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MMM Nigeria: Ponzi Scheme, robbing Peter to pay Paul?

By Adelowo Adebumiti   |   23 October 2016   |   2:02 am
Sergei Panteleevich Mavrodi

Sergei Panteleevich Mavrodi

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 patronise 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) programme. 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 naked 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.

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.mmm.net). 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.”




  • Emmanuel Dabo-Oju Alalibo

    Participants were earlier warned before joining the scheme not to invest their life savings to avoid the shock and to do so with what they can afford to lose. Therefore, in the current economic situation, there is bound to be a way of latching onto opportunities when they arise and that is what some Nigerians are good in doing. They are very fast thinking and I think very courageous to bear any situation. Here they come to be involved in a scheme that is more promising to their economic revamp within a system that hopes are completely dashed. People rush into politics even abandoning their current highly paid jobs just to make more money because there is an opportunity – What can we call that? Is it greed or the desire to serve the people? This is an opportunity irrespective of what it is branded as to kill it. Continue to enjoy it while it last. The choice is yours.

  • solomotion

    I call this trash!!!!

  • Kingsley O. E

    SEC ought not to make a rash statement of condemnation on MMM-Nigeria. Sometimes it strikes me that we are not thinking; we are not smart, and when something new springs up that challenges our usual myopia, we react rashly rather than proact smartly. Bitcoin is highly promising but fledgling, and the authorities would want to kill it because it will soon take food out of their mouth-as it does not operate by interest rates. Why wouldn’t these guys, instead, study on the potentials of E-currency, Bitcoin and Mavro to harness their potentials?

    MMM-Nigeria’s plan differs significantly from Ponzi Scheme in that it operates on the philosophy of gratis and help, which is a mutual community plan nearest to Christian value of coinonia (fellowship) than any other financial proposal ever on record! This was why I endorsed it. Sergei Panteleevich Mavrodi was imprisoned because he did not operate by the conventional method, not because of an actual deliberate crime. Have banks not closed up in Nigeria and people lost millions? Take for instance, my dad’s retirement savings kept in First Bank since 2000 are not sitting in the bank’s vault, only the figure is registered in the computer and the same money has long been given away to somebody else ever since. Why then is our fear aroused even when this unconventioanl plan is more magnanimous & smarter?

    I will say that we should be creative and welcome possibility of ingenious means of economic empowerment that wouldn’t match conventional patterns taught in business schools. I have studied MMM-Nigeria’s plan and I see a philosophy that is Christian (of the New Stestament category). Therefore, I am not dispensing with its presence in Nigeria like SEC and Adelowo Adebumiti.

  • Yuyu

    Nigerians have forgotten so soon what happened in the 90s, does planwell ring a bell?

    • Rhoda Adebayo

      Okay but we still had people who ruled us in 80s ruling at local, state and federal level so did heaven fall?
      Watch
      https://m.youtube.com/watch?v=qaTiKH9oaKc

      We have bigger things to deal with MMM pays

    • E’zeekyel Saw TheWheels

      It’s not your headache though; it’s my money. I smoke it, i drown it, i spread it in the air….not ur headache

  • ADEOLA

    Mmm China, mmm Zimbabwe mmm South Africa are still functional Nigeria media are controlled by the very rich that control and scammed Nigerians through stock market, MLM National Lottery and all the rest, all they care is for my money but I and many mmm community members has swon that they will never see our money to divert again from their banks in the name of loan, we have said enough for the poor been the ladder at which the rich climbs and remain to the top, we the mavrodians has said enough to the system of the rich remaining richer to the detriment of the poor, our eyes done open, we can be controlled by the rich, those who print our paper money at will to their own advantage over rich.
    To register in mmm reach me on whatapp zero eight zero five three three zero six four three three
    Together we will pursue Poverty out of our society

  • Marvel Cody

    Mmm China, mmm Zimbabwe mmm South Africa are still functional very well, all these lies will not help our country, am sorry for those who are not on MMM, MMM IS A DIVINE INTERVENTION FROM GOD FOR THIS OUR PRESENT RECESSION, MMM CHINA HAS BEEN EXISTING SINCE 2011 AND TILL DATE THEY ARE STILL FUNCTIONING THAT IS ABOUT 5 YEARS NOW, AND MMM NIGERIA IS NOT EVEN UP TO A YEAR AND WE ARE SCARED, PLEASE IF YOU WANT TO JOIN MMM NIGERIA CALL ME AND I WILL GLADLY PUT YOU TRUE, REGISTER YOU AND SHOW YOU ALL THE PROCEDURES, MY NUMBER IS ZERO, SEVEN, ZERO, THREE, ONE, THREE, SIX, NINE, TWO, EIGHT, SEVEN

  • Basil Ogbanufe

    Going through the comments below not one tried explaining what MMM is and how it works. Thus MMM is a fraud.

  • Anuoluwapo Oladipo

    SEC should hold a meeting with NCC and NBC and direct all Internet Service Providers (ISPs) operating in and servicing request from Nigeria to deny users access to the MMM website from Nigeria.
    To pull the plug is that easy, so take this as an advice and stop investing in MMM.

    • Rhoda Adebayo

      Okay may you tell us why.
      Because it doesn’t follow conventional ways of doing things means it not right?

      Watch https://m.youtube.com/watch?v=qaTiKH9oaKc

    • BABATUNDE OLUSEYE

      Bro.we r not practicing socialism where govt. Will just do things simply because they feel they r not getting benefited from it ppl have a say too..the govt that legalised betting and is not bother about closing it down because they get thier own cut through tax..ppl HV the right to put their money where ever they want to.. I don’t feel the govt truely HV the interest of me at heart .they just looking for a way to tax it

    • OJORE OJORE

      MMM is not an investment,it is a community of ordinary people helping one another,MMM is village where alll member donate to one another,every citizen of Nigeria have the right to date his or her money and also the right to receive donation abi, na sin make person dash another person money,

      • Fortune Onyedikachi Japhet

        God bless u my broda, leave dem with their proxy or ponzi scheme abi na wetin dem cal am, well if it crashes den it crashes…..well as for me, i’ll keep investing till it crashes i.e. if it crashes

      • Made

        Only question no one has been able to answer is…Where do they get the 30% to pay people? is it not digging a bigger hole as each person invests only to leave an earthquake in the end?

        • OJORE OJORE

          The 30% is from another prticipant ,it is redistribution of wealth,eg i pledge to donate N100,000 to the community,i dont know who need it ,so in my pledge of N100,000,some other particpant who have donated earlier has thier orginal donation and 30% reward.so am matched to pay 2 person .

          (1)pay Olu N33,000(Olu donated N20,000 amonth ago so 30days after his donation of 20,000 he has a reward of N6,000 being 30% reward on his donation and N7000 as his 1 time reqistration).

          2 pay Charity N77000(Charity donated N50,000 a month ago,she has earn 30% on her donation which is N15,000 total N65,000 now Charity register her 4 of her friend and the donated N20,000 and N10000 so she has earn a referral bonus of N7000 all put together N77,000 and am ask to pay her tru her bank details)

          Fron my analysis above, In my donation Of N100,000 ,am to pay 2 other participant who have donated before and reward them for inviting new new member to the community ,this cycle keep going on and on,

          In MMM no central account,we donate to our self through our bank details,the process is very transparent ,am available for more explanation.

