in Nigeria? According to CBN, it’s a Fraud, what is it According to You?
background of MMM across other nations before a touch of Nigeria as a primary
concern. In my findings, I discovered MMM was founded by Sergei Mavrodi,
Vyacheslav Mavrodi, and Olga Melnikova in 1989. After a rapid
growth, but it all came crashing in 1994 when the police shut down MMM for tax
evasion. At this point, the company owed its investors $50m-$1.5bn. From the
aftermath 50 of the MMM investors committed suicide.
Africa. Using the same business model the company claimed investors would get a
30% per month dividend via a “social financial network.” It
became social means of investment in Nigeria this year, January 2016. As other
countries like the Chinese government banned MMM because it is a Ponzi scheme
at the time it started making waves in Nigeria.
despite Zimbabwe’s National Reserve bank telling its citizens not to sign up to
the Ponzi scheme. A few months ago MMM in Zimbabwe had stopped withdrawals; in
South Africa, MMM crashed in May 2016. The company claimed that it was a media
panic and said it was ‘starting over’.
Nigeria (CBN) has cautioned Nigerians against getting involved in MMM; a scheme
that is said to be currently making waves among Nigerians especially the youths
who go about displaying their alerts of payment.
the news; the Minister of Solid Minerals and Steel Development, Dr. Kayode
Fayemi, was said to be associated with the scheme, Which he vehemently disassociated
himself from; saying he has nothing to do with it or any other online financial
aid community, projects or contracts.
should Nigerians stay away from MMM? A Ponzi scheme, according to Wikipedia, is
“a form of fraud in which belief in the success of a nonexistent
enterprise is fostered by the payment of quick returns to the first investors
from money invested by later investors.“
me alerts from the banks as a means of evidence that the scheme work perfectly,
in a bid to lure me into the scheme. I tried as much to let them know is a
matter of time; they often take it on me as if I do not want their progress.
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return on investment for every investor and a lot of Nigerians have been lured
into it. I hope you are not one of them?
investment is MMM? How do they make their profits within a short time frame?
Why is it a social network based investment? Who are the staffs of this scheme?
Where are their offices? Are they tax payers? Is MMM a dully registered
investment company? These and many other questions are matters arising from the
Desk of NaijaOption.com