Nigerians warned to stay off MMM 'scam' | Nigeria News Today. Your online Nigerian Newspaper

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Sequel to the crash of the Mavrodi Mondial Moneybox scheme in Zimbabwe popularly known as MMM, the UK Independent newspaper has warned Africans against investing their money into the Ponzi Scheme.


There are similarities about this scheme in Zimbabwe and Nigeria, as it follows the same model.

 Both countries are also experiencing an economic crisis and many of its citizens have turned to the MMM Global as a means of livelihood.

An excerpt from The Independent’s article stated;

“That’s despite a warning from the Reserve Bank of Zimbabwe that the scheme was fraudulent. RBZ warned members of the public that existing investors were “paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors”.

What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

Despite the cautionary tales of Zimbabwe and South Africa – and indeed the original MM scheme – a branch is now proving increasingly popular in Nigeria.

NigerianEye's investigations reveal that the website http://www.mmm-nigeria.net/ is growing increasingly popular everyday with millions of Nigerians depositing cash  in a bid to get returns.

A quote from a Central Bank official said; “These people always come with very interesting propositions,” Mr Okoroafor said. “These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target.”

Nigeria’s Central Bank and the Securities and Exchange Commission have warned Nigerians off the scheme but the promise of 30% Returns has proved too much for most people to resist.

МММ international, originally a Russian company perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s, about 5 to 40 million people lost up to $10 billion.

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  1. Living in Nigeria itself is a risk. Nigerians are used to taking risk. I invested about #500,000 with AIMS ASSETS Nigeria Ltd about 10 years ago, the company has gone away with my money. They suddenly closed down the office in Osogbo. Today I cannot trace them. The whole investment lost with no return. Yet SEC nd CBN would say it is registered in Nigeria. Of what use is the registration? #500,000 gone despite the fact that AIMS ASSETS is registered. I also bought shares. Today it has depreciated by more than 70%. Another wasted investment. Then came MMM. I tried mmm Nd mmm has been paying 30% over my capital each time I provided help. I av accounts with some banks. For example the interest on #500,000 with first bank is about #1,500 per month as against #150,000 by mmm. So which one will a reasonable person go for? AIMS ASSETS Ltd, capital market, banks or mmm? Yes it is risky but the risk is worth taken. Moreover mmm advises every to PH only money they don't need urgently or money they won't 'feel' if at all it is lost.

    ReplyDelete
    Replies
    1. You will continue to lose money.Awufu de purge belle. You are a bad investor. You want people to come and put money cos you are about to lose again

      Delete
    2. Bros AIMS has office in broad street opposite CSS bookshop and they are not closed down yet. The level of risk based on the present economic recession is what people are been warned about. That you have been lucky with MMM does not make it better than the stock market or bank interest or even investment in AIMS

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    3. @isiaka open your eyes,all these financial institutions are all saying these nonsense just because they feel they are in competition with MMM

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    4. Which money will you not feel the effect when it gets lost? Are you a criminal that takes from others to invest in fraudulent schemes? Just do what you believe is right but in the case of an eventuality, do not look for who to blame.

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    5. Anonymous 8:42am, your comment is perhaps the most ignorant comment i have ever read online. financial institutions in direct competition with MMM? What happened to your brain?

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  2. MMM is not a ponzi scheme and not even an investment company as such they should leave MMM alone.
    The writer of this article does not have concrete facts to elaborate, he is just seeking cheap popularity in the media.
    Soft work is our work oh, MMM is our work oh. I love MMM.

    ReplyDelete
  3. I LOVE MMM, WHATEVER THE BANKS AND THE GOVERNMENT KABAL WANT TO DO TO DISCOURAGE PEOPLE IT WONT WORK WE KNOW THE RISK AND WE SUGNED UP TO MANAGE THE RISK. NIGERIA IS A RISK ALSO WITHOUT IMMINENT GREAT VALUE FOR RISK, BUT IN MMM EVERY RISK HAS ITS REWARD. THE BANKS AND GOVERNMENT ARE EVEN MORE SCARED THAN WE THE RISK TAKERS. I LOVE MMM PERIOD

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  4. Is the president not a risk. Nigeria today has all its securiies as hausa. In one day we will all be muslims. Before now I thought it was risky to sign up with MMM. But now I see reasons to. Life itself is a risk.

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  5. You are all pool stakers or kalukalu players. That is why you keep losing money. MMM is worse than pool. It is advanced fraud 419..

    ReplyDelete
    Replies
    1. Isaiku! How much did they, government paid you? Use the money to help someone who is in need in MMM, after all you're doing what they asked you to, it is just a matter of time before you join, who knows if you're a member already

      Delete
  6. Isiaka u tend to start a write up and at the end u are lost to what u have written.why make cases for what u know little or nothing about..it better for u to keep u thought to ur self, Mr clueless..moreover who Nigeria help.

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  7. The worst problem in Nigeria is that majority of the people do not heed serious warning of this type.

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  8. This morning,This afternoon, I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants.

    MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country. This mavro growth for those of us in business is called market penetration. Again their mavro was never frozen just like ours in Nigeria which multiplies for 15 days and also freezes for that long before withdrawal. What happened in Zimbabwe is an implementation of what is already going on in Nigeria. MMM has seen that they don't need no market penetration to attract participants. They mavro growth was reduced from 100% to 20%. 10% below what we are getting in Nigeria(30%). And the mavro is also frozen for 14days just as its been done in Nigeria. The Nigerian Model works perfectly fine and MMM is trying to implement it globally. So there is no collapse of any structure, its just a remodelling of what is already in place in Nigeria
    Again this is what happened in south African in April. They reduced their mavro growth from 50% or so to 30% and 20% with other schemes like lotteries introduced. And I can categorically tell you that the South African Mmm community is growing faster and better than ever after that change and reduction in mavro growth.
    Some other points to note is: The writer of that piece, has absolutely no knowledge of how mmm works, and the main aim of it is to cause panic. Zimbabwe MMM is still going on even with the 80% decrease in mavro growth. Did anyone lose their money? No. What happened is when u pledge 10k, instead of getting 20k reward in 30days, which is 100% reward, u get 12k which is 20% reward. They are still rewarded with 2k. In Nigeria we get 3k reward for 10k pledge. So did anyone lose their money? Absolutely not. Has it stopped MMM Zimbabwe from continuing? Not at all.
    The Nigerian Model of MMM Works perfectly so let's keep it going? I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants.

    MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country. This mavro growth for those of us in business is called market penetration. Again their mavro was never frozen just like ours in Nigeria which multiplies for 15 days and also freezes for that long before withdrawal. What happened in Zimbabwe is an implementation of what is already going on in Nigeria. MMM has seen that they don't need no market penetration to attract participants. They mavro growth was reduced from 100% to 20%. 10% below what we are getting in Nigeria(30%). And the mavro is also frozen for 14days just as its been done in Nigeria. The Nigerian Model works perfectly fine and MMM is trying to implement it globally. So there is no collapse of any structure, its just a remodelling of what is already in place in Nigeria
    Again this is what happened in south African in April. They reduced their mavro growth from 50% or so to 30% and 20% with other schemes like lotteries introduced. And I can categorically tell you that the South African Mmm community is growing faster and better than ever after that change and reduction in mavro growth.
    Some other points to note is: The writer of that piece, has absolutely no knowledge of how mmm works, and the main aim of it is to cause panic. Zimbabwe MMM is still going on even with the 80% decrease in mavro growth. Did anyone lose their money? No. What happened is when u pledge 10k, instead of getting 20k reward in 30days, which is 100% reward, u get 12k which is 20% reward. They are still rewarded with 2k. In Nigeria we get 3k reward for 10k pledge. So did anyone lose their money? Absolutely not. Has it stopped MMM Zimbabwe from continuing? Not at all.
    The Nigerian Model of MMM Works perfectly so let's keep it going? Isiaka,people like you will out of stubbornness die of poverty, may God help you ooooooo.

    ReplyDelete
    Replies
    1. This your right up is bullshit. Don't try to make a business case for MMM, at most what you should say is people should put money they can afford to lose before the bubble bursts. Simple! MMM is not a business and what is Mavro? That was coined from the Russian guy's surname, Mavrodi. Your 30% comes from where? Stop all these nonesense about being smart, the scheme will last as long as the number of people willing to provide help outnumbers those requesting OR when Mr. Mavrodi decides its time for him to check out. Every kobo you get is coming directly out of someone else's account. You are all holding money in trust for Mr Mavrodi, when the time is ripe, you will know. If you want to do MMM, do it with money you don't mind losing. Simple

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    2. PM, God bless you!
      You reason like a good financialist..... You can not give out return rate you don't get... If the movements in request is higher than the movements in keeping the pool, wahala go gas and it will eventually lands on someone's head unannounced!
      MMM may be paying now but trouble may come later when there's no correlation in the fund movement, inflow and outflow! And this is surely inevitable as the scheme expands. But, those that are in the movement then, will get stucked.

      Delete
  9. You are just blind to opportunity, and that will make you remain at your present position. Isiaka or what is it your name is, is he telling you to bring your money? You should read people post, understand before making comment. Reason why so many will remain poor is not because they don't know what to do, but because they want to follow the trend their four fathers have followed and end up like them - wait for salary, spend it and wait for another salary- enjoy your chosen lifestyle and leave anybody who have decided to break away from that impoverished cycle...

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  10. I know that this write up is from networking firm just for them to sell their own.If MMM is scam,let this type of scam be meeting me everyday. For long I have been with MMM I never lose any money instead my 30% is there waiting for me.you people should leave us,we understand the risk. Moreover, anybody that run provided help in MMM three times has made his capita, what are fearing for,MMM is over a year in Nigeria.

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  11. The interest mmm is paying is from which business?

    ReplyDelete
  12. Don't try to make a business case for MMM, at most what you should say is people should put money they can afford to lose before the bubble bursts. Simple! MMM is not a business and what is Mavro? That was coined from the Russian guy's surname, Mavrodi. Your 30% comes from where? Stop all these nonesense about being smart, the scheme will last as long as the number of people willing to provide help outnumbers those requesting OR when Mr. Mavrodi decides its time for him to check out. Every kobo you get is coming directly out of someone else's account. You are all holding money in trust for Mr Mavrodi, when the time is ripe, you will know. If you want to do MMM, do it with money you don't mind losing. Simple

    ReplyDelete
  13. Hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm great talk, we all live by the risk around our circle, is only God that knows the heart of man. I have registered already God help me recover my gain in MMM

    ReplyDelete
    Replies
    1. ..... Lol... Bamaiyi.... I join you in prayer...
      U know, the rolling ball in a circle will just stop on someone and at unannounced time!

      Delete
  14. Stick to what works for u.if ur scared and dnt invest in mmm.u win.if I invest in mmm and get 30% intrest without losing my money so far...I win more.no risk,no gain

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  15. mmm is d way to go. Am ready to take d risk again and again. If FG no like mmm, mak dem provide job for evryone...folish people

    ReplyDelete
  16. Mmm, is real, what i can say about this is that,every business is full of risk...even dangote cant count all his trailers involved in accident per day..if you cant take risk, you cant make it in life..simple..but take risk with senses.

    ReplyDelete
  17. He who does not work will not eat!

    ReplyDelete

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