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Panic, humour as MMM ‘crashes’

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 MMM participants marking one year anniversary in Nigeria in Ikeja, Lagos on November  17, 2016

MMM participants marking one year anniversary in Nigeria in Ikeja, Lagos on November 17, 2016

• It is only one month suspension on withdrawals, MMM insists

Fast-growing money scheme, Mavrodi Mundial Moneybox (MMM), yesterday jolted millions of Nigerians and spelt a bleak Yuletide for participants when it placed a one-month ban on all withdrawals starting from December 13, sparking fears that the popular Ponzi scheme, which has since been declared illegal by the Federal Government, has crashed.

A letter displayed on the page of participants of the scheme cited “heavy workload on system” as the reason for the ban. This means that members who are due to withdraw both their capital and 30 per cent return on investment will no longer be able to do so until sometime in January 2017.

According to the letter, the ban on withdrawals is partly due to negative reports by the media on the scheme. The letter reads in part: “One-month freezing of confirmed Mavros. Dear members, as usual in the New Year season, the system is experiencing heavy workload.

“Moreover, it has to deal with the constant frenzy provoked by authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but it is better to avoid taking the risk, Moreover, there are just three weeks left to the New Year.

“On the basis of the above mentioned, therefore, all confirmed Mavros will be frozen for a month. The reason for this measure is evident. We need to prevent any problems during the New Year and then, when everything calms down, this measure will be cancelled, which we will definitely do. We hope for your understanding, Administration.”

While those behind the scheme insisted that it had not crashed, close followers of MMM warned that the one-month freeze announced was similar to what happened in South Africa before the scheme eventually crashed there.

Apparently alarmed that their investment was lost, and despite shunning the government’s warnings, some users turned to the Economic and Financial Crimes Commission (EFCC) yesterday for help, only to get mocked.

A Twitter user, The Reet Petite, had suggested in a tweet via @Lolami_Boo, that it was the EFCC’s job to stop such scams, before the anti-graft agency recalled that there were several warnings about the scheme.

“Where the hell was @officialEFCC ?? Isn’t it your job to stop crap like this???” EFCC replied: “You mean amongst the plethora of venality we fight daily? Ponzi schemes aren’t sustainable. There were a number of warnings. #Don’tDoIt If it looks or sounds too good to be true, it almost always is. Do NOT patronize wonder banks. Protect yourself. #Don’tDoIt”

But when another user in response to the EFCC claimed that the agency’s officials and their spouses or siblings also fell for the scheme, the anti-graft agency did not hold back. “Bravo … no wait … MAVRO to them,” it replied.

Some Nigerians have also taken to the social media to express their thoughts and feelings on the recent development. For the most parts of yesterday, MMM was trending on both Twitter and Facebook. While some participants in the scheme have said they were not worried about the temporary ban placed on their accounts, a lot of critics are having a good laugh.

Below are some of the messages by both MMM participants and critics: “Mannequin Challenge of the year goes to MMM Nigeria; Dear MMM Nigeria, Nigerians don’t have that patience you are talking about. Pay me what you owe me; Seems December is about to overtake January as the longest month as people await “MMM Nigeria” to unfreeze; I was drinking tea when someone called me and said that MMM Nigeria has been frozen till January. Omo, the tea started tasting like yoyo bitters; My friend has been trying to collect money since last week until this news came. She is busy wailing, who will console her now in this Buhari economy?”

This development is coming two days after the MMM founder, Sergey Mavrodi, had said in an open letter to the president that the scheme has done a lot to improve the welfare of Nigerians and reduce poverty despite the fear expressed by the federal government that it is a ponzi scheme. He urged the government to look at the benefits of the scheme to over three million Nigerians in one year of its existence in the country, especially, where the scheme is the only source of livelihood for some Nigerians.

Against all warnings from the Securities and Exchange Commission (SEC) the Central Bank of Nigeria (CBN) and lawmakers, Nigerians patronized the scheme and the likes enmasse.

The CBN’s Acting Director of Corporate Communications Department, Isaac Okorafor, yesterday said the secret group and their members have shown defiance to warnings and they stand the chance of losing big time.

“We have done the needful. We only wish that they would not hurt so much, as well as sympathise with those that lost. But we still warn Nigerians against such similar schemes that may be ongoing or may come in due time,” he said.

Already, a participant, who pleaded anonymity, has expressed doubt the group would resume activities again, adding that he had earlier warned those he introduced to stay action in December and January.

A development consultant, Jide Ojo, told The Guardian that the craze for Ponzi schemes in the country is the result of hunger and poverty in the land, as people would readily justify their action by the popular cliché “Life itself is a risk.”

Also, an investment banker, who pleaded anonymity, said that the proliferation and acceptance of illegal schemes by huge numbers in the country is not portraying the country in good light.