          MMM Nigeria is real.
          TOGETEHR WE CAN CHANGE THE WORLD.
          call me for more information 08093477101

          • Aboluwarin Oluwakayode Christi

            You are too brilliant my friend

          • Wole

            Keep donating to yourself until you get no one to donate, then you will realize that those who keep their money locked in too late will suffer the consequences on behalf of every body

        • Eguagie Francis

          @Made if you want to know how they pay 30%, whatsapp on zero, seven, zero, six, five, double eight, zero, three, six, seven. And I will explain to you if that’s why you have not joined.

      • swampy

        you are lost my friend, it will definitely collapse. please run.

    • E’zeekyel Saw TheWheels

      Dull guy. Who taught you ICT?

      • Anuoluwapo Oladipo

        Idiot guy. Mumu guy doing MMM “Mumu Mugun Mufu”

    • ADEOLA

      Hungry man

    • Akinov Akinseye

      What ever the participants of MMM decides to do with their money is their choice not yours to decide .

    • willmike

      Otolo finish you.

      • Anuoluwapo Oladipo

        Na your papa and mama be otolo.
        They have finished you for not giving you proper upbringing.

        • willmike

          If u were properly brought up, u will not be writing rubbish. In fact go chop jorr..

    • willmike

      Look at what you did to your self.

      • Anuoluwapo Oladipo

        Look at yourself in the mirror now.
        Crying because MMM has duped you or you have duped other.
        A cursed generation.

    • Emmanuel Friday

      Oladipo, you can as well go and hug the transformer. Nobody is using your money for it. Evil people that hates the prosperity of others even in this recession. I know you are a stock broker, the early you adjust your mindset the better for you else the world will leave you behind. MMM pays and we know the risk.

      • Aboluwarin Oluwakayode Christi

        Thank you sir, please tell them

      • Anuoluwapo Oladipo

        A vagabond can never change.
        You are a vagabond.

    • chika ewerem

      MuMU and bad belle de worry you. If China cannot succeed in stopping them, is it your firewood organisations like SEC, NCC, NBC that will stop it. Let them try it, then we will shut all their websites down and show Nigerians how to circumvent any internet censorship (what do you think all the proxies websites are for?)

      • Anuoluwapo Oladipo

        Ewure – Goat.
        That is what you are, you are a goat.

        • chika ewerem

          Mr Rago – Ram (sheep – ode)

          • Anuoluwapo Oladipo

            Oloshious somebody. Oponu ayirada. Omo ale jati jati.
            Ole. Ewure.

          • chika ewerem

            Na today! e dey una blood (backstabber and name calling by nature)

          • Anuoluwapo Oladipo

            Greedy self-centered and foolish being. Always thinking they are wise with their cray-fish brains.

          • chika ewerem

            Typical Ngbati ngbati backstabIing pretenders, how are we sure that you are key participant in this so called MMM? If I may ask; Why is it paining so much? You must have invested your house rent and children school fees on MMM, I just pity you, keep pretending.

    • miyake d angel

      May you Neva see an thing good in your life for reasoning like…. rubbish

    • miyake d angel

      Nah una moni we carry do run am? See mumu country was Neva for block radio biafra nah go block MMM??
      You guyz should leave us alone abeg. Yeye dey smell

    • Victor

      What did SEC, NCC NBC etc did when people lost their treasured money when the capital market collapse. mmm is not a good project anyway but we ve lost hope in the Nigeria system.

      • Muyimo

        It is a good project. We should be talking about how to make MMM better. When we criticise, we should proffer the way forward.

    • miyake d angel

      You’re an enemy of progress, sorry cause they can’t shut it , if they can let them start by shutting down radio biafra first,…. yeye dey smell

      • Anuoluwapo Oladipo

        You see yourself now?
        Friend of fraud.
        YOUR YEYE DEY SMELL NOW.

  • Muyimo

    MMM is blessing many people in this recession in Nigeria.

  • Muyimo

    Enemies of the poor will be against MMM. God is on the side of the poor. If you want to know about MMM, go to the website and read about it. Briefly, you provide help and you get help. No central account where you pay money into where it can be stolen. You pay directly into the account of the person you are providing help to and when you are to get

  • Muyimo

    When you are to get help you another person pays into ur account.

  • u-best

    Why can’t Guardian keep shut & concentrate on apc & pdp matter, is Peter complaining?

    • Basil Ogbanufe

      So Peter must complain?

  • Rhoda Adebayo

    You told us lies and this kind of lies are the
    reasons why some many told has lost hope in Nigeria. MMM in the countries you mentioned are still intact Why Why Why did you lie to us this way … see current testimonials from china http://m.rsa-mmm.co/testimonials/

    You can check for the other countries mentioned.
    If you people lie to us where can we get true news.
    We can’t have good roads, Fed and Sec, Local, State and Federal government where is the truth,
    We can’t get power, health care in ruin poor masses cannot even afford decent house, while some few people elected by the poor masses drove big cars and live in mansions… Why can’t you write about that… you won’t…
    MMM members are not illiterates and no one forces them to contribute and provide helps to one another. Everyone know they are sharing their monies within themselves.

    The bank managers, money lenders, Feds, Secs live in luxury and masses they claim they are protecting are living in penury.. common… you should write about the true frauds.

  • OJORE OJORE

    MMM is not an investment, MMM is a community of people dashing each other money without conditions,no grantee,MMM is another level of isusu ,every body recieve Dash in MMM.we are aware of the risk but we take the risk.MMM is i help you today you help me tommmorrow, Gaudian my name is Blessing Ojore 08093477101 you can contact me am ready to tell you my MMM story how it change my life and other who have registered as memver of this community

  • Fortune Onyedikachi Japhet

    leave dem with their proxy or ponzi scheme abi na wetin dem cal am, well if it crashes den it crashes…..well as for me, i’ll keep investing till it crashes i.e. if it crashes

    • Victor O Victor

      Nothing is crashing they will surely regret for not joining earlier..

  • Victor O Victor

    Hello Readers! Don’t be too quick to judge or jump into conclusion of what you do not know or Understand. here are the real fraudsters.

    (1). The Guardian, because they have just defrauded you from the truth about MMM by trying to cajole you into believing sweet-cooked lies, which you just did. I feel sorry n pity for those who had believed this blalant lies that this news outfit called guardian has guided its readers and You to believe… Because everything written here about MMM being a ponzi scheme investment bla bla are all Lies! Lies!! Lies!!!

    Here are the Lies, 1. MMM is not an investment scheme where you invest your money in other to make 30% profits. 2. MMM is not a MLM Scheme where the old participant bring in new recruits in other to get their rewards. 3. MMM is not a HYIP scheme (high yield investment profit) it is not and will never be a such investment. In an Investment scheme there are a business module by which businesses and transaction are carried out in other to make profit from the money invested… But Not so with MMM. There are no monetary transactions carried out under MMM platform. Participant are not and will never be required to deposit their money in to any Central Account to carry out an investment that will generate 30% interest in 30 days. The Guardian has Told a Very Bogus Lie To o The Simple-hearted Nigerians. What a Shame! Is this what people depend on for news. Conspiracy!
    (2). The Government, The SEC and CBN are the perpetrators of these Lies about MMM which the Guardian has just sold to the public. The government under different banners of political parties has been and will continue to tell the masses lies, they are the ponzi scheme you should stay away from. They have never delivered their promises for once since time immemorial. BUT MMM in it current state designed by Sergey Mavrodi has been delivering it promises for the past 6yrs and will continue to do so by the grace of God Almighty because HE is behind this platform. Because HE cares for the Poor. But Your Government doesn’t. MMM IS THE PARTY TO JOIN.
    (3). The Banks and The Banksters. These are the play actors of every unjust act perpetrated to the human race and the financial world. They are the MASTERS, they own everything. The top of the pyramid is The Federal Reserve of America. Time will fail me to write about this pyramid. To everyone reading this please visit mmm-nigeria.net) to read about MMM and it “Ideology”.
    MMM platform has been Designed with Two-Double-Edge-Sword. 1. Bridging The Gap Between The Rich And The Poor. 2. Inevitable Financial Apocalypse!
    Mavrodians are freedom fighters and not just getting richer, though we are 🙂
    My fellow mavrodians don’t be shaken by this article nor become blindfolded. It holds no force in it, It is as weak as water. I read it, took and smashed it here on their faces (The Guardian The SEC, The CBN The GOV The BANKS)

