The Nation Newspaper

Tag: MMM

  • How we lost money to MMM, by students

    Some students of the Federal Polytechnic, Bida (Bida Poly) in Niger State are in dilemma following the expiration of the deadline for payment of their fees.

    It was gathered that some students were unable to pay their fees after they invested their money in  MMM, which has been described as a Ponzi scheme.

    Unless management extends the deadline, the students may have to defer their programmes till next session. The students are worred following the indefinite suspension of payment. The students appealed to the school to give them time to pay their fees.

    Some of them, who spoke with CAMPUSLIFE, said they invested their fees in MMM, because they needed the interest.

    A victim, Abdulrahman Adeboye, an Electrical Engineering student, said he expected the interest to be paid 30 days after he invested his fee, but he did not receive it before the MMM account was frozen indefinitely.

    He said: “The MMM system merged me with people that will pay me N15,000, but they refused to pay because many people no longer believed in the scheme. I can’t get the money I invested and the interest on it.”

    A Mechanical Engineering student, simply identified as Janet, fought back tears when she heard about the fee payment deadline. She said her parents had given her money to pay the fee and rent for her off-campus hostel. But, she invested the money in MMM.

    “I don’t know what to tell my parents now. My landlord is on my neck, because I have not paid the rent. I can’t go back home to tell my parents I have not paid my school fee.”

    Also, Vivian Emeteole, a Mass Communication student, said she was broke because she put her money in MMM. She said she borrowed money to pay her rent, but could not pay the school fee.

    At the time of this report, some students had put up some of their electronics, phones and furniture for sale to raise money for their school fees.

    Meanwhile, the Rector, Dr Abubakar Dzukogi, has warned fresh students not to put their money in MMM and other online money schemes. Addressing freshers during the matriculation held at Bagudu Waziri Auditorium, the rector said it would be unwise for them to put their money in unpredictable ventures.

    Dzukogi said: “It is a wrong priority for students to invest in MMM and similar risky ventures. Such business is not wise for any sensible student to engage in. Some students would buy expensive phones and clothes. All these are wrong priorities.”

    The rector urged students to develop capacities to cope with challenges while pursuing their goals,  enjoining them to imbibe the virtue of hard work and perseverance.

    Dzukogi said the institution would start new programmes in agriculture related discipline to train youths in entrepreneurship and jobs creation.

    He urged the freshers to shun cultism, examination malpractices, drug use and vices that could lead to their expulsion.

    The polytechnic matriculated 3,500 students, with 1,500 admitted into National Diploma (ND) programmes and 2,000 for Higher National Diploma (HND) programmes.

  • MMM victim who drank insecticide dies in Abuja

    MMM victim who drank insecticide dies in Abuja

    A man identified as Ada Kole has died in Kubwa in the Federal Capital Territory after drinking insecticide following the crash of the Mavrodi Mondial Movement (MMM) Ponzi scheme in Nigeria.

    The MMM, whose wedding was rescheduled from December last year to May 2017 reportedly died on Monday night following complications arising from the poison he took late last year.

    Kole had reportedly invested about N750,000 in the scheme in November last year and was expecting to get his 30 per cent income when the MMM crashed and he lost his money.

    A family source said Kole passed away after suffering from stomach complications as a result of the poison.

    “Kole died yesterday (Monday) evening and his body has been deposited in a mortuary. He died from the complications he suffered from the poison he took last year. He had a terrible stomach ache and was rushed to the hospital where he died,” Punch quoted the source as saying.

    Asked if the Benue State indigene was paid by the MMM before his demise, the source said, “No, he was not paid. In fact, he threatened to arrest his guider before the stomach upset returned last week and we rushed him to the hospital where he finally died.”

    It was gathered that his fiancée had been inconsolable since his passage.

    Kole had earlier opened up on his predicament during a phone-in radio programme in Abuja last December where he admitted making profits from the scheme before it crashed.

    He explained that he initially invested N20,000 and got 30 per cent interest a few weeks later.

    He said: “I came to Abuja from Benue a few months back in preparation for my wedding and my friend introduced me to the MMM thing. He told me about the benefit involved, though I was a bit hesitant about it but he succeeded in convincing me to register under him.