According to him, it is also an indication of the level of enlightenment, ethical practice and particularly, the dominating character of greed in the larger society. “How can a sane person quickly enter into a scheme that the person does not know the people behind it and without address?” he queried.


In this article:
MMM

36 Comments
  • say what you know

    I just got this,
    ONE MONTH FREEZING OF MAVRO IS NOT PAUSE MODE.

    INFORMATION REACHING GUIDERS NOW IS THAT MMM IS NOT ON PAUSE MODE.

    ITS THE USUAL 2 WEEKS FREEZING OF CONFIRMED MAVRO THAT HAS BEING MOVED TO 1 MONTH. IT WAS ACTIVATED ONCE BUT

    IN 24HRS TIME. THOSE WHOSE PH HAS REACHED 30DAYS WILL BE ALLOWED TO GET HELP.

    SO THOSE THAT HAVE ORDERS TO PAY SHOULD GO AHEAD AND PAY

    WHILE THOSE WHO ARE EXPECTING MONEY FOR CHRISTMAS WILL GET HELP IF THEIR PH HAS REACHED 30 DAYS.

    GO AHEAD AND MAKE PAYMENTS IF YOU ARE MATCHED TO PAY. OR YOU WILL BE BLOCKED.

    THANKS

    • John

      Thats right if your mavro has reached 30days and you have requested for help before 12th of december yoh will be pay and if you are matched to pa no panic pay because if yoh dont your account will be blocked

      • Ogundipe Oluwaseun

        WHAT IF I HAVEN’T PH AND IT IS MORE THAN 30 DAYS , EXPECTING TO GET HELP

        • Odefa Obasi

          Listen: You guys should stop deceiving yourselves MMM has crashed.

          • Stanley Chukwuma

            In 2 weeks time, you will see for yourself how wrong you have been.

          • Genusa

            Chief Guilder Stanley, how market?

    • pichichress

      And if my mavro has passed 30days what happens. Cos it was 33days the day it hot frozen. What happens

      • Odefa Obasi

        You guys should stop deceiving yourselves MMM has crashed. Think forward

    • Odefa Obasi

      You guys should stop deceiving yourselves MMM has crashed.

    • Genusa

      MMM Chief Guilder, how the MMM business?

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  • specific

    Nigerian are greedy. Easy man given by a third party, is the beginning of wisdom. Pls leave EFCC OUT THIS.

  • emmanuel anizoba

    Cupidity or greed has been, is, and will ever be, a natural trait in the animal class to which man belongs. Change the colour or odour of the bait and foolish animal-man will, driven by greed, swallow the old trap. Cheers!

  • Genusa

    ANYONE HOPING THAT MMM WILL RETURN IS IGNORANT
    ———————————————————————
    Obviously, those still hopeful that MMM is still alive doesn’t know how these schemes works. Money coming from new entrants is what is used to pay those in waiting to receive money. The schemes survives as long as the number new entrants is more than those waiting to receive.

    Let me explain it in simple terms. Say 5 people starts and MMM pays with their own initial mapped out fund. These 5 people goes out and broadcasts that it is paying, thereby attracting more new entrants, and the 5 reinvests. Lets say it now increases to 15 people. MMM pays again 8 people out of this 15. The 8 too goes out and broadcasts the news. Attracting much more people. Lets say 30 new entrants. The money coming from these 30 new entrants will be more than sufficient to pay the backlog of the last 15 people. Note that MMM organizers pockets some of the excess fund through proxy bank accounts they have created. Some of those names they give you to pay money to are MMM proxy accounts that belongs to the organizers, which they use to take out profits from the system. Don’t argue this. Unless you can say you know personally those people you have paid money to. But you don’t know them. And it keeps going that way, the number of people that are joining(Providing Help PH) are more than those receiving money(Getting Help GH). The excess funds MMM takes out through proxy bank accounts. The scheme keep surviving as long as the number of PH is much more than GH.

    But the schemes like this are not sustainable. It reaches a saturation at some point. Then the number of people waiting to receive money(GH) becomes more than those ready to pay money(PH). Money coming from PH is no longer enough to pay GH. This is when you start experiencing slow down in payments. It creates a backlog of GH that are not paid. This creates panic and new entrants(potential PH) are discouraged, and the number of PH ready to pay money gets smaller and smaller by the day, while the number of GH waiting to receive money gets larger and larger by the day.

    The number of PH started reducing with the panic created by the media and government warning. Also there is December/January factor. I told people that if MMM survives December and January, it will last another year. These are periods when they will have more people to receive money than pay money. In December/January GH will be greater than PH. Ponzi schemes crashes once receivers are more than payers.

    SO DID MMM CRASH? Yes it has. Why? Because they now have a backlog of unpaid GH. Where will money come from to pay these GH? It will come from new entrants(PH). But how many people are ready to make new investment in MMM? There is panic. Even the most optimistic members on GH are waiting to receive what they already put in and disappear or invest less. But it is a wait in vain because it will be money from new entrants that will be used to pay them. Who wan pay him money to MMM now?