    For those who are interested to know more and want to be part of this God-given glorious platform designed to ease the poor masses of financial malady, I will define MMM for you in a simple sentence like a b c. MMM is nothing more than a ; REDISTRIBUTION OF FUNDS AMONG IT PARTICIPANTS. The 30% Reward not (interest bcoz is not an investment) promised under the platform is generated from it members (The participants)We are redistributing our money among ourselves, adding 30% as reward to whatever we deem fit to donate to each other (I.e provide help with) among ourselves. and MMM life-span doesn’t solely depend on new recruits, The old members has the power to sustain it to time indefinite. If you join us good you are on your part way to financial freedom.. If you no join us na you Sabi… We are more than 1.2m already we can sustain ourselves.. I hope this helps.
    For those interested to enquire more for participation can reach me @ 08154662398.
    #STAY PUT MMM MY FELLOW MAVRODIANS. (The Bible said :A Threefold Cord Is Not quickly broken. Ecclesiastes 4:12). United We Stand.
    You that is reading throw away your broom and umbrella. JOIN THIS PARTY MMM
    (MAVRODI MONDEI MOVEMENT)

    • AnonXYZ

      That’s a pathetic and deluded comment. It is clear that, MMM is just a social experiment that will not last as it has always been the case from the patterns it has portrayed in the past according to the facts from the Wikileaks or are you so blinded by the greed or whatever to ignore this ?

      • E’zeekyel Saw TheWheels

        This is stale bro. No point.

      • Victor O Victor

        With all certainty You will surely regret for not joining earlier..

    • E’zeekyel Saw TheWheels

      Did u say “sweet-cooked lies”, sweet where? mind u, the fagged-out guy managed to write a paragraph and copy-pasted the rest.

      • Victor O Victor

        You will surely regret for not joining earlier…

    • Carter

      Yh

  • E’zeekyel Saw TheWheels

    Unintelligent article. un-analytical; a product of ordinary Ctrl+C and Ctrl+V. Pshew. dull writer

  • Joseph

    The living God will not give Nigeria government the grace to stop MMM, the nigeria government are very selfcentred, they cannot help us and this is the only divine platform that the Lord has create the poor people, the helpless to survive, so they are having the mind of blocking it ofwhich God not ever allow them in Jesus .

  • SONIA CHI

    someone is crying more than the Bereaved. pls can u allow Peter to complain? i can see how wicked u people really are! Long Live MMM

    • Akinov Akinseye

      Yes . LOng Live MMM

  • Chukwudi Ever Eze

    You will be shocked to know that the editor of this article is a participant. But wetin man go do…he must write

  • Sunny Udosen

    MMM: ROBBING PETER TO PAY PAUL?
    That is what a lot of people against MMM are saying, including You! If not so, where is the 30% coming from? they ask.
    I have news for you, if MMM’s 30% is “robbing Peter to pay Paul” then you need to stop putting your money in the bank because the 1% to 2% interest from banks is from other peoples’ deposits which according to you is “robbing Peter to pay Paul”. Do you think the bank can pay the tiniest interest if other people’s money is not involved?
    What most people do not understand is that when you deposit your money in the bank, they immediately use your money in one or more of the following ways:
    1. Allow another depositor to withdraw when they request to do so.
    2. Give out loans to those seeking loans from the bank
    3. Pay workers’ salary including bank managers, clerks, marketers, cashiers, tellers, cleaners, security guards etc.
    4. Buy equipments needed for smooth operations like generator, computer systems, communication gadgets etc.
    5. Sponsor the expensive lifestyles of bank executives including the next trip to America or Dubai.
    6. Other running costs of the bank
    Just imagine! Did you know this? See what our deposits are used to accomplish! Now, for the privilege of using our deposits in the above ways, the bank rewards us with 1% or 2% interest (up to 6% if fixed deposit) provided the money stays with them for over a month. Imagine! Just 2% after all that!
    Consider this; you deposit 100k with your bank and after 2 weeks you return to withdraw the entire 100k. Question is do you think it is your actual 100k they gave you? NO! Your actual deposit has already been used in one or more of the ways mentioned above and the 100k they give you is because of fresh deposits the bank recently received. If you look closely, you will realize that banks can pay more interest than they give, but that means sacrificing the expensive lifestyle of the bank executives. Why will they cancel that next trip to Dubai because of you? Think.
    However, in MMM the ONLY thing your money is used for is paying another participant due for payment directly, no middleman. There are no salaries to pay, no running costs, nobody collecting loans, no bank executive’s expensive lifestyle to support. So you can see that MMM can conveniently offer 30% rewards for your willing and generous donations to fellow participants. Therefore, whether 2% or 30% interest it all comes from the same source: other people’s money (OPM).
    Now let’s talk about insurance companies. I believe they are the epitome of the so called “robbing Peter to pay Paul” allegation. How does insurance work? Suppose you insure your property against fire for 2 million naira and they charge you an annual premium of 20k. You faithfully pay your premium without fail, and then on the 6th month the unexpected happens, fire guts your property! After the usual investigation, the insurance company is satisfied you have a genuine claim, they pay you 2 million naira. The question is where did the 2million naira come from? Your personal payment is only 20k, so how come 2million naira? Well, the 2 million is from other premium payments to the insurance company by other participants. Imagine what will happen if everyone on insurance with a particular company all have genuine claims at the same time? They cannot cope! In any case, the payment is from other people’s premium payment, which according to some (maybe you) is “robbing Peter to pay Paul”.
    If your eyes have been opened to the fact that whether 2% or 30%, they come from the same source and you realize that 30% is way better than 2% click below register for free and lets grow 30% every month together.
    If however you are still convinced the whole thing is “robbing Peter to pay Paul” I will suggest you withdraw all your money from the bank, cancel all your insurance (including your National Health Insurance Scheme) and keep your money under your bed, in your pillow/pillowcase or dig a hole in your backyard to keep your money.

    • Abegail

      let them say wat they want to say. Nigerian govt will never hear the cry of the poor or of the odnay man , and will never hear them crying.
      they get angry when they see the poor smiling. as for some who surpot the govt, they don’t have the found to start.
      but me, i’ll ever put my money and to get help.

  • Emmanuel Friday

    Why are you so much worried for another man wahala. I chose to join MMM and am aware of the risk more than you do, so why crying like a wounded goat. Is it your money? Go ahead and continue your own business and leave us alone. Have heard we complain of being duped or blindfolded or is your business affected by our choice of financial freedom? Be careful. If you must know all best IT brains are in this community. Anybody that complains of MMM is still at analog world.
    You can join us and see why we are glued to it.