    “To be honest, I initially invested N20,000 into the scheme and I got 30 per cent the following month. The following month, I did N50,000 and I still got 30 per cent commission and my full investment back.”

    He then decided to increase his investment so he could make more money.

    “This time, I believed it was real and I decided to increase my investment. Before then, my fiancée had warned me against it. So I went to my cooperative to obtain a loan and they gladly gave, thinking it was for my wedding,” he said.

    “I put in N750k last month (November 2016) hoping it would yield 30 per cent income this month (December) only to wake up one morning to discover that my account has been suspended.”

    The deceased had told his interviewer that he took the insecticide because he did not know how to tell his fiancée that he had lost the money for their wedding.

    He added: “To be sincere, the best option I had then was to take my life because I didn’t know how I was going to face my woman. I didn’t even know when I took the insecticide.”

    The FCT police spokesman, Anjuguri Manzah said Kole’s death had yet to be reported to the police.

    Relevant authorities including the National Assembly, Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC) and the police had warned Nigerians against investing in the scheme.

  • MMM: dead or alive?

    MMM: dead or alive?

    Despite the claim of the operators of the popular ponzi scheme, Marvodi Mondial Movement, (MMM) that it is up and running, participants are getting frustrated by the day amid fears that they may not recover their investments.

    Their frustration has to do with the fact that the new measures to help them get their 2016  investment (mavro) is not helping based on withdrawal limits placed on all 2016 deposits.

    The scheme was suspended last December and resumed January 13.

    Following the  implementation of the  new means to resume the scheme which encourages participants to get active on their Personal Office (PO) on the platform  by providing help since this is the only way to sustain the MMM platform, many are becoming uncomfortable over their growing 2016 mavro which cannot be withdrawn.

    Some participants who have provided help recently claimed they were not able to withdraw their 2016 mavro (money) but could only withdraw the 2017 transactions they made.

    One the MMM top guider who does not want his name mention said “The challenge MMM faces today is not MMM based but participants based.  If you ask me I will rather say there is hope for MMM if only MMM participants can turn up when called upon.

    “ Lots of measures are being implemented for participants to get their 2016 mavro and one of these measures is active PHing ( providing help)  and inviting new members. And as for latest development, all 2017 mavro can be easily GHed ( Get help)  without any limit but the 2016 mavro are saved in participants various PO and they continue to grow even though their withdrawal is under limit.

    “The faster the community will progress, the higher withdrawal limits will be expanded and the present limit will  subsequently be lifted,” he said.

     

  • Rector warns students against participating in MMM, other Ponzi schemes

    Matriculating students of the Federal Polytechnic, Bida have been warned against participating on Ponzi schemes, especially the MMM.
    The Rector, Dr. Abubakar Dzukogi gave the warning during the 2016/2017 matriculation ceremony held at Bagudu Waziri auditorium in Bida.

    ” It is high time Nigerian students redefined their values. The much talked about participation in MMM and similar outfits, buying expensive handsets, dressing indecently and living unbridled lives should be put to a halt.

    ” We need to have a value system based on raising hope for our future and the nation,” Dzukogi said.

    The Rector disclosed that 200 students were withdrawn for poor academic performance during the last academic session, while 15 others were rusticated due to examination malpractices, fighting and engaging in other social physical vices.

    “We still remain strict as we try to maintain our standard. We have tried to maintain our standard over the years and we will not stop maintaining it. Any student found wanting will be sent home.”

    The Rector added that the future of Nigeria depends largely on the ability of young people to cope with challenges in the pursuit of their goals and aspirations.

    He urged the new students to take their studies serious and strive towards balancing their spiritual lives with academics for meaningful living advising them to shun any form of vices or anti-social activities such as cultism, examination malpractices and drug abuse.

    “It should be noted that there will be zero tolerance for all forms of misconducts as offenders will be appropriately sanctioned.”
    Three thousand and five hundred students matriculated for the 2016/2017 academic session out of which 1,500 were for National Diploma and 2,000 were for Higher National Diploma.