    • Ayo Ogunwumiju

      wow, finally, a person with braincells around here. Having never actually used MMM, but gleaned enough anecdotal info from colleagues who have, I figured out how the scheme enriched its founders. This Ponzi scheme is unique after all in how it moves money around).
      Ive gone even further to propose an experiment. Have every single MMM user post the last 4 digits of the account numbers they have GH’ed to, and see if a pattern emerges, my prediction ? We might find account number(s) popping up far more frequently than they should.

      • Genusa

        You are very correct here. If MMM users can quickly come together and create a platform were everyone publishes the bank accounts they paid money to, they will see certain bank accounts that keep appearing too frequent and too many times to be a normal MMM user, that will be the organizers’ accounts that are used to take out the profits. They can then get the banks and EFCC to intervene and freeze those accounts.

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  • Shedrack Ayaro

    Just my thoughts… If the management of MMM are claiming that the reason for the freeze is because of system overload, what do you think will happen to the same system when the freezing is removed? The same overload that they claim they are trying to avoid, because with the state of mind of Nigerians as of today, as soon as the freezing is removed, the system will be bombarded by people who want to withdraw their funds… Hence, the mannequin challenge is here to stay…

  • Stanley Chukwuma

    Dear Media

    It was expected that YOU, the media would definitely feast on such news and use it wrongly of cos.

    Fellow marvrodians, if this measure wasn’t taken, we would have been shamed, as the media was already almost successful in scaring us into crashing the system by ourselves.

    Its no news that the same media predicted AND kept predicting an imminent crash of the system. Apparently, a good percentage of us believed their crap and carried on to unnecessarily Gh massively (and almost at the same time) even before our 30days elapsed. All out of fear and desperation.

    In any financial institution :Banks for example: if we all decide to withdraw our monies on the same day, do we think such a bank will stand? Surely not.

    The media is only out to cajole us to implode ourselves. It was apparently working on the faint hearted until admin intervened with this measure. Else, we would have all used our GHs to break the system down.

    Don’t get me wrong, I know that everyone is dazed, but let’s be patient. The mavro will grow over period of the freeze as well. This mandate is for the health and future of the MMM system.

    Together we can change the world

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    • Magnus

      Who are you? A scammer, looking for possible gullible mumu to defraud again? Naija

      • Stanley Chukwuma

        Definitely not looking for you nor anybody. My message was well received by fellow participants. So if you r not one, find the exit door. I didn’t invest your money,it was mine

        Cheers

        • Genusa

          Chief Guilder Stanley Chukwuma, what do you have to say today? The Chief defender of MMM, how market today?

          • Stanley Chukwuma

            Oh, I have so many things to say. The first one is “Thank you Jesus for MMM”

            The second still remains “MMM pays, Old mavros hav started being paid. The media failed, AGAIN!!!”. Don’t be so pained OK.

            Hahahaha

          • Genusa

            Wake up bro. You are in the dream world.

          • Stanley Chukwuma

            This dream world pays. It’s still paying and will keep paying. Be pained for all I care. Lol

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  • DR. SAMUEL ADESCO.

    Well, I have all read your posts and I understand your positions. I respect your decisions though, but I have come to realise so many people had been praying for MMM to crash! well, to them their prayers have been answered! but I can only ask you to start praying again because MMM has not crashed and will last longer than you think. Most of you commenting here so do not not even understand how the scheme works. you are just operating on what the media has spoon fed you. which is wrong. If you did understand the ideology of MMM, you will know that this analogy by my friend Caesar Shawon does not match up. I have been into MMM. I applied for, joined and graduated from the MMM online guider school to become an MMM guider. the training was intense! we wrote tests, made promotions using applications like screencastomatic and other advanced software’s and apps you know nothing about. During our business games, we were presented with these kind of challenges and we brainstormed and came out with similar safety measures that is why you won’t see an MMM guider panic! Am a graduate of Mechanical Engineering, the best in my class (which you may request for prove should u wish) but the training we receive from the MMM online guiders school is even better than what most of Universities inculcate into us. MMM has safety measures to avoid a sudden collapse and the freeze mode is one of them. you said MMM had crashed in South Africa and Zimbabwe, when last did you google to check if it’s true as an typing this? you may sit and wish MMM crashed but I tell you, you are missing an opportunity. we are just about 3 million participants in Nigeria Now, over 187 million Nigerians have not joined yet, so watch me make more money while you leave your monies in Banks and get deducted every month as SMS and alert charges. but allow those of us, loyal to MMM to count our losses if any. don’t make it your headache, after all, it has been our money. Don’t celebrate yet.

    • Odefa Obasi

      Keep on deceiving yourself. MMM has crashed.

    • Genusa

      How far Bro? Are you still looking through your window to see if MMM will return?

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