Business Hilights

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Just in: Confusion as MMM denies crash, says only on hold between December 12 and January 12

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Contrary to earlier breaking news today (Tuesday) announcing the freezing of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria, the operators in the last few minutes has reacted denying reports that the alleged Ponzi scheme has crashed.

In a terse statement posted to players in Nigeria, the operators said the ‘freezing of confirmed Mavros’ was aimed at ensuring the sustainability of the scheme in Nigeria beyond 2016. They said in a message sent to all subscribers that the measure was put in place because “in the New Year season the System is experiencing heavy workload.”

During the period – December 12 to January 12 – none of the participants would be able to ‘get help’ (withdraw funds deposited with the mandatory 30% interest).

It said “The one month Freezing of Confirmed Mavros is a step to ensure the sustainability and stability of the MMM Nigeria system,” MMM said on its dedicated Twitter account. “There is no better time to PH than now when you can earn 50% more of your amount of PH. There is nothing to worry about.”

But financial pundits are of the views that the game may be up for the scheme as there are no gurantee that it may resume on the given date next year.

Business Hilights had earlier this morning reported that the Ponzi scheme may collapse at a time Nigerians never expected considering the fact that it has not given a clear indication of where the marginal interest is coming from as there has been no known investment portfolio of the group in any part of the world and MMM had at various times told players that their money is not going outside the country.


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