  • Undying spirit -Unfazed by MMM’s crash, Nigerians embrace more Ponzi schemes

    Undying spirit -Unfazed by MMM’s crash, Nigerians embrace more Ponzi schemes

    IT happened like a bolt out of the blues. For months, the patrons have smiled to the banks with huge returns on their contributions. And in homes and religious places, it became a veritable subject of sermons for quick and easy money.

    But, just as it started, the operators suddenly suspended its operations in Nigeria and threw the contributors into a world of agony. The timing- the Christmas and New Year celebrations were approaching- made it more painful for the patrons.

    And everywhere you turned, the popular money-doubling scheme, Mavrodi Mundial Moneybox, better known as MMM, became the talking point. Expectedly, it was a bleak Yuletide celebration for many of the contributors.

    Reports across the country had it that some heartbroken contributors who could not contain the agony and pain of the disappointment, coupled with the fear of losing their contributions took their own lives.

    There was a report of a final year student of Agricultural Engineering at the University of Nigeria, Nsukka (UNN), who reportedly committed suicide. He was found dangling from a rope in his room at Odenigwe, a community in Nsukka, Enugu State.

    According to eyewitnesses, the deceased left a note behind where he apologised to his family. His last Facebook posts allegedly showed he had been involved in the controversial MMM scheme, as he used his page to advertise the scheme. His last post, in September allegedly read: “MMM is enriching lives of millions of Nigerians every day. If you care to join or you have any questions, please send me a message or comment below.”

    Some of his neighbours were also quoted as saying that the young man was in debt, some said he was tired of schooling, while others attributed his suicide to the loss of money in a network business he invested into.

    In Benue State, a man allegedly attempted to commit suicide by ingesting insecticide on hearing that MMM had frozen accounts of participants in the Ponzi scheme, two weeks to his wedding.

    According to reports, the man, identified as Adakole, reportedly invested N300, 000 meant for his wedding in the scheme. Adoke was said to have opted to take his life and consumed the substance over fears that he had lost his investments.

    However, despite the shock and pains suffered by the contributors of the scheme, other similar Ponzi schemes have sprung up across the country, with the people surprisingly trooping to join.

    Against the backdrop of the economic recession in the country, these different unorthodox financial schemes have continued to thrive, with promises of huge returns on the patrons’ contributions.

    The MMM scheme promises a 30 per cent return on investment to members. In their transactions, MMM participants operate with Bitcoin.

    But new schemes that have sprung up to fill the vacuum expected to be created by MMM have upped the scale, promising up to 100 percent on operators’ investments.

    Astra is an undergraduate of the Open University. Though she is not married, Astra gets a monthly stipend of about N50, 000 from her fiancé as an allowance.

    From her monthly N50,000 allowance, Astra contributes N20,000 to Twinkas, another Ponzi scheme. Every 10 days, she earns N40,000, a hundred percent profit return on her contribution.

    “I am a student and I don’t work. But my fiancé gives me a monthly allowance. From the money, I contribute N20,000. I get paid N40,000 after 10 days. That is a good return on my investment.”

    Encouraged by the mouth-watering return, Astra said she reinvests her main capital of N20,000 and keeps the interest.

    “What I do is to keep my interest of N20, 000 and reinvest my N20, 000 capital,” Astra said smiling.

    Every 30 days, Astra makes an irresistible profit of N60, 000 on her initial capital of N20, 000. Surprisingly, she said the scary story of the MMM scheme has not affected her in any way. The huge number of contributors to the scheme, she said, assures her of its safety.

    “You have different types of contributions, starting from N5000 to N100, 000. Each time I click on any of the contribution options, I see more than 92, 000 contributors. What that means is that, even if it is going to collapse, I would have gotten my own money back. So, I am always encouraged to continue each time I see the number of contributors.”

    A similar scheme, My Liberty Family (MLF), was launched with fanfare in the last quarter of 2016 at a hotel in GRA Ikeja, during which the media and would be investors were invited.  It was touted as an economic and wealth creation platform structured to produce financially enabled virtual family members.

