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MMM Freezes Withdrawals for One Month

BellaNaija.com

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mmm-freezingPopular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), has placed one month ban on all withdrawals starting from December 13.

A letter displayed on the page of participants of the scheme cited “heavy workload on  system” as reason for the ban.

This means that members of the ponzi scheme 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 read:

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 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.

The Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) has warned Nigerians against participating in the scheme which it described as a “Ponzi”.

The House of Representatives had in October ordered an investigation into the operations of the scheme.

52 Comments

  1. Bruness

    December 13, 2016 at 11:09 am

    People will die oooooo!!!!!

  2. Kimmy

    December 13, 2016 at 11:35 am

    Ghen! ghen!!!!!!!

  3. Carmen

    December 13, 2016 at 11:36 am

    i hate to say i told you so….

    • o

      December 13, 2016 at 5:30 pm

      I actually love to say I told you so???

  4. Pink

    December 13, 2016 at 11:40 am

    And so it begins…

  5. ify

    December 13, 2016 at 11:41 am

    this is not what they meant “”This means that members of the ponzi scheme 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.””

    “”all confirmed Mavros will be frozen for a month””.

    What they are saying is, when you provide help, you must wait for the full 30days before you can withdraw, against the early practice where some people wish to withdraw their money before the 30days period.

    • fusion OAU

      December 13, 2016 at 2:57 pm

      Yesso jare Ify my dear sister….. different interpretation(s) for a poorly written announcement depending on the side of the divide you are on….. but my advise for you would be, do some research and position yourself well- I hope you don’t have a lot invested in this scheme because this is the beginning of the end of MMM….

  6. Alfred

    December 13, 2016 at 11:44 am

    This is exactly how MMM crashed in Russia, Japan, South Korea and South Africa. It’s the exact same story line. They start by freezing accounts and then boom the crash happens. I don’t know why anyone can be so gullible not to research the past of such a scheme. 150 suicides in Russia when it crashed, 52 suicides in Japan and 40 Suicides in South Korea. 30% a month is not sustainable. It can never work in the long run. It’s pretty much stealing from Paul to pay Peter. CBN has been advertising in the paper for 3 months now warning people of the scheme but people wouldn’t listen. The same people saying it’s my money I can do whatever I like will be the same ones flooding CBN to help them get their money. Just the same way CBN gave warnings to people many years ago about Umana Umana, Forum and so many other wonder banks.

    • Pulchritudinous!

      December 13, 2016 at 5:20 pm

      Please enlighten me, but these people pay into different account, how will it crash?

    • Ghanaba

      December 13, 2016 at 7:19 pm

      It was banned in China on the grounds that it is a pyramid scheme and hence they could not register the company. I don’t know what is stopping the CBN or the federal government from doing the same. Rather than preventing ordinary people from keeping forex and reeking havoc on the exchange rate, they should be avoiding future calamities

  7. Ajayi Oluwabukola

    December 13, 2016 at 11:45 am

    And d freezing happens in d festive season. Will really not want to say I told you so. How can anyone be comfortable with such unruly dealings, where money is collected from some person’s’and given to u with no security for the giver and possibly the recievers future dealings?

  8. Rafaella

    December 13, 2016 at 12:02 pm

    Na so e dey start. Maybe by next year, they will bring up another story.
    Ngwanu, “LET ME COME AND BE GOING”?????

    • newbie

      December 13, 2016 at 2:31 pm

      Gbamest o! You took the words right out of my mouth

  9. Bubu

    December 13, 2016 at 12:13 pm

    Eeyah oo, they should wait till January naa. I believe after now people will learn. Shebi they where making mouth up and down, that it’s our money, one thin one thin. U enjoy some u loose some AKA Ponzi scheme.

  10. eniafunso

    December 13, 2016 at 12:16 pm

    I learnt this is how MMM crashed in South Africa. In May, MMM SA announced a freeze, just like MMM Nigeria did in December, SA still frozen and still now.

  11. Princess P

    December 13, 2016 at 12:18 pm

    My money oooooo
    Chai
    Chai
    Chai

  12. Vanessa

    December 13, 2016 at 12:22 pm

    People need to be careful with this scheme. In SA the banks froze all accounts that were used to operate this scheme, a month later, their website posted the similar message of the system cracking. After two weeks, they came clean and posted that they couldn’t cope with what they promised people and there were no funds to pay the investors, and it ended, just like that. As much as banks pay less interest, (depending on the inflation at a time) you know that should it liquidate, you will get your cash because it is registered with the Reserve Bank.