  • fablowil

    MMM: ROBBING PETER TO PAY PAUL?
    That is what a lot of people against MMM are saying, including You! If not so, where is the 30% coming from? they ask.
    I have news for you, if MMM’s 30% is “robbing Peter to pay Paul” then you need to stop putting your money in the bank because the 1% to 2% interest from banks is from other peoples’ deposits which according to you is “robbing Peter to pay Paul”. Do you think the bank can pay the tiniest interest if other people’s money is not involved?
    What most people do not understand is that when you deposit your money in the bank, they immediately use your money in one or more of the following ways:
    1. Allow another depositor to withdraw when they request to do so.
    2. Give out loans to those seeking loans from the bank
    3. Pay workers’ salary including bank managers, clerks, marketers, cashiers, tellers, cleaners, security guards etc.
    4. Buy equipments needed for smooth operations like generator, computer systems, communication gadgets etc.
    5. Sponsor the expensive lifestyles of bank executives including the next trip to America or Dubai.
    6. Other running costs of the bank
    Just imagine! Did you know this? See what our deposits are used to accomplish! Now, for the privilege of using our deposits in the above ways, the bank rewards us with 1% or 2% interest (up to 6% if fixed deposit) provided the money stays with them for over a month. Imagine! Just 2% after all that!
    Consider this; you deposit 100k with your bank and after 2 weeks you return to withdraw the entire 100k. Question is do you think it is your actual 100k they gave you? NO! Your actual deposit has already been used in one or more of the ways mentioned above and the 100k they give you is because of fresh deposits the bank recently received. If you look closely, you will realize that banks can pay more interest than they give, but that means sacrificing the expensive lifestyle of the bank executives. Why will they cancel that next trip to Dubai because of you? Think.
    However, in MMM the ONLY thing your money is used for is paying another participant due for payment directly, no middleman. There are no salaries to pay, no running costs, nobody collecting loans, no bank executive’s expensive lifestyle to support. So you can see that MMM can conveniently offer 30% rewards for your willing and generous donations to fellow participants. Therefore, whether 2% or 30% interest it all comes from the same source: other people’s money (OPM).
    Now let’s talk about insurance companies. I believe they are the epitome of the so called “robbing Peter to pay Paul” allegation. How does insurance work? Suppose you insure your property against fire for 2 million naira and they charge you an annual premium of 20k. You faithfully pay your premium without fail, and then on the 6th month the unexpected happens, fire guts your property! After the usual investigation, the insurance company is satisfied you have a genuine claim, they pay you 2 million naira. The question is where did the 2million naira come from? Your personal payment is only 20k, so how come 2million naira? Well, the 2 million is from other premium payments to the insurance company by other participants. Imagine what will happen if everyone on insurance with a particular company all have genuine claims at the same time? They cannot cope! In any case, the payment is from other people’s premium payment, which according to some (maybe you) is “robbing Peter to pay Paul”.
    If your eyes have been opened to the fact that whether 2% or 30%, they come from the same source and you realize that 30% is way better than 2% click below register for free and lets grow 30% every month together.
    If however you are still convinced the whole thing is “robbing Peter to pay Paul” I will suggest you withdraw all your money from the bank, cancel all your insurance (including your National Health Insurance Scheme) and keep your money under your bed, in your pillow/pillowcase or dig a hole in your backyard to keep your money.

    • Babatunde M. Olayinka

      I like the time and energy you put in to compose your response. This is very good. However, I will like to point out a fatal weakness in your logic. The 2% – 6% that banks give you as interests are your ‘share’ of the proceeds from them ‘investing’ your money. You have mentioned some investments in your post above but you also forget other real sectors like Agriculture, Manufacturing, Telecommunications, Oil & Gas, Power, etc. They do participate in these real sectors also by giving loans and collecting interests. Yes, the banks can afford to give us more than the paltry 2% especially as they charge 25% and above interests on loans they give out. But the key difference between the MMM investment and banks is that the banks receive the principal amount back from the loanee PLUS interest. It is the interest that they then share. The MMM scheme does not invest the principal, but rather just take from the principal to create a phony interest of 30%. Ultimately, the system will collapse as it is not self sustaining. As for the insurance companies that you refer to, they work on the basis of risks management and, yes you are correct, if the estimated number of claims cross a certain threshold, there will be catastrophic consequences. This is one of the reasons why we have re-insurance firms which is a statutory requirement to help to leverage the risks further. For insurance, the profit or interests comes from the accidents NOT happening which makes the premiums the profit. It works in a completely different scheme from banks. For life assurance payments, this is a combination of both the banks scheme where they invest in stocks, bonds, real estate, etc and also work on the hope that people will not die prematurely. They are also subject to reinsurance.

      In summary, the MMM is not a new scheme at all. You cannot enjoy what you dont have. There is no 30% profit being made from anywhere. The scheme will collapse eventually.

      Islamic banking is different from all of the above because there is no promise of profit or demand for interest prior to engaging in the business arrangement. You can agree to a sharing ratio of profits or losses including a small admin fee. This protects all parties and encourages building of wealth.

  • fablowil

    SEC ought not to make a rash statement of condemnation on MMM-Nigeria. Sometimes it strikes me that we are not thinking; we are not smart, and when something new springs up that challenges our usual myopia, we react rashly rather than proact smartly. Bitcoin is highly promising but fledgling, and the authorities would want to kill it because it will soon take food out of their mouth-as it does not operate by interest rates. Why wouldn’t these guys, instead, study on the potentials of E-currency, Bitcoin and Mavro to harness their potentials?

    MMM-Nigeria’s plan differs significantly from Ponzi Scheme in that it operates on the philosophy of gratis and help, which is a mutual community plan nearest to Christian value of coinonia (fellowship) than any other financial proposal ever on record! This was why I endorsed it. Sergei Panteleevich Mavrodi was imprisoned because he did not operate by the conventional method, not because of an actual deliberate crime. Have banks not closed up in Nigeria and people lost millions? Take for instance, my dad’s retirement savings kept in First Bank since 2000 are not sitting in the bank’s vault, only the figure is registered in the computer and the same money has long been given away to somebody else ever since. Why then is our fear aroused even when this unconventioanl plan is more magnanimous & smarter?

    I will say that we should be creative and welcome possibility of ingenious means of economic empowerment that wouldn’t match conventional patterns taught in business schools. I have studied MMM-Nigeria’s plan and I see a philosophy that is Christian (of the New Stestament category). Therefore, I am not dispensing with its presence in Nigeria like SEC and Adelowo Adebumiti.

    #copied beautiful piece

  • ade

    Make up to $50 daily go to nairaclass.com

  • Efe Peter

    About MMM nigeria and the federal Govt.
    The federal govt have always promoted ideas of equal distribution of fund and poverty allevation schemes that have only benefited people who are proxy to political leaders. the current administration garnered votes from promises of paying unemployed and underemployed youth without a strategy. our beloved senator Ben B talk loud about 6packs and 6cars, about how he can achieve distributing our resources like one campaigning for next election without a concrete plan. MMM Nigeria came with a simple plan…..30% for all. Nigeria Government please, partner with MMM. guarantee our money with 50billion naira NOT dollars from the plenty subsidy-not-paid to oil marketers

  • Sam

    Nig Bank acct =#20,000
    End of the month balance =#19,993.58

    MMM account = #20,000
    End of the month balance = #26,669.35 + $20 all =#34,000.

    Make a choice today.

    MMM is changing lives of people, it is ready to change yours too.
    Together we are changing the world.