    The Chief Executive Officer of MLF Multiservices Limited, Pastor Francis Ben-Adesokan, reportedly said of it: “MLF is not a get-rich-quick platform, we are not selling any product, but what we are doing now has been in existence, it is just like Ajo in Yoruba and Esusu in Ibo. But the difference is that, this is online. Here is a virtual family, but the truth is that, things are done virtual to catch up with the trend so that anyone anywhere can participate.”

    Explaining further, he said, “when you choose to be a member of My Liberty Family, you would be asked to fulfill an obligation to certain members of your virtual family tree from whose lineage you are coming into the family system. And finally, you would be asked to select either of two options. Both carry different financial rewards.”

    Ben-Adesokan said the system allows intending members to grow his/her family tree without any additional effort, “On your part aside from supporting certain family members with the specified amount, this option allows you to receive financial support in excess of N5 million from other virtual family members. This can be within 7 months of your existing in the family, it could be earlier or later, but guaranteed.

    “Also, you can join the family with the intention to reproduce three of your kind within 21 days of your existence in the family structure. This option carries a lot of financial benefits; you receive financial incentive at every level of your growth and you are programmed to receive financial support in excess of N10 million from other virtual family members. This can be within five months or seven months of your membership.”

    He said in the B Platform, membership is N37,000 while membership for C Platform is N47, 000.

    “These three structures are opened to all under the same options 1 and 2 already specified above.

    “You can choose to belong in the three structures if you wish or start with one. The three run independent of the others and you are given separate identity numbers. The differences in trees are in the financial obligations required which of course imparts on the financial incentives entitled to.

    “If you are a member of B-Family Tree, you would need to support your immediate e-family members with a total of N37, 000. What this does for you is to put you on the path to receiving up to N40 million from the other members within the B Family Tree. C Family Tree is inspired by N47,000 for N50 million in total financial support,” Pastor Ben-Adesokan said.

    According to him, trying to source money can be a difficult task, but MLF is here to help people.

    “With us, failure and poverty are unacceptable. As a family philosophy, we believe that if anyone within the family is lacking, we will be affected by their sense of lack. Therefore, the prosperity of all in our family is our advantage and we all must contribute our portions to everyone’s success story.”

    A similar scheme, Swissgolden, is fast gaining popularity among Nigerians on social media. Findings by The Nation revealed that Gold is a new cover for a Pyramid/Ponzi scheme in Europe and the United States.

    With their marketing programme, only a small amount of gold is actually sold by Swissgolden. The vast majority of the money is made by people investing in the scheme.

    The catch phrase is that Swissgolden gives investors the possibility to build a very lucrative business since gold is a unique product that never depreciates. It offers investors the opportunity to double their money in a month with no risk.

    Enitan Olukemi, one of the promoters of the scheme in Nigeria, said she chose the scheme because the profit is huge.

    Refusing to see it as a ponzi scheme, she said: “The profit is huge and you invest only once and never stop earning. Also, it is registered in the UK and Switzerland, so there is insurance. Also, if you try the investment and it does not work, refund is provided by the company either in gold bars or equivalent cash. It is a business/investment in gold, so long as gold remains valuable.”

    Oladeji Salau is not fazed by the MMM debacle. He is a contributor to Online Cooperative, a similar money-making scheme.

    Salau said he started the scheme with the sum of N1000 and has earned the sum of N40, 000 within the first month of joining the group.

    On how it works, Salau said: “It is a win-win programme. You start by contributing N1000, after which you would be expected to introduce four people to the scheme.

    “To start, you would be given a link to open. Shortly after that, you’ll be asked to pay the sum of N1000 within 24 hours. You would start earning the moment you bring four people on board. From that point on, your earning would continue to increase as long as those you introduce bring more contributors.”

    Asked what the motivation is, Salau said he is encouraged to join because he is sure of the safety of his money.

    “This is very easy. For me, I have already earned N40,000 on my N1000. And there is more room for me to earn more,” he said with pride.

    Operators of Helping Hands International (H2i) describes the scheme as an empowerment-based- membership programme. According to them, it is a global opportunity borne out of the passion for total human capacity development and for helping the less-privileged.

