Nigerians warned to stay off MMM ‘scam’
Sequel to the crash of the Mavrodi Mondial Moneybox scheme in Zimbabwe popularly known as MMM, the UK Independent newspaper has warned Africans against investing their money into the Ponzi Scheme.
There are similarities about this scheme in Zimbabwe and Nigeria, as it follows the same model.
Both countries are also experiencing an economic crisis and many of its citizens have turned to the MMM Global as a means of livelihood.
An excerpt from The Independent’s article stated;
“That’s despite a warning from the Reserve Bank of Zimbabwe that the scheme was fraudulent. RBZ warned members of the public that existing investors were “paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors”.
What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”
Despite the cautionary tales of Zimbabwe and South Africa – and indeed the original MM scheme – a branch is now proving increasingly popular in Nigeria.
A quote from a Central Bank official said; “These people always come with very interesting propositions,” Mr Okoroafor said. “These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target.”
Nigeria’s Central Bank and the Securities and Exchange Commission have warned Nigerians off the scheme but the promise of 30% Returns has proved too much for most people to resist.