  • Segun Adeoye

    It’s obvious Alex Oti does not have a comprehensive knowledge of Ponzi!
    Ponzi is a platform where an individual has access to all your collective funds at his finger tips! He manipulates the funds to suit his selfish interest. A ponzi scheme operator sells nothing to gain something with an initial negative mindset to Defraud! A ponzi schemer can sell you something as worthless as an ordinary stamp and make you believe that he can transform that into a hundred percent return on investment to the gullible depositors! When further deposits fails ponzi fails! Even in a legitimate banking, when further deposits fails the bank will inevitably collapse! Had three million naira in supposed secured banks in Nigeria and when the bank’s went under, NDIC paid me a paltry 50 thousand naira as my security not minding the huge amount I had in the failed bank! I had shares that were legalized to the tune of 11 million naira in union bank some few years ago, and all the shares have crashed to about 400 thousand naira now, what has the government done?? What has SEC done?? What did the CBN do??? The banks and shares mongers defrauded Nigerians, and the government did nothing! The betting companies are defrauding Nigerians and government is busy collecting tax from them at the detriment of the masses and supporting that bad and terrible gambling attitude! MMM has come with its superb human technology and accomplishments and the government is getting sadder because they don’t want the poor to be liberated. Leave the poor alone and continue to canvass the rich to further invest in shares and banks fixed deposits! MMM is telling the poor to invest a minimal amount that should the system crash, you won’t need to kill yourself just the way many people killed themselves when the legalized banks collapsed in billions of naira and when the legalized shares crashed in billions! Leave the poor and MMM, focus on governance and how to deliver dividend of democracy to the populace! MMM is an invention with positive inclination to help humanity! Sergey Mavrodi happens to be a fists class mathematician from his university days, he is a computer programmer which simply translates into the fact that he feeds the computer and not exploring it just like all Nigerians do, and to cap it all, Sergey Mavrodi had worked in the bank and he knows the nitty-gritty of how the banks and it’s executives smile in billions with the depositors money. Sergey Mavrodi is a far brilliant and an accomplished human than these sets of ordinary people that are trying to query his intelligence. I’ve not seen or heard from anyone that has intelligence in quarter of what Sergey Mavrodi has in his head among all Nigeria elite. You don’t pay to any centralized account, you pay and get from different ethnic background in Nigeria that has come together in trust! The only money that could accrue to Sergey Mavrodi is whatever he is getting from the trafficking on his website and advert! Leave MMM alone and concentrate on governance!
    You can reach me for further clarification or if you’re man or bold enough to take me up on shegunadeoye@gmail.com
    Adeoye S.

  • Am Engr Joseph from Imo state, I was one of the best Stock Brokers in Nigeria before I left as the economy keeps nosediving and in an irretrievably recession. I don’t blame SEC, CBN or anyone who says MMM is a scam and would crash soon bc you just placed a FOOLISH label on ur self and indirectly called urseslf a big IDIOT!! AS for some of my brothers who sit down under a withered Mango tree and wishes MMM crashes soon so that participants would cry, once you close ur eyes to sleep may you never wake up bc you want everyone to be at the same poverty level with you!!

    ”Fear has made a lot of pple so comfortable with
    poverty!….They are so eager to see MMM
    crash!!….why? Because they want everyone to be
    on the same poor level!…..
    The govt has never told us the truth about
    anything, but pple choose to believe them about
    what they said of MMM???…..
    One said to me with passion ” You will lose ur
    money”….I told him ” No problem, Those who lost
    theirs in savannah bank, shares, global recession
    etc have they died?? Have they stopped putting
    their money in banks??”
    Govt will loot us anyway possible but when
    freedom comes, they will want to feed on our
    fear! Cos Nigerians are very fearful pple…
    I love the MMM ideology! I have given Help and
    gotten help and am growing financially, just like
    thousands of MMM participants in Nigeria!…Some
    say 30% is not possible, I told them if it was
    Diamond bank or wema bank etc that said it gives
    30%, u will believe and put ur money, won’t u?
    If MMM was paying tax to the govt, do u think that
    they will be against it? Why haven’t they spoken
    evil against Casino, Bet9ja, Pool and the gambling
    agencies?? Cos they pay taxes!
    In a match, there must be players and
    spectators!…. I choose to be a player cos only
    players get paid, spectators only watch and run
    their mouths and spend money buying tickets!..
    We are changing Nigeria!
    MMM rocks!!”’

    • Victor

      i don’t buy this scheme but your argument is worth it

    • My Engr.you have said it all.
      Joined me on zarfund let’s win together.
      page:https://www.zarfund.com/ref/5b5ec12c59/register

    • Bossman

      FACT ABOUT MMM NIGERIA THAT NOBODY WANTS YOU TO KNOW

      MMM Russia has a dark untold history, it is easy to assume that the darkness was created by the founder(s) of MMM; however a deeper search reveals that there is a grand conspiracy that attempts to eliminate MMM and every other idea that tries to democratize luck.

      MMM was conceived twenty seven years ago, for close to three decades, MMM’s failures have always been perpetrated by a class of people – the ruling class. I sought to understand why anyone will want to close down a community which claims to connect its participants to each other so that they can help each other.

      Over the years, the answer has changed. In the 1990s, the popular answer was the founders kept all participants’ money and they could run with the money since government doesn’t monitor them. The early 2000s had a different answer; the popular opinion was the money was kept by guiders (participants who attend MMM school so that they can become leaders). There was fear that the guiders could run away with the money. The 2010s has a new answer, the answer is unclear. There is no logic to the answer. The answer is simple yet complex. The MMM critics of the 2010s believe even though MMM doesn’t collect money from its participants, MMM is still a scam. In the 2010s, MMM participants pay money to each other’s bank account. The money is in the bank, safe and secure. Or is there something deeper. Read on…

      How and why did participants lose money in the 1990s? Russian government came one day with seventeen black vans to take all the billions of people’s monies with MMM (monies were kept in their head office) and they arrested its founder for tax invasion (not fraud). This happened in the presence of MMM participants, little wonder, the same MMM participants voted in millions to ensure MMM’s founder becomes a member of the Russian parliament. Mr Sergey Mavrodi’s (founder of MMM) victory at the polls was his ticket out of jail. Why did the story end badly for some participants? It is reported that some committed suicide because their money was taken. This was not them reacting to the man who was trying to make them financially free in a communist Russia, it was them reacting to a government that took all their monies away.

      The major source of news about MMM is Wikipedia. Wikipedia’s founder is a wanted man in the United States of America and so many countries, he is in hiding; He unapologetically published personal mails allegedly hacked by Russia to influence an American election. Wikipedia has destroyed a lot of lives with its half truths and one sided stories. I find it hard to believe that we will trust Wikipedia without listening to the other party.

      The prevalent question in my mind is why is the ruling class using its weapon (power, media and money) portraying MMM as a scam since MMM doesn’t collect money from its participants. It is like saying Facebook Inc. is a scam. Facebook cannot scam you (as a user) because facebook doesn’t collect money from you. You sign up for free. In the same light, participants sign up to MMM for free. MMM simply connects the participants to each other. The question is why? Zuckerberg was connecting us to old friends when he didn’t even know how Facebook will make profit, why? He said he wanted to create a more open and connected world. Mavrodi also claims he wants to create a fairer world, a fairer financial system.

      We agree that MMM has never collected money from its participants since 1994, so why is it regarded as a scam. Critics say the system is not sustainable and at some point, it will crash. They say at some point, there will not be enough people to “provide help (an MMM term meaning donate money)” to those who want to “Get Help (an MMM term meaning receive money)”. To receive money, you must have previously donated or referred someone to join the community.