    According to Mrs. Luzviminda Mac-Elvis, the Founder and CEO, “my vision is to help the helpless and empower the weak. Helping Hands International (H2i) is my vision and with it we shall change the world, one at a time,” she said.

    The organisation, according to reports, has had much success in Nigeria, with membership and centres in each state of the country.

    For the scheme, members join with N6, 600 and afterwards stand to benefit donation from a pool after introducing two people. There are stages of growth. The Masters and Ministers, as they are called, are said to enjoy property support services and loans of up to $12,000. They have five stages, namely Associate, Master, Super Master, Minister and Prime Minister.”

    Wikipedia describes a Ponzi scheme as a fraudulent 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 sources.

    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.

     

    How Ponzi schemes work

    Operators of Ponzi schemes operate through the following steps:

    1. Convince a few investors to place money into the investment.
    2. After the specified time, return the investment money to the investors plus the specified interest rate or return.

    iii.            Use success of earlier investors to convince more investors to place their money into the system. Typically, the vast majority of the earlier investors will return.

    1. Repeat steps 1 through 3 a number of times. During step 2 at one of the cycles, break the pattern; in some cases, instead of returning the investment money and paying the promised return, escape with the money and start a new life.
  • Mixed reactions trail top MMM guider’s reported relocation from Nigeria

    Mixed reactions trail top MMM guider’s reported relocation from Nigeria

    For some participants in the Mavrodi Mondial Moneybox (MMM) scheme in Nigeria, life goes on irrespective of the reported relocation of the chief promoter of the scheme, Chuddy Ugorji from the country.

    Postings on MMM website yesterday suggested that payment was beginning to pick up.

    Scores of participants claimed to have been matched and paid accordingly.

    But for some others, their interest in the scheme is fast waning, if not completely gone.

    A participant Onyenakara Tochukwu, said: “Please if you have checked this morning (yesterday) and you were not matched, check again, matching GH and PH ongoing massively.”

    One Ilemonah Joshua said: “I got matched this morning. I hope those I’ve been matched with pay me. Long live MMM,” while Benny Omolayo wrote: “Massive matching of orders has commenced. Limit on GH will be removed soon and you will be able to GH your huge Mavros.

    “Please check your PO. Let’s spread the news to our downlines and referrals and let’s encourage them to honour their order…We are set to enjoy MMM as usual.”

    A similar testimony came from Agnes Onyinyechi Njoku who said: “I have been matched this morning. Also my siblings.”

    However, lambert Jessica had a different story to tell, saying: “People that are supposed to pay me refused ooo. Some said they don’t do MMM while some are busy shouting at me…lol.”

    Amos Aston Vawo, reacting on social media, said: “Over 20 people committed suicide in Russia and up till today, those Russians have not gotten over the $100m lost to MMM there.

    “Sergey Mavrodi is an evil and vile person with blood and sweat of millions on his hand and head. Soon almighty justice will visit him and his promoters.“

    Another disappointed investor who gave her name as Adebimpe Salau described Ugorji’s reported flight as a smart move.

    “It is a scheme everyone knows would crash someday. It might be difficult to swallow because it happened too soon. Most people did not anticipate it, even the so called top guiders.

    “Well, with this sudden halt on the scheme, it is expected that the brains behind it will also disappear except they want to put their life in danger.”

    One Tochukwu Augustine Adimonye said: “Today 24th of January is the day I accept that MMM is not going to return. I will find a place in my heart to leave the N1.5 million I invested there to the guiders.“

    Another observer, Egwu Nnamdi Charles, while reacting to the development, blamed educated Nigerian graduates for falling victim.

    “MMM made me realize a lot of Nigerian graduates are actually stark illiterates.

    “I can understand the market man/woman falling victim. I can even understand the young men who know it will crash but hope to make money before it does.

    “Those I can’t understand are the seemingly educated ones who type lengthy rubbish explaining why MMM is the vehicle that will pull Nigeria out of recession.

    “They could as well write same to justify kidnapping or robbery.”

