A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo is the mastermind of the suspected Ponzi scheme known as MMM Nigeria.
According to an online report, Mbanefo is based in South Africa.
Ernest Chigozie Mbanefo Nigerian Communications Week said Mbanefo registered the site MMM-Nigeria.net domain on June 7, 2016 about at about 5 pm Nigerian time.
NAN quoting NCW And Pageone report written as far back as September said Mbanefo made a single year domain payment. The domain will expire on June 7, 2017.
It was also revealed that MMM Nigeria is not part of MMM Global – a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s. MMM Global was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.
The name of the company was taken from the first letters of the three founders’ surnames (MMM) But like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 per cent return on investment. Around the world, MMM is feared.
In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered. MMM recently crashed in Zimbabwe: Thousands of ‘Mavrodians’ in Zimbabwe were left in tears when the scheme crashed, losing tens of thousands of their lifetime savings.
Since given himself the nickname the ‘Super Guider of MMM’. To share news and information about MMM, Ernest also operates a subdomain ‘news.mmm-nigeria.net. The site praises him and projects him as the leader of the Ponzi Scheme in Nigeria.
“He is described as: MMM Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigeria Participants whether or not they fall under his downline structure. The brain behind the MMM NIGERIA REVOLUTION operation has been working selflessly and tirelessly towards the education, information and proper guidance for the MMM Nigeria Community.
(NAN)
I thank Almighty God for using somebody to introduce MMM as a matter of fact this MMM have help so many people in this season if not there would have be high rate of crime/Stealing in this difficult time, so many people are solviving through this MNM, I wonder while the Government don’t want it to be, Na Waoo na God go help the poor. Bcos are which is only the politician or Rich Men that is Benefiting from it they would have not be working it.
why Nigerians won’t go for mmm or whatever.
the government is there doing no nothing to attend to plight of the masses
the patrons of mmm know they are taking risk and need no govt intervention when the speculated trouble will come to pass
the effect of this will be worst than those who looted our treasury.
A country where people are not working and they are making free money is against God’s standard and even economic practice
The govt should act fast to safe this country and enough of the slow motion.