      After reviewing their point, I believe what critics mean to say is; MMM is not a scam but MMM is not sustainable. At this point, there is no way MMM can use any fraudulent way to collect money from its participants, therefore I can say MMM is not a scam. If MMM opened a bank account, it would be frozen so there is no chance. MMM is not a scam but is MMM sustainable?

      One thing I have learnt from the critics of MMM is their method of proving they are right. Their method is similar to what I saw in a movie. A lady wanted to proof her brother’s wife was a thief, so the lady stole an item and kept it in her brother’s wife purse. I began to wonder who the thief is. The World Bank and a lot of global organizations claim their goal is to reduce global extreme poverty yet they pay a lot of lip service to the pursuit of this noble goal.

      They neglect the ideas that can truly reduce poverty and spend more time pursuing the policies of their sponsors (big global banks and individuals). Most critics of MMM will share untrue stories about MMM (like the MMM crash in Lagos or Zimbabwe) and do anything (it is amazing) to ensure the crash they had predicted eventually happens. They remind me of the woman in the movie. It is a dirty fight and I think MMM participants are not doing enough to share the light of what MMM is doing for them.

      We have come to a conclusion that MMM is not a scam but we haven’t agreed it is sustainable. To understand its sustainability or un-sustainability, let’s do the scam test. If MMM fails today, who wins? No one wins emotionally but those who have gotten help win financially and those who have provided help lose financially. The MMM brand becomes worse and its founders will be cursed. So its founders don’t gain financially. It is some participants that gain financially and some participants lose financially. When I understood this truth, I stopped calling MMM a scam. I then wondered why Mr Sergey Mavrodi will keep punishing himself, his name, risking jail term or worse for a system that is not sustainable.

      I wanted to understand his mind so I read his books (available on amazon), articles, saw his movie about MMM 94 (self sponsored by Mr Mavrodi with major actors from Russia and Hollywood. Available for free on Youtube and MMM website). I discovered he had one goal and I put it simply; Mr Sergey Mavrodi’s goal is to “democratize luck”. Henry Ford wanted to democratize cars and ensure it is affordable so that every hardworking person can buy one. Tony Elumelu wanted to institutionalize luck so he created The Tony Elumelu Foundation giving no-strings attached grants to 10,000 entrepreneurs within 10years. So many other people have big dreams such as this, to eliminate global poverty. Mr Sergey Mavrodi wants people to work not because they need money but because they enjoy the job, this way our school teachers by destiny won’t end up as bankers because of money – working hard at a job they hate. If money wasn’t king, people will do jobs they love and do it will the spirit of excellence. If Michael Jackson grew up in Nigeria, we would have ended up in ajegunle struggling. America doesn’t need Sergey’s MMM because they have their own version and the live their version, popularly called the American Dream. This dream helped Bill Gates sit down in meetings with IBM executives, get a loan of $1millions and more. In Africa and other third world nations, there is no dream for the people. There is pain, tears and sorrow. The big question is will this amazing dream of Mavrodi work with the MMM system?

      The only way to know is to ask what the system itself is. It is participants donating money to each other and getting 30% reward. It is based on the principle that we don’t all need money at the same time. To understand it better, let us assume there are five people in MMM, Mr A, B, C, D and E. Mr A donates 10, 000 to Mr E (who has previously donated) Mr E uses the money to settle an urgent bill. Mr B donates to Mr A. Mr C donates to Mr B. Mr D donates to Mr C. Mr E gets his salary of 100,000, pledges to donate 15,000 and donates it to Mr D. Money is just moving round to settle debts, bills and create new value. The population the banks will never look at have found a new way to get the money they need without having to collect any loans. If they continue using their bank accounts, the banks will keep winning because of the fast movement of money leads to more bank charges. No new money is created so inflation is not created. No excess money will be in the economy. In essence, everyone wins.

      The system can be sustained if everyone comes together to make it work. The banking system will fail if we all withdraw our money at the same time (bank run). Insurance companies will die if all but one person refuses to pay premiums; they will be unable to pay the person in case of any accident or loss.

      MMM is good for Africa, it doesn’t compete with the banks because banks already do not loan money to the majority. The loans go to the 10% who have collateral which is good for banking. With MMM more people will open bank accounts (since MMM participants relate with their bank account) and banks will reach the unbanked. We need to get more Nigerians into the banking system. MMM has also helped banks promote their online and USSD banking platforms. MMM has helped entrepreneurs source for money for their ideas within a realistic time. MMM has inspired participants to spend more in a recession. This is keeping a lot of big and small businesses afloat. If you see anyone buying cars, houses or valuables in today’s Nigeria, they are probably involved in businesses where they earn in foreign currencies, extremely rich or engaged in … you guessed right – MMM.

      This is good for everyone. The stock market can bounce back on the MMM wave as people become more confident to diversify. Nigerians are in positive spirit because of MMM. People who couldn’t pay school fees paid with ease. People eat better and live better. Over one million Nigerians engaged in MMM have positive story to tell.
      After my research, I asked myself. Would I be the lady who wanted to proof her sister in-law is a thief so she stole and kept it in her sister in-laws bag or will I be the person who will find out if truly her sister-in-law is a thief and when I find her innocent, declare her to be innocent. My choice is clear.

      I asked a member of the ruling class who instructed his human resource unit to send a mail warning all members of staff not to participate in MMM why he is anti-MMM. He said if they continue with MMM, one day, the might resign and see no need to work. I said really? So because you are a multi-millionaire, your kids won’t work? He then voiced his real concern. They will be financially free and won’t take his excesses anymore since they can start their own business or resign and not suffer while they search for a better working environment.

      • The whole summary of your lengthy epistle is that MMM, though not a scam, is not sustainable. In two words, MMM is an inverted pyramid (that is a pyramid with its head upside down, See how to make money online in Nigeria here – 99.8% Completely Done For You Super Explosive Information Marketing Business Setup ===>>> http://imheadquartersng.com/ORDER

  • Ng

    And why should SEC and NBC do that? the people participating mmm is
    doing that at their own risk, with their own money. why take paracetamol
    on another persons headache. it is good to warn and advise, but forcing
    people to stop participating in it by using every means available is
    wickedness.mmm has been helping people, and i am one of such people.mmm is a ponzi scheme, what is Melisfon? what is Growing circle? what is helping hands? what is nairabet? etc.

  • baba babaoh

    ???…as long as u have internet connection, u are a citizen of the internet…our popular ISP’s (glo, mtn, etisalat, etc) can b able to block normal-protocol access to a website if ordered to do so…but dats as far as they can go for d sake of obeying govt… but they cannot…i mean, they can NEVER block internet users’ from VPN-access to any website that is open on the internet…in other words, only the mmm website developers can lock the mmm website from being accessible.

    NCC will hav to order the ISP’s to completely switch off their data networks…& we all know dat is unthinkable…but even if their belle bad reach like dat, doing so will only open d market for VSAT ISP’s who transmit from space & are not under govt jurisdiction…

  • baba babaoh

    …the disgusting thing is the glaring fact dat such articles, as this fantastic one, are obviously sponsored to create doubts in the minds of nigerians, as if the gloomy state of the economy is not bad enough to discourage them already…who has ever cared whether you lose your money to scams???…whoever these propaganda sponsors are, if they are genuinely concerned about the financial well-being of the people, shey dem go find how to make dollar drop & how to recover the economy from reccession…e don tey pple dey die of hungry, but we neva ever see dem write any article to even inspire hope; talkless of sey make dem donate food to the starving children…na now wey ppl they help each-other thru mmm donations, na hin dem rememba sey dem like us & dem no want make we throway our money for proxy abi na ponzi dem dey call’am sef…Abegi!

