable accommodation for young graduates....men at the age of 30 are still living with their parents...federal and state roads are death traps...worst of all NO STABLE ELECTRICITY for SMEs to flourish.........even if MMM crashes tmrw, it has atleast helped a lot of people....if Nigeria like, let them tell it gath and let them publish it in the streets of ashkelon that mmm is bad, it does not delete the fact they do not have the interest of their citizens at heart. a word is enough for the wise

    ReplyDelete
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    ReplyDelete
  39. Se bi na me get my money abi na ur mama or papa money ni waiting concern u if I risk my own money gan nawa 4 unaooo anyway as una no get work sa

    ReplyDelete
  40. abeg make this winchee people shut up there mouth before i direct thunder follow there path... MMM is real just like every other business, terms and conditions are applied. I am a living testimony of the fact that the thing dey pay... imagine investing 250k to get 355k within 30days haba

    ReplyDelete
  41. This fellow is speaking offPoint

    ReplyDelete
  42. Why you drag me to this blogsite is to get some visits right....all this things you are saying do they look like a new piece of information or the breaking news as you sounded...... ndi ihe oma na asa afo.....see them....Amala puru kwa igwe nuu....eeh in nut shell....No participant in MMM...is not of sound mind and total control of his intentions to join the group in the first place.....gini mere some idiot won't stop bordering me...even the so called ndi ishii...oso kwa ha were oyokometer.....okwalaa ha.....Chineke gbakwa ekewsu oku...lolz...i choro i nuu ihe m ka egwu ....lekwe ha....ndi ocho nka n'okoo....

    ReplyDelete
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    ReplyDelete
  44. If u dnt like it go fuck ur self

    ReplyDelete

 
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