  13. esther

    December 13, 2016 at 12:23 pm

    Hen! Hen! Hen! Wahala uploading!!!

  14. word

    December 13, 2016 at 12:24 pm

    church a gbasa!

  15. Iris

    December 13, 2016 at 12:42 pm

    Lol BN you have called them a Ponzi scheme already. Is that objective though?

    • Jolode

      December 13, 2016 at 1:49 pm

      It is a Ponzi/Pyramid scheme, so yes that is objective.

    • Lucinda

      December 13, 2016 at 4:10 pm

      No office address and certificate of incorporation. No financial statements, no balance sheet, no assets, liabilities or capital. No board of directors, no shareholders. No income, profit or loss evidence. Sounds like a Ponzi to me aunty Iris.

  16. Baby gurl

    December 13, 2016 at 12:42 pm

    LMAO this is the beginning of the end lol ? ? some people gonna die o

  17. MamaLee

    December 13, 2016 at 1:03 pm

    MMM….. Moku , Mogbe, Modaran.

    • newbie

      December 13, 2016 at 5:22 pm

      ????????

  18. bellaslove

    December 13, 2016 at 1:17 pm

    I guess we’ll wait and see.
    In other news, I need a job. I’m a graduate of Economics. I don’t mind interning with anyone at the moment as i’m at a point in my life where I’m just confused.
    The thing however is I need to be occupied. Either a job or new skill acquisition.
    I can be reached on 07083243672. I’m female and done with NYSC too. BN, I would love to intern at your organisation. Please consider me.

    • See

      December 13, 2016 at 2:49 pm

      Actually I admire your sincerity o. Hopefully things work out for you. Amen

    • tunmi

      December 13, 2016 at 5:12 pm

      Write a short (short) elevator speech on Twitter and ask for retweets. Also, send messages to the major blogs: BN and LIB, as well as small businesses. Good luck

  19. Bimpe

    December 13, 2016 at 1:20 pm

    Today is the happiest day of my life. ???????. Think about it – when you warn a child severally and the child decides I can do wharever I want. You know what ends up happening. Where are all the folks saying it’s my money. Come out of your hiding. Umana Umana, Nospetco and Forum are ponzi schemes people should have learnt from. But no they wouldn’t. The little small change they have they will inanely throw it into MMM. These folks know their target.

    • Cindy

      December 13, 2016 at 6:38 pm

      Today is the happiest day of your life really? You must lead a very sad life. And yes, is it your money? Why are you crying more than the bereaved? People like you amaze me sha, you are happy someone is losing money just so you can say “I told you so”. To what end? Did they use your money? And no, I’m not a victim of MMM but #justsaying

    • Bimpe

      December 13, 2016 at 7:37 pm

      If i don’t send for you don’t come for me. Yes it is the happiest day of my life because people were warned. So yes I am not ashamed to say I told you so. CBN, SEC, EFCC have been releasing jingles about it for the past couple of months. No i don”t feel an ounce of pity for anyone who foolishely puts their money into a pyramid scheme without questioning how MMM gets the 30% or the 50% bonus they claim they will give people. Cry me a river. But people didn’t listen. So yes ??????????. There is a reason why it has crashed in other countries.

  20. That-I-May-Fly

    December 13, 2016 at 1:21 pm

    I am laughing in Chinese! Why would anyone trust a company that cant even write grammatically correct English?

  21. Sisi

    December 13, 2016 at 1:32 pm

    Seriously though, who writes these updates for them. Do they hire locally? For a supposedly legitimate scheme being run by professionals I don’t understand.

  22. Godfather

    December 13, 2016 at 2:15 pm

    Let us first address this question, who is to blame for the rise of MMM and the many others that exist out there?

    The people who invest despite the risks, those behind the MMM website that promise heaven on earth, or the government.

    Before we answer let us look at a few factors, we have a country that is currently failing on four main counts, while many other factors exist let me address four I consider fundamental .