  • Aboluwarin Oluwakayode Christi

    Adelowo Adebumiti, we have heard this over and over, and we are no longer interested again. We have anticipated it crash, and we are not pessimistic. You should stop giving these information as there are other things to report in Nigeria. If we loose money, it is our money, so let us loose it. The Nigerian government isnt doing anything to alleviate the problems of Nigerians, and you are here talking about MMM. Please stop the post.

    • Emmanuel Friday

      HEI is into loan business, his business is worse hit so he is shouting out for help. I thank God the money is mine and not yours.

  • Mosley

    If the MMM will reduce kidnapping, armed robbery, burglary, 419 and other vices plaguing our country, then let it be until the bubble bursts, for me, count me out.

  • miyake d angel

    Let them leave us alone we are all aware of the risk, afterall Nigeria itself is a risk…. bad belly pple

  • Bukola

    On the subject matter, I am neither a participant nor a financial expert. However from a lay man’s perspective, I think government should try and put in place measures to protect the interest of participants rather than looking at closing it up. This should be a wake-up call for the government to address the menace of poverty and inequality among others…

  • I just wonder how our Nigeria Government are behaving, are they not the one affecting our economy, now millions of graduate are out there jobless, people are losing there jobs in banking sectors are they not the one stopping of doing there jobs, now MMM came to Nigeria to save those jobless people. My view is that our government are selfish!

    Now if they want to stop people from doing this MMM stuff, let them start giving people job and pay like 50k to new fresher graduates…. Nigeria is having the money but some group of people sat on that money. May God punish you all…

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    Level 1-: 2 x 0.03btc (paid by your two direct
    referrals) = 0.06btc (you upgrade to level 2 with
    0.05btc) profit = 0.01btc or $6.97 (you will
    receive this sum immediately and monthly if you
    stay at this level)
    Level 2-: 4 x 0.05btc (paid by your referrals
    referrals) = 0.2btc (you upgrade to level 3 with
    0.1btc) profit = 0.1btc or $60.97(you will receive
    this sum immediately and monthly if you stay at
    this level)
    Level 3-: 8 x 0.1btc (paid by your referrals
    referrals) = 0.8btc (you upgrade to level 4 with
    0.2btc) profit = 0.6btc or $365.83 (you will
    receive this sum immediately and monthly if you
    stay at this level)
    Level 4-: 16 x 0.2btc (paid by your referrals
    referrals) = 3.2btc (you upgrade to level 5 with
    1btc) profit = 2.2btc or $1,341.38 (you will
    receive this sum immediately and monthly if you
    stay at this level)
    Level 5-: 32 x 1btc (paid by your referrals referrals)
    = 32btc (you upgrade to level 5 with 2btc) profit
    = 30btc or $18,291.60 (you will receive this sum
    immediately and monthly if you stay at this level)
    Level 6-: 64 x 2btc (paid by your referrals referrals)
    profit = 128btc or $78,044.16 (There is no
    upgrading this is the final stage) you will receive
    this sum immediately and monthly when you get
    to this level
    Estimated profit calculation of Zarfund System in
    Naira
    Donate 10500 ($19)
    Level 1 -: Receive 10500 from 2 ref (your two direct
    referrals) = 21 k (donate 17500 to upgrade) gain
    3500
    Level 2 -: Receive 17500 from 4 referrals (paid by
    your referrals referrals) = 70k (donate 35k to
    upgrade) gain 35k
    Level 3 -: Receive 35k from 8 referrals (paid by
    your referrals referrals) = 280k (donate 70 to
    upgrade) gain 210k
    Level 4 -: Receive 70k from 16 referrals (paid by
    your referrals referrals) = 1.12M (d onate 350k to
    upgrade) gain 770k
    Level 5 -: Receive 350k from 32 referrals (paid by
    your referrals referrals) = 11.2m (donate 700k to
    upgrade) gain 10.5M
    Level 6 -: Receive 700k from 64 referrals (paid by
    your referrals referrals) = 44.8M
    As at today 1bitcoin (btc) is $610 and bitcoin is
    the leading cryptocurrency in the world.
    So many shy away from online investment because
    of fear of scam, Zarfund counter all that fears and
    it’s perhaps the most legit investment in the
    internet sphere. Some of the reason are:
    *The founder is Hannes Jordaan. Most HYIP
    (Scam) don’t have Founders/C.E.O
    *Zarfund gives you total control of your money,
    you are your own bank, and you receive and pay
    your money. All your funds are in your bitcoin
    account.
    *You can withdraw all your money anytime, any
    day, anywhere. You don’t have to wait for 30
    days neither are you given any condition for
    withdrawing your money. Zarfund is as free as
    Shoprite, you can walk in and out as you wish.
    *Nobody at all have access to your money not even
    Zarfund.
    *Zarfund don’t pay you, members pay you.
    Zarfund is just the platform.
    This new buzz in town offers endless possibilities
    and you can make so much with your Team.
    Zarfund is a Teamwork platform and we are the
    leading team in Africa. We will be the first Group
    in Nigeria to produce a plethora of level 6
    investors. Teams are formed in Zarfund to assist
    investors with referrals, so all you basically have
    to do is join a team and invest.

    If you are interested whatsapp me on 08123217243

  • chimex

    There is a serious plan to shut down this scheme and I wonder why? There is no central account, you only pay to individual participants like you. In fact, they should just leave this scheme alone cos by the way it is structured I think it can never crash unless of course, they force it crash like they did in South africa.

  • Umegbolu Emmanuel

    It happened before in Russia in d early 90s (around 1992). MMM invest as it was called then sent many Russians to their early graves. They woke up one fine morning and before one could say Jack Robinson, MMM invest had ceased to exist and vanished into thin air. I saw it first hand because I was a student then in d former Soviet Union. Be warned Nigerians. MMM has crashed in many countries. It will surely happen in Nigeria also

  • wisdom

    Now, a confession of banker:

    “In 2009, a friend of mine resident in the UK called and advised me to invest $1,000 in Bitcoin; he said it’s a cryptocurrency that just launched. At that time, I never heard such a word as Bitcoin neither do I know what Cryptocurrency meant. I had the $1,000 to invest but I felt as a Banker I should be the first to know about the happenings in the Financial World; Moreso, my friend is in the IT space, so I felt I should know better.

    In short, I didn’t invest in Bitcoin.

    Now, in that same 2009, a young Norwegian boy was writing his thesis on “Encryption” and decided to use Bitcoin as a case study, to get the information he needed however, he had to invest some Money in Bitcoin.

    He never invested because he wanted to be part of it; he only invested so he could get the much needed information for his thesis.
    He invested $27 and got 5,000 Bitcoins.g

    In 2013, he was watching a program on CNN and heard the rave about Bitcoin appreciating in value, and then he remembered his measly $27 investment.

    He checked up on his investment, only to find that his $27 investment some 4 Years ago had turned to $886,000.

    If I weren’t so foolishly and paid attention to my friend’s advice, my $1,000 investment in 2009, would have gotten me 185,000 Bitcoins which would have made me over $32 Million by 2013.

    The annoying part is that I bought a Laptop from USA in that same 2009 for $1,000… I can’t remember where that Laptop is now.

    Sadly, I was more interested in putting Money in a Liability than taking a chance at an Investment…
    It’s sad but that’s my story but you know what’s even worse? That’s still the case of countless people today.”

