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Promoters seek protection of rights of MMM participants


MMMScheme marks one year in Nigeria
Amid call for its probe by House of Representatives Speaker Yakubu Dogara, promoters of the pyramid financial scheme, Mavrodi Mondial Movement (MMM), have sought protection of rights of the participants.

Addressing reporters at an event to mark the first anniversary of the scheme at the weekend in Lagos, counsel to the project, Messrs Ataguba S. Aboje, Kester Elebesunu and Jacob O. Ayodele, admonished the federal lawmakers and relevant government agencies to ensure fair hearing for the over two million participants in the interest of justice.‎

They noted that the programme has been beneficial as participants only donate spare funds to the needy for the donors to qualify for same.

The three legal practitioners added that the website contains a caveat, “Warning” section which domiciles inherent risks of participation, adding that it is taken for granted that a participant must have read and digested the rules.

They went on: “Besides that, MMM places a maximum limit on the total amount a participant can donate and participants are under no obligation to donate any particular sum on any regular basis or to introduce or recruit new members. As it is stated on their website, 30 per cent per month cannot be considered as an interest rate on invested money due to the fact 30 per cent is a representation of growth of a personal score of an MMM member, which is referred to as Mavro.

“MMM also declares that it sells no products or services and has no central structure or a central account to accept any form of deposits. In contrast, in Ponzi schemes, money invested by an investor is taken on the promise of returns on that investment. The MMM programme does not receive money and does not also guarantee any returns and the clear warning to this effect is expressly displayed on the website.”

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  • Quency Olajide Oyegoke

    The scheme is a disaster in waiting for those engaging in it. Having witnessed what happened during Planwell scheme in 90s, no responsible government will fold it’s hand to see another similar disaster.

    • philemon kelly

      Disaster in waiting….. Lol, stop talking nonsense about what you do not understand. MMM is not a scheme as you like to call it, MMM is a community of sound minded individuals willingly donating money to eachoda on the basis of benevolence and reciprocity. Keep mute n watch as we grow and change the world, for over 5years MMM has been growing worldwide, MMM NIGERIA is the best and strongest in Africa. By the special grace of God, all you bad belle people will continue to see as God blesses us through MMM but you won’t partake in the blessings.

    • Charles Bennedith