    Mrs Alice Inyang, former MMM participant: “I don’t know what to do or even think as I speak with you. I am completely devastated. Everybody around me was doing it and that was why I also invested. And guess how much I invested? One million naira. I feel like the world has crashed. I am just praying that let it not be true that he has run away because it would mean that the scheme has failed. My heart is just hoping that the programme would bounce back.”

    Samuel Ibanga, former MMM participant: “Initially, I didn’t believe that the scheme had crashed even after the delay in payment when they restarted this January. But with the news of Ugorji and his wife running off, I have lost all hope. I was introduced into it by a friend about six months ago and like magic I put in N20,000 and gained about N35,000 in the first month. Since then I have put a lot of money and was steadily gaining. But the money I invested in December was a lot and I had high hopes. In fact I put in N500,000. That amount is more than everything I have ever gained. Even though I gained, I have still lost and lost everything.

     “In fact please let’s stopping talking about this. It is making me feel terrible. I want to forget everything please.”

    In Delta state, especially in Warri some participants regard their involvement in the scheme as a mistake which they will never repeat.

    But there are also who not prepared to call it quits.

    In this category are  Kingsley Oluaegba, a recently discharged former corps member and Austin Ogagaoghene, a student of the Delta State Polytechnic, Oghara campus.

  • Bida Poly students lose fees to MMM

    The deadline for fees payment ended yesterday at the Federal Polytechnic, Bida with many students who invested in MMM (Mavrodi Mundai Monegbox unable to meet up.

    The students had expected to be paid when the scheme resumed operation last January 14 after about one month break.

    But, over a week after the Ponzi scheme announced its return and unfreezing of mavros, participants cannot get help (GH) as promised.

    Students who put their school fees in MMM in anticipation of higher profit have lost all hope of recovering their money in due time.

    Dupe Olurunfemi, a student, was hospitalised in the school clinic when she heard school fees payment deadline.  She said she used N70,000 meant for fees and accommodation for MMM and has been unable to recover the money.

    “I joined the platform on November 9, 2016 with N70,000 which I had been saving for months to pay my fees this session.  I woke up on December 12, 2016 to get help (GH) only to find out that the GH had been frozen. I had hoped that on January 14, 2017, I will be paid but I am yet to get my money back,” she said.

    Samson Endurance, an ND II Public Administration student, was evicted from his off-campus hostel accommodation at night by the landlord because he owed rent.  He said he invested his in rent for MMM.

    Dupe and Samson are not the only victims of MMM on campus.  Many others are lamenting their fate.

    Failure to pay fees by the deadline means the students would have to pay the late registration penalty fee.

  • Unlike MMM.. Get Help Worldwide Guarantees Up to 60% Returns in Local Currency & 100% in Bitcoin Monthly. Register Here

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    There are NO Guiders/Sponsors in this Platform. This platform has been DESIGNED TO LAST FOREVER and therefore does not support the excess payout privileges of Guiders which drains the system. The System ONLY Supports/Allows REPRESENTATIVES who are given extra 5%-10% of their Provide Help Offer in Addition to their 30% if they are participating in Local Currency or 50% if in Bitcoin in 30days depending on how hardworking they are.
    RECOMMITMENT
    GHW is here to Change Lives, Change Nations and Change the World. It is designed to last forever; we understand that everyone will love to earn money every 30days. We will like to inform you that this Community will last forever if only everyone makes a New Pledge to Provide Another Help after they have Received Help knowing that the new Help you pledged to Provide will bring in another 30% in Local currency or 50% in Bitcoin in 30days. It will keep the community running forever. GHW also implemented some featured to keep this in check.
    a.) After receiving Help, a Participant is given a maximum of 3days to make another Pledge to Provide Help. If no new pledge is made after 3 days from receiving help, the system will commence debiting of your Credibility score. Please note that accounts with credibility score of zero(0) will be automatically blocked. All we need in this community are people who are active and have the Mind Set to Give and in turn Receive. We need people that will make this community last forever.
    b.) When a Participant makes a Pledge to Provide Help of $100 for Example; his/her next Pledge to Provide Help will not go below the Previous Help provided. It can only be the same or higher. This will keep the Community Growing instead of being setback by people who will give help of $1,000 for example and after Getting Help of $1,500 they decide to Provide Help of $10 in their next Pledge. Such doesn’t work here on GHW
    c.) Feel the joy of giving when you see the face of who you are Providing Help to. This will help Participants make friends all over the World. A Real Social Financial Platform with Sincere people Changing Lives, Changing Nations and Changing the World.
    Ready to register?
    Provide help, get your referral link and invite as many people as you like too! And the big one, earn 30% or 50% of whatever you offer after 30days!
    For more information concerning anything you do not understand please call or send a whatsapp message on
    +2349076644652–
      Mr. Andrew

