Connect with us

News

MMM: 3 Million Nigerians may lose their Money

BellaNaija.com

Published

 on

mmmAbout 3 million Nigerians who are participants of the Mavrodi Mondial Moneybox (MMM) scheme are in panic over the loss of their investments as the scheme froze accounts, making it impossible for members to withdraw their money.

In the early hours of Tuesday participants woke up to the shock of a one month “freezing’’ on all accounts of participants to avoid an eventual collapse.

Displayed on the pages of participants of the scheme, the promoters of the scheme explained that the reason for the measure was to ensure the sustainability of the scheme in the New Year and make it better.

The statement said that the money of participants would continue to grow in the platform along with their bonuses which they would be able to cash out as from January 13, 2017.

The statement explained that most participants would want to cash out their money for the festive period and that would lead to a breakdown of the system as it is a mutual aid community of individuals helping individuals.

It added that it was also a way of ensuring the sustainability of the scheme which has been under a lot of attack from the Federal Government and the media of its collapse in December.

The message, however urged participants not to panic as the measure in place would only make the platform stronger with better strategies to be put in place as from January.

Sergey Mavrodi, the founder of the scheme had written an open letter to the Federal Government explaining that the scheme was not a scam but has brought a lot of benefits to its citizens.

The Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and economic analysts warned Nigerians about the scheme.

The government agencies warned that the same way the scheme has enriched some people, it would throw some into poverty.

Some participants have expressed their disappointments on the measure as they explained that the same measure being put for the sustainability of the scheme would lead to its eventual collapse.

Gabriel Okafor told NAN that he has lost trust in the scheme and he would not put in any other money into it in January.

Recounting his loss, he said he actually participated with his spare money as it was clearly warned on the platform.

The MMM website was launched in Nigeria in November 2015.

11 Comments

  1. Mimiph

    December 14, 2016 at 4:21 pm

    I pray they come back….alot of people aint happy…..
    Everybody one spend cash this season…. People shld hv cashed out before Dec 1St..

  2. Nenye Nwobu

    December 14, 2016 at 4:34 pm

    I wonder really on how people preached and invested million in the MMM money doubling scheme while it could be used to buy enough lands or other investments that would yeild millions off naira in years to come. Please desist from sharp money doubling games; it’s only greed that should cause this. Meanwhile before this, I head some people complaining already on how people used their companies money and rents ffor MMM. If not greed, what could cause this? Economy? Oh yes! Nigerians don’t understand the way things are going right now. I pray their money is restored so they can jejely withdraw in peace. I don’t blame any one for joining MMM though, if you see frustrations and poverty, you will likely do worse. Let’s keep hoping that by January a new song will play

  3. Mo'Diva

    December 14, 2016 at 4:46 pm

    No be only MMMers are poor in Naija oo. There are so many poor Nigerians out there but still didn’t venture in MMM. It’s all abt risk bearing capability

  4. Marlvina

    December 14, 2016 at 4:56 pm

    I don’t do MMM o! Mavros or whatever you people call yourselves. But can the media not just overflog this MMM issue? People are still entitled to their money but they have to wait till month end to withdraw. Isn’t that what their platform says? What’s all the panic about? I just read now on facebook that someone drank insecticide cus of this trending news of MMM crashing. Abeg media calm down, don’t put people under so much pressure before we start hearing suicide cases over nothing.

  5. Ent

    December 14, 2016 at 5:34 pm

    This mmm is gone. They’ve lost the credibility. I hope they bounce back even if, large percentage will now be more sceptical to put their money where to no trust or guarantee lives.
    Rumours had it, this is how they crash out in Japan. They don’t want to make it sudden

    Good luck

  6. GANNY OGUNSHAKIN

    December 14, 2016 at 8:04 pm

    Who cares. They got what they deserved. B The government of the federal republic of Nigeria should lock up all parties involved in this ponzi scheme period. I certainly don’t expect our government to use our scarce resources to investigate this ponzi nonesence. A word is enough for the wise. I ‘ m just saying.

  7. Movic

    December 14, 2016 at 9:11 pm

    I hope it’s not scam, they will really come back to us,my people please don’t panic just try to take it easy. Good luck oooo (o di owo olorun)

  8. Folake

    December 14, 2016 at 9:35 pm

    How come the Government didn’t do anything while MMM was so popular, this culture of believing that money will come without hard work or just prayers makes this scam so successful, well done to its founder as Nigeria is the perfect market.

  9. yBRAIN

    December 14, 2016 at 10:21 pm

    Even if the site is restored in Jan, who be the mumu way go put money there?

  10. Bamidele

    December 15, 2016 at 9:11 am

    Government is afraid of MMM and now using media to create panic. I have always said it, when the vast media is always attacking on issue, just know that you need to look behind the news to know the truth they don’t want you to see. MMM is super real. Although, they need to put some new rules in place. It has since been BOLDLY written on MMM website till now that MMM is not a Get Rich Quick Scheme, it’s not a HYIP and only Spare Money should be used to make a contribution but people still went to borrow money even after MMM warned severally that one must contribute only spare money. Greed go kill Nigerians. It’s those crop of people that are crying now. If you play by the rules , you are 100% safe. Even before you register on MMM, there is a huge pop-up in RED that warns you that you may loose all your money and only spare money should be used but Nigerians out of greed still flaunted these rules. MMM is more like a Co-operative society of the middle class and lower class trying help each other and they have so far been the most honest and straightforward organization I have ever dealt with, #Istand WithMMM

  11. fran

    December 16, 2016 at 8:00 am

    in this recession which money is “Spare”. Are u funny ! Lol. Even to the high and mighty they can’t afford to lose any amount of money during this times. Get over ur self. Hah

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Star Features

Advertisement
css.php