Business Hilights
Tracking Nigeria's Headline Business News Online

Danger as MMM, other online ‘wonder banks’ gallop in Nigerian membership

Despite warnings by Security and Exchange Commission (SEC) and Central Bank of Nigeria (CBN), that these schemes including MMM are wonder banks, it seems to be growing like wide fire.

Digital and financial pundits have already predicted that MMM Nigeria is a ticking time bomb.

According to Pageone, the founder is a Nigerian pastor, Mr Ernest Mbanefo, based in South Africa. He reportedly registered the site MMM-Nigeria.net domain on domain on June 7, 2016 about at about 5 pm Nigerian time.

According to Pageone, Mbanefo, did a single year domain payment which means the domain will expire on June 7, 2017, meaning that the bubble may burst within the period.

However, experts say the volume of hopelessness in the economy is not helping matters as many Nigerians see the illicit transaction where nobody can say this is how the money is coming has eaten very deep into the sub-consciousness of many youths who borrow money and play only to wait till month end to harvest ‘crops’ they cannot trace its origin after all.

Business Hilights have identified similar ‘catch-in-the-air’ ventures currently growing in the country alongside recession and inflation.

Currently, Ultimate Cycler (ultimatecycler.com), just like MMM Nigeria is promising great returns as one continues to drag others into the fictitious deal.

Founded by Peter Wolfing, Ultimate Cycler is United States based network marketer. A follower told our correspondent that “When you register, you will need to donate the sum of N12,500 to a fellow member and the person will then confirm your donation”.

“The system (Admin) will put 4 other registered people under you from spillovers who will also pay you N12,500 each, into your bank account, making N50,000. You can also bring people to register under you if you can’t wait for the system to do it for you.

Another hot and trending wonder bank is the Givers forum (giversforum.net). it is one of the top online money making Ponzi schemes in Nigeria just like MMM Nigeria, Ultimate Cycler, i-charity, crowd rising etc.

Already, experts say whenever magic money giving entities begin to grow in number, their end is insight.

With the increasing rate of new Ponzi schemes in Nigeria today, one can only imagine how long these schemes will trend on the web.

Further findings showed that the domain “giversforum.net” was registered on 17th October 2016 and it is already the 47th most visited site in Nigeria as today. This therefore shows how popular givers forum has become and it is the 4th most popular Ponzi scheme in Nigeria.

Besides, there is also Zar fund, founded by Hannes Jordaan, an online entrepreneur living in South Africa.