  • Ponzi schemes: Nigerians must stop being greedy

    Mr Mounir Gwarzo, Director- General, Securities and Exchange Commission (SEC), has said that the solution to ponzi schemes in the country was a change of attitude.

    Gwarzo told the News Agency of Nigeria (NAN) in Abuja that for Ponzi schemes to be eradicated, Nigerians must stop being greedy.

    “The fundamental solution to this Ponzi scheme has to do with our own attitude as people.

    “We must be able to shun being greedy; we must try as much as possible to look at some of these schemes very critically.

    “Are these schemes registered either by the Central Bank of Nigeria or by the Securities and Exchange Commission; if they are not then you know clearly that
    there are issues.“

    What sort of incentives are they offering; what sort of returns are they promising; most of them promise returns that are not reasonable, that are not realistic, that cannot stand the test of time.

    “ Those kind of things should send a very strong signal to say that there is more to it than the eyes can see,’’ he said.

    Gwarzo explained that the regulators were doing their best to warn Nigerians against partaking in Ponzi schemes such as MMM and the recent digital scheme
    called the Bitcoin.

    He urged Nigerians to avoid such schemes, adding that,“ we should discipline our mind from being very greedy, to being very realistic in whatever investment outlet we put our money in.

  • Nigerians rage, curse MMM

    Nigerians rage, curse MMM

    Nigerian participants in the ponzi scheme MMM are losing patience with it, a week after the resumption of service and promise to begin payment.
    Although there was evidence yesterday that some participants had been paid, thousands of others whose applications were yet to be attended have been venting their anger on the brains behind the scheme for the frustration in accessing their funds.
    They rage, curse and threaten unrestrained on the MMM Help platform after unsuccessful attempts to get response to their many inquiries on the status of their investment.
    Typical of the threat message is this seen yesterday on the MMM website: “Hello Mavrodi. You can’t eat my money and go like that.See let me tell you Mavrodi: my father is a native doctor.I give you two weeks to pay my money or my father will kill you in that Russia.Support make sure you Mavrodi see this message.I’m ready to kill anybody including my guider and referral. Make una no play with me ooo…If you like joke with me.”
    One Hayat Mohammed said: “I really need help. I provided help of 50000 now I made a request to get help, the request was processed but I’ve not being matched with another participant who will pay me. They won’t even pick my calls. So my money is lost, isn’t it? Last time I checked, this was supposed to be a platform where we would be able to tender our problems for solutions. I guess they don’t care anymore since participants have grown in population.” 
    Harrison Ita Etim posted: “I am still in the same shit too till today!” 
    Owhotemu Maryjane said: “What is really going on with MMM? If it’s gone you should let us the participants know. And why is that when someone wants to GH it will show or create error? You guys had a month to sort this out during the so-called break! So what then is this so called withdrawal limit that you are now talking about? 
    From Santos Maemi came this: “To all Nigerians please wake up. This is totally a scam. Don’t be blind!!!” whileChristopher Chinedu said: “If I knew that this would happen, I shouldn’t have become a participant. Let’s admit we have lost our money. That is business I guess, lose or gain. Somebody has been matched with different people, 4 to be precise and they have not paid him now, many days and month after. Hmmm so who is going to pay who? I think I have cried enough, it’s time for me to clean my eyes now and forget my N700,000. This is not my end.”
    A cross section of participants interviewed in Ado Ekiti fear that their money is gone.
    Tope Aladeniyi who said he was to be paid a day before the scheme was shut down in December said he learnt some people received little payments but he was yet to be matched for payment.
    “At the moment, I have not been matched, and last year we were told that once the scheme resumed on January 14, they would be the ones to release those who were ready to be matched even if you were due for payment,” Aladeniyi said.
    Another participant, Sola Abidakun, who provided help in November and asked for help on January 13, said he was matched with four persons but only two paid.
