Business Hilights

Tracking Nigeria's Headline Business News Online


MMM founder lists merits to Nigerians amidst growing concerns of collapse

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Russian Sergey Mavrodi, MMM Founder, has allegedly sent an open letter to the Federal Government of Nigeria and authorities that care to know more explaining the benefits of the scheme even as many Nigerians have sworn to continue staking  their money in the wonder bank.

The letter was positioned on the page of all participants of the Scheme, saying Nigerians are highest gainers’ of the scheme.

But it would be recalled that several government agencies have warned about the platform which analysts have been finding difficult to trace the sources of the huge interest coming with the game.

First shot was fired by the Securities and Exchange Commission (SEC), followed by the Central Bank of Nigeria (CBN) warning Nigerians against participating in the scheme which it described as a “Ponzi”.

Shortly after, the House of Representatives in October stepped up the fight as it ordered an investigation into the operation of the scheme and possible arrest of the promoters.

But in a swipe, the promoters rather began a strategic marketing of the scheme by way of making huge donations to IDPs and other social works.

It was clear if the said letter actually can from the founder or Nigerian promoters who have been fighting to gain popularity and official acceptability.

According to the letter, Mavrodi implored the government to look at the benefits of the scheme rather than be against it without knowing how it was helping Nigerians.

He insisted that if the government was really interested in the welfare of the Nigerian participant, then the scheme should be left alone arguing that MMM was helping the over 3 million Nigerian participants.

But throughout the purported letter, Mavrodi failed to explain in concrete terms the real source of the interest and how the money is turned around to yield such unexplainable interests within one month of staking.

Full script of the letter copied from the Dashboard of one of the participants read in parts: Open Letter from Sergey Mavrodi to the Nigerian Authorities

Honorable authorities,

So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.

What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.

You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What’s wrong with that?

You have repeatedly stated that “it should be investigated!.. Researched!..” It means you know nothing about this System yet; you even haven’t understood how it works………

And finally, if you know what is right for people, why is the life so bad in the country?

Sincerely yours,

Sergey Mavrodi


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