    1. Impunity 2. Institutions 3. Infrastructure 4. Innovation

    The level of impunity in Nigeria is so wide spread, it is an industry in itself. It seems people wake up and say “today what laws should I break, nothing go do me”. Impunity can be traced to the very heart of our nation. Just look at the number of court judgements the Federal Government led by President Buhari willingly refuses to obey. Google them to save time. Yet this same government is barking change, can someone please whisper change begins with them. We can not operate a government that screams do as i say, not as I do, To begin to address the level of impunity in our country, the Leadership must set a very high standard for which we must all then follow.

    You can not have any reasonable economic, political or social development without institutions. They form the backbone of how a country moves from one level of sustenance to another. Institutions will checkmate an overzealous President, ensure law and order is in place, and prescribe appropriate punishment for lawbreakers. Ask yourself this question, do we have any public official that can question or call to order our President, what institutions do we have in place that can cause the President sleepless nights, absolutely none. This is not to say we have no institutions in place but the question is how effective and efficient are they. Until we value the strength of institutions in the equation of development, recession will be the least of our worries.

    Infrastructure, now this topic is one that can make you weep. Given the amount of petrodollars we have earned, why do we have such terrible road networks, eyesore airports, public schools that are a shame to behold, market places that will fail a health and safety check, hospitals that should be called consulting centres, the list is endless, yet the budget will always have a capital expenditure component. The Nigeria at our disposal is one that every citizen is a government upon themselves. Electricity provide for yourself, education provide for yourself, water provide for yourself, security provide for yourself, food security provide for yourself, and in the midst of a crippling recession yes provide for yourself. Again it is not that we don’t have a given level of infrastructure in place, but not the kind that will support a population of 200 million people. Therefore in trying to grow, it is one step forward, many steps backward. Hence stagnation.

    Innovation, let us just thank God for the private sector, if not for them, kai we for suffer. Look around you and point at what is good because your government is innovative. Now look around you again and see what is better due to private sector investment. The difference they say is rather clear. Yet rather than encourage the private sector by also being innovative in the administration of our resources, governments at all levels continue to remain in sleep mode with the exception of a few. Just think with me for a second, the internet is one of the most resourceful tools the youths have today, they can network, crowdfund, seek employment, shop ideas, advertise skills etc. The list is endless, but would your government do, tax it out of the reach of the ordinary man. Thank you National Assembly for stepping in and cutting short nonsense. Innovation is moving America, it is moving China, it is even moving Rwanda. Maybe if we have an innovative President, the effect will trickle down most government levels.

    Now when you look at the four points raised, mix them with a less than inspiring Federal Executive Council, an Economic team without an economic agenda, policy somersaults, a Central Bank looking more confused by the day, an exchange rate that should be renamed jumping mantis, reduced revenue profile, increased debt borrowing $30 billion more, a finance minister that speaks more than she acts, high interest rates, double digit inflation, politics of exclusion, high youth unemployment, hunger in the land, manufacturing sector facing death, a mono economy, minimum wage of N18,000 which by the way is not a living wage, many civil servants owed months in salary arrears ….

    … and then MMM comes along and says bring and take, if na you …. wetin you for do.

    Just before I sign out, kudos to the ever vibrant entertainment industry for continuously putting the government to shame by growing from strength to strength, sometimes having to improvise using crude methods yet still delivering the goods and gaining world acclamation, you do us proud. Very soon we may just have to depend on the youths that are creating structures outside of government to rescue us. Gbam I don talk am.

    • Bimbo

      December 13, 2016 at 7:58 pm

      Lol godfather , it seems buhari is giving you nightmares! After all the warnings it is buhari s fault that people lost money to MMM ? A really big LOL. Cheers.

    • Ekoatheist

      December 13, 2016 at 9:23 pm

      All this english only one Like Hahahhahahahahahahha

    • LEM

      December 14, 2016 at 9:29 am

      Please Godfather has a very valid point. While I personally do not subscribe to any ponzi scheme, I will not criticize anyone who does. Like he/she rightly said, if basic things work this scheme would not and never have been able to work here. Apart from some people just being downright greedy, suffering is another motivation for putting money in this. When you have experienced hunger as in you can barely afford one meal a day, you cannot afford your child(ren)’s school fees, you do not have basic shelter, then someone comes with this mouthwatering offer would you in all honesty blame them for putting money in?

  23. Mondela

    December 13, 2016 at 2:22 pm

    Finally the end of it is here,even if it comes back,no sensible person will want to invest in it again,which will lead to the actual crashin. i didnt invest in it,but i feel for friends and family that did.