    “I was only paid N4000 and N10,000, leaving two failed transactions waiting to be rematched,” he said.
    A top guider of the scheme, Bode Wilson, while explaining the reason for delayed payment said that the number of people requesting for payment was higher than the number providing help.
    “They have started matching people, but there will be a delay in payment especially for those that pledged huge amount of money. There should be enough money in the system before everybody can get paid. However, I’m sure we will all get paid”, Wilson said.
    A lawyer, Femi Oyeniyi, warned that participants in the scheme may not be able to recover any money lost in the scheme because of the anonymity the business is shrouded with.
    Oyeniyi said: “I doubt who do you sue, you don’t see the person you are doing business with, you can only sue the person you see and it is only the person you see physically that you can do business with.”
    A broadcaster, Carol Oladeinde said: “I have a relation who did the MMM thing and was benefitting from it before they went off. I do not think that we should condemn the financial scheme (MMM) because a lot of people have benefited from it. I am into another networking stuff. I am a member of another one and it is working.
    “Yes, I will continue with mine because I know what I am benefiting from it. I can’t go anywhere to borrow money so if I am involved in a financial scheme where I see someone give me an indirect loan and even increase my opportunity to get more, why won’t I continue?
    “Those condemning this networking thing are people who are comfortable. They have now turned to experts! Unfortunately, they who are experts are not participants so they don’t know of what benefit it has been to us. If we had other easy schemes, we would have joined. And for your information, in all these, there is no particular place where money is kept. It is like a cooperative one person gives money to another, so payment of course, could be gradual if some people have not complied with the deadline. 
    Martins Okafor, a participant investors in Awka, still believes in the scheme.
    He told Saturday Nation that those who have not received any payment were those who have not been matched for payments, especially those invested shortly before the break.
    Another investor, Miss Blessing Nwankwo was also optimistic that her investment would not be lost
    She said she was willing to forfeit  N10,000 of the N20,000 she invested, adding that she had no regrets whatsoever.  
    Mrs Chiamaka Udu a participant in Port Harcourt said: “ We thank God that we are able to be alive to see today.
    “The last time when you came to my house to talk to me, I told you I was going to die but I think there is hope. What is happening now is that those of us with big funds are not being paid now. They told us that we should wait; that after providing help for those with small amount they will consider us.” 
    Mr Geoffrey Nnamdi said: “My brother, I ‘m yet to understand these people. Though they are paying some, when I clicked help they rejected my request saying I should wait but I need this money.
    “I don’t want the extra they would add on the money.What I need now is my deposit. I don’t think I will provide help to anybody again as soon as my money is paid to me. We are hoping that our money should be given to us.
     Another customer, Mr Davies Onyema reacted this way, “Please, I don’t want to say anything, I almost committed suicide last time. I was very happy when I heard the news of their coming back. I have entered forty days of praying and fasting over my condition with MMM. How can they return and tell me that they are not going to provide help to me, so when are they going to provide help?” 
    Victoria John of Nyanya near Abuja said: “I was scared when they froze the account but I’m  glad they are back.
    “ I’ve not received my money, they said that they will be paying in batches so I’m waiting for my turn. I just want to collect my money and stop. I pray they pay me.”
    Another Abuja resident Nkiru Silvester confirmed that some of her friends and colleagues have been paid but said: “The truth is that even if I don’t get paid, I won’t be so upset or lose sleep over it because I had invested about five times before the last time.
    I usually don’t put in so much and I made my money. They asked us to be patient; that they will pay in batches which they have begun doing.
    “My friend was paid as soon as payment started and my colleague was also paid recently.
    “So I’m praying that I get paid.There are so many people waiting to be paid, which is why it is taking so long. MMM is not the only scheme that I am involved in.”