Business Hilights

Tracking Nigeria's Headline Business News Online

MMM victim

MMM failed in S/Africa, Zimbabwe beginning from account freezing

Ad 2
Ad 3

The way and manner Ultimate Cycler crashed beginning from freezing of accounts and informing followers that it will bounce back which it never did has been revealed as the same way MMM crashed in South Africa and Zimbabwe.

Otherwise, MMM collapsed in both African countries beginning with back and front announcement of accounts freezing that has just began Tuesday in Nigeria.

In the case of South Africa details gathered our correspondent from a staff of South African Embassy in Lagos said “Even people waited for more than seven months for resumption before they realized that the game was finally up”.

Only yesterday afternoon, and contrary to earlier breaking news same day announcing the freezing of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria, the group reacted denying the development.

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.

MMM 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 guarantee 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.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.