Controversial Ponzi scheme MMM has officially announced a “RESTART”
of the system, leaving many Nigerian participants wailing with thousands
and millions of Naira trapped in the scheme.
In a message posted on the home page of participants at the weekend, the scheme said that it had struggled to stay afloat after going on a break in December 2016 and had been forced to do a system restart.
Many of the participants who commented in various MMM Whatsapp groups recounted sadly how they and family members had lost millions to the scheme.
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MMM is a Ponzi scheme which gained popularity in Nigeria in 2016. It promised to pay participants 30 per cent return on investment every 30 days.
Despite various warnings by the Federal Government and its financial regulators, many Nigerians adamantly went on to participate in MMM.
The Federal Government had through the Central Bank of Nigeria and the Securities and Exchange Commission warned Nigerians against putting their money in the scheme.
In December 2016, the scheme went on “Pause Mode”, freezing the funds of participants and allegedly bolted with N18bn but promised to resume payments by January 2017.
MMM kept its promise by resuming in January but it had new rules: 2016 money was to be paid back in percentages of new money “invested”.
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This also did not stand the test of time and by July 2017, the scheme went on a semi pause mode when it could not pay withdrawal requests.
While those who lost their money in June/July continued to wait and lament, the Ponzi scheme, in a frantic effort to stay afloat, commenced payment of those who “invested” their money in August, promising to backdate the payment to cover those whose money which were still pending from June and July.
It even introduced 100 per cent return on investment to encourage more Nigerians to participate in August.
Apparently unable to meet its promises to pay back June/July pledges and faced with more challenges, the Ponzi scheme on Saturday announced that it was going on RESTART, blaming the Nigerian government and the media for its woes which started in 2016.
In a message posted on the home page of participants at the weekend, the scheme said that it had struggled to stay afloat after going on a break in December 2016 and had been forced to do a system restart.
Many of the participants who commented in various MMM Whatsapp groups recounted sadly how they and family members had lost millions to the scheme.
READ: Buhari’s anti-graft war one-sided, says CAN president
MMM is a Ponzi scheme which gained popularity in Nigeria in 2016. It promised to pay participants 30 per cent return on investment every 30 days.
Despite various warnings by the Federal Government and its financial regulators, many Nigerians adamantly went on to participate in MMM.
The Federal Government had through the Central Bank of Nigeria and the Securities and Exchange Commission warned Nigerians against putting their money in the scheme.
In December 2016, the scheme went on “Pause Mode”, freezing the funds of participants and allegedly bolted with N18bn but promised to resume payments by January 2017.
MMM kept its promise by resuming in January but it had new rules: 2016 money was to be paid back in percentages of new money “invested”.
READ: Saudi prince killed in helicopter crash
This also did not stand the test of time and by July 2017, the scheme went on a semi pause mode when it could not pay withdrawal requests.
While those who lost their money in June/July continued to wait and lament, the Ponzi scheme, in a frantic effort to stay afloat, commenced payment of those who “invested” their money in August, promising to backdate the payment to cover those whose money which were still pending from June and July.
It even introduced 100 per cent return on investment to encourage more Nigerians to participate in August.
Apparently unable to meet its promises to pay back June/July pledges and faced with more challenges, the Ponzi scheme on Saturday announced that it was going on RESTART, blaming the Nigerian government and the media for its woes which started in 2016.
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