    If that boy had rushed to sell off his coins just after buying them, I’m sure he would have labelled Bitcoin a scam and we wouldn’t be reading about him today.

    Onecoin is just €6.93 now!
    Invest now!
    WhatsApp zero.eight.zero. eight.four.two. seven. eight. three.one.one

  • Eliteman Ita

    MMM Control and Revision office said that am running Multiple accounts which is against System Rules that was on 13th of September 2016 of which I explained to their Administrator/support team that It’s not a Multiple Account, that it’s my cousin which I introduced to join that shares same surname (Ita) since in Akwa Ibom state Mbo local government where I hail from, Family members in Ebughu community share thesame Grandfather Name as Surname.
    They refused to reason with me… Okay, I uploaded my Permanent Voters’ card, Still they insisted that I will not get back my #90,000 which I paid from my own sweat in this recession that now yielded 149,000 mavro convertible to #149,000 plus other registration and referral bonuses which amounted to a Grand total of #189,100.

    Have never gotten any help from the system till date.

    • Muktar Yahaya

      that is your business.. you may have used the same account number..

  • Nath

    A scheme that cannot sustain itself is dead on arrival… I don’t care about the so many unintelligent response or abuses i will get, but know it this day that some of you campaigning for MMM to continue, will soon be the ones crying and complaining. On what basis was it founded? lame arguments in support of the scheme.

  • Muyimo

    Armed robbery has even reduced. We are in ember months, this year, how many armed robberies have been reported? It has been curtailed by the introduction of MMM

  • Romangoddess Gold

    10 Reasons Why CBM is far better than MMM
    To sign up on CBM visit http://bit.ly/cbmextra

    1. With CBM a percentage of sales of real products is used to pay everyone who placed marketing units in the CBM Special Marketing Pool. MMM is a Ponzi scheme and is not sustainable, money from new members is used to pay old members.
    2. CBM was founded by Dan Settgast a German businessman living in the United States with no past history of crime. MMM was founded by Sergei Mavrodi a Russian criminal according to Wikipedia https://en.wikipedia.org/wiki/Sergei_Mavrodi
    3. CBM has not been banned in any country and has not failed in any country. MMM has been banned in China and has failed in Zimbabwe. The Central Bank of Nigeria and the National Assembly in Nigeria has declared that MMM is a Ponzi scheme and warned Nigerians against putting their money in MMM. https://cointelegraph.com/news/russia-warns-about-mmm-collapse-in-china
    http://coinjournal.net/mavordi-mmm-scam-declared-illegal-by-bank-of-china/ http://siliconangle.com/blog/2016/01/20/chinese-government-warns-citizens-about-mmm-bitcoin-ponzi-scheme/
    4. CBM gives everyone an opportunity to earn an income from sales of real products in the United States and Europe. MMM does not sell any product, they just recycle money from new members and pay to old members.
    5. CBM enables members to have a United States bank account with a Mastercard and your money is paid in US Dollars and can be withdrawn with your Mastercard anywhere in the world. MMM does not pay any money, it is new members that pay their money to old members.
    6. With the United States bank account and US Dollar bank statement it is easier for CBM members to be issued visas to any country because CBM members have a verifiable income in US Dollars and they have a US Dollar bank statement they can use to improve their chances of being issued a visa. MMM members do not have a verifiable income for visa application purposes.
    7. If there are no new CBM members, CBM would continue as it depends on sales of real products and not money from new members. If there are no new MMM members, MMM would collapse.
    8. Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and now the House of Representatives have warned Nigerians that they would lose their money in MMM as it is a Ponzi scheme and fraudulent. CBN and SEC have not described CBM as a Ponzi scheme because it is not one.
    9. The business model of CBM ensures that it would not collapse. MMM is paying now but is very likely to stop paying soon as it would soon collapse.
    10. CBM is a registered business, registered in the United States. MMM is not registered because it is illegal and its founder Sergei Mavrodi is a criminal.

  • Phemmy

    My own submission is we Nigerians write articles to create fear or discourage people from participating, what happens if the system crashes. Where will the poor go to? is it this same Government that does not have bearing that people will run to? I know of people that have built there houses, paid children school fees and still do so, paid house rent, started business with MMM. NIGERIANS LETS BE WISE

  • Precious McPresh Ezeabasili

    MMM NIGERIA may be back, but MMM EXPRESS is better. We PH worldwide using bitcoin. We’ve got better interest, better bonuses, GH 150% only 15 days and not 30 days. Join today by clicking: mmm express is a program launched which pays 150% after 15 days all donations are peer to peer and are made with bitcoin.

    SO, HOW DOES MMM EXPRESS WORK?

    We use Bitcoins only

    Minimum Provide Help amount is 10 USD

    Maximum Provide Help amount is 2000 USD..

    Mavro starts to grow after your 20% verification link Confirmed.

    20% Verification Link comes immediately.

    Remaining 80% Link will come on day 5-7.

    Mavro growing only for 15 days.

    On day 16th you can withdraw your Mavro (150%, where 100% is your body amount and 50% is your profit).

    But before Getting Help you must yo recommit the same amount or bigger. After you transfer 20% of the recommitment amount – you will be able to GH from previos deposit. No risk at all.

    Recommitment rule was created to keep the system flowing with money. It states that before you Get Help from your growth wallet, you must recommit by doing a PH of the same amount of your last PH.

    So, money not only flow out the system, but also ALWAYS flow in.

    Autoconfirmation of all PH/GH by bitcoin network (no need to wait for someone to confirm or get fake screenshots)

    10% Referal bonus on each Provide Help and Recommitment from people directly under you (only if you personally Provided Help)

    Minimum Get Help is $15

    Referral commission: (Not Compulsory)

    Level 1Earn 10% referral commission

    Level 2Earn 3% referral commission

    Level 3Earn 1% referral commission

    What the program offers:

    – Global participants

    – Long-lasting program

    – 10% provide help bonus

    – Auto bitcoin payment

    – 24 hours support

    Recommendations:

    I highly recommend this investment scheme to you. It is really paying without hitches.

    PS: I am not forcing anyone to join, as you won’t pay me when you earn. I am only sharing so that interested ones can benefit.

    PS: Also note that transaction is made only in bitcoin

    PS: mmm express is a world wide platform, and it is not meant for Nigerians only, hence, there is no need to panic.

    WONDERING ABOUT (POP) PROOF OF PAYMENT CONFIRMATION?, Don’t worry everything is automated with the Bitcoins HASH ID Tracking system.

    Remember! EARLY BIRDS eat WORM

    If you want to join, WhatsApp 08115070330 Call 09021142347

    Check it out, this is what the site looks like: https://mmm.express/?ref=c40bf8adf6b NEW YEAR, NEW WEBSITE, NEW RULES, NEW TEAM, NEW INCOME – SAME MMM!

    Follow this link to join the MMM.EXPRESS WhatsApp group: https://chat.whatsapp.com/BautvXH04qU2aYhQYohZzY

  • Kingsley Ehimare

    most of you are secretly paying the admin of other ponzi scheme without knowing why not get your own site and run it the way you like if you are an admin or a member of any whatsapp group get your own Ponzi Site now and have people ph to you that is the latest dont dull your self in this in 24hrs you get your ponzi site runnning smooth price between 50k – 150k very cheap please pm me if you are ready to have one instantly no too much questions, and please don’t pm me if u are not ready and don’t have cash at hand…

    Contact me on?
    *09067874359 (call prefarable)*

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