    • newbie

      December 13, 2016 at 5:31 pm

      This is where you are wrong. 419 has existed since 19-gogoro and yet TILL TOMORROW, MUGU STILL DEY FALL. GUYMEN STILL DEY CHOP.

      Here’s what will happen- the scheme will collapse, there will be an uproar (or not), some people will learn, others will not, some sef will forget their lessons. Then a few months later they will relaunch under a different alias, dangle bait, greed will kick in for some, stupidity and simple-mindedness for others and voila! We would be right here again……

  24. See

    December 13, 2016 at 2:48 pm

    Very funny story. I’m sorry I have to laugh. Where in the world does a genuine venture freeze because of media speculation and in anticipation of a problem that hasn’t yet occurred when their clients need them most? But then again MMMers always knew there was nothing genuine about it. A business with billions in turn over, no address and a clear engage at your own risk caveat… Go figure.

    It’s terrible, because on the assumption that they actually ‘defrost’ their system come January, virtually no one will be willing to be a ‘helper’ again.

    MMMers, God is your shelter.

  25. Shegurl

    December 13, 2016 at 3:06 pm

    E don be for the MMM participants. The government warned you lot. Now MMM twitter is saying it only advised people to use their spare cash. My only wish is that the government would have done something to stop this, as it’s Ilegal. A lot of poor people were gullible enough to believe in such a scheme. The guy is even Russian. I have a feeling he just played a fast one on Nigerians. Too bad.

  26. Marlvina

    December 13, 2016 at 3:21 pm

    Hehehe with updates like this, it becomes very scary to them investors. However, no doubt people have made lots of money from this scheme. Some have bought cars, lands, paying rent and school fees through MMM. If this scheme crashes now I feel those who will be seriously affected are the new investors who haven’t made any yields yet from their capital. Those who have been enjoying these bonuses and interests for a while now would probably just be sad the “chop & clean mouth” money is no more.

  27. Abominable snow girl

    December 13, 2016 at 3:50 pm

    To all “Ultimate cyclers”, to be forewarned…….. ???

    • LemmeRant

      December 13, 2016 at 6:24 pm

      Looooooooooooool!!!!!!!!!!!!!!!!!!!!!!

  28. o

    December 13, 2016 at 4:59 pm

    To think some ppl didn’t learn from Nospecto, Wealth Solution, etc.. Sad thing is ppl will still invest in a new Ponzi scheme that crops up in a few months time. Them no dey hear word. I’m hoping for the sake of those that invested heavily, it comes up again and they can pull out. If not…some cardiologist will be getting new patients

  29. tunmi

    December 13, 2016 at 5:13 pm

    I swear the rot in this country is not just with the leadership. I don’t even think it’s with the visible leadership at all.

  30. Moniker

    December 13, 2016 at 6:11 pm

    Moku Mogbe Modaran.
    Let us see how it goes. They are faithful believers in that network. I get small money inside.

  31. EZIBEKEE

    December 13, 2016 at 8:20 pm

    I just pray this play doesnt get to Gethelp because that”s where i put my money o and i already have plans for it.

    • See

      December 13, 2016 at 9:22 pm

      Human beings will not apply common sense now and read the writing on the wall. They will be busy saying all manner of prayers.

      My friend go and remove your money at the next opportunity.

  32. Truthie

    December 13, 2016 at 10:43 pm

    If people can risk dying on boats at sea just to escape the harsh realities of their home country, if people wld rather wash plates abroad, if people risk carrying drugs to malaysia… then there is a problem. The mmm risk is not so much in comparison. People are too hungry to care. No jobs, no food. This is not greed, it is Hunger!

    Nigeria is the real ponzi scheme. The politicians cashed out long ago, cashed out oil wells and billions in foreign accounts, cashed out in pounds and dollars, cashed out companies and businesses. leaving the poor masses the miserable remains.
    Nigeria. Is. The. Ponzi. Scheme.

  33. Idkabazza

    December 14, 2016 at 12:34 pm

    Watin I want tell ma landlord now abi I go show am ma Mmm money for inside ma laptop!!!¡

  34. mmmhelpcenter

    December 16, 2016 at 12:03 pm

    This is to officially announce to all MMM members around the world that we are currently updating our website for 50% upgrade that will lead to 2017. We are sorry for the inconveniences, for more information call MMM help center with the following number +2348158826526. Thanks for your understanding.

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