MMM Nigeria: Notorious Ponzi scheme is still alive

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MMM Nigeria

The Ponzi scheme MMM Nigeria still exists after it froze operations late 2016.

Some things such as the infamous Ponzi scheme MMM refuse to stay dead. 

Yesterday, Monday, May 29, 2017, MMM held a Democracy Day green party show in the Federal Capital Territory (FCT), Abuja.

The News Agency of Nigeria (NAN) reported that the party, which held at the Millennium Park, was opened to members of the group and non-members alike.

 

Mr Seyi Bello, the President of Abuja Guiders Forum of the MMM-Nigeria said the gesture was part of solidarity by the group for Nigeria’s 18-years of uninterrupted democracy.

This party is put together to celebrate our Democracy Day and since Nigeria’s flag is green-white-green, we decided to call it ‘green party’ as a mark of solidarity."

Seyi Bello also explained that over three million Nigerians were members of the group.

He explained that contrary to some people’s opinion about the scheme, it was a community of people providing financial help to each other on the principle of reciprocity and benevolence.

 

Despite MMM freezing operations in November 2016, Nigerians are still patronising the Ponzi scheme. Unlike before when people were open about their participation, Nigerians have decided to keep quiet about their involvement with the scheme.

 

No matter how low key MMM investors want to be, the Ponzi scheme still makes headlines. In May 2017, News Agency of Nigeria reported that a 21-year-old trader, Chukwuebuka Ezengwu, allegedly staked  N286,600 sent to him by customers into the Mavrodi Mondial Movement (MMM) scheme. He was later arraigned but denied the charges.

The legal woes of MMM's agents did not stop there. In April 2017, two alleged MMM agents Debora Fojo and Musa Garba appeared before a Malumfashi Chief Magistrates’ Court in Katsina State for breach of trust and cheating.

The two were accused of collecting N429,000 to invest in an online business called MMM.

Approximately three million Nigerians lost N18 billion in the Ponzi scheme according to the Managing Director of the Nigerian Deposit Insurance Corporation (NDIC) Umaru Ibrahim.



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