Business Hilights

Tracking Nigeria's Headline Business News Online

MMM victim

Most Nigerians have lost confidence in MMM, may not join if it returns on 13th

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Vox pop carried out by a team of researchers in Business Hilights have revealed that even though many Nigerians were destabilized on December 13th when the Mavrodi Mondial Moneybox (MMM) announced that it is suspending operations in Nigeria to resume on January 13, majority has lost confidence, an indication that the scheme may not fly again in the country as before.

Business Hilights recalls that on Tuesday December 13 2016, one day after the Eid-el-Maulud holiday, Nigerians woke up to the news which many MMM enthusiasts, who fondly call themselves Mavrodians, received with mixed feelings.

MMM had sent out the unexpected circular to all Nigerian users explaining why accounts will remain frozen for a period of 30 days.

Details of the circular urged participants to be calm and unperturbed, saying the development was to help prevent any problems in transactions, among other reasons, during the New Year season.

Just as the suspension period is expected to lapse on or before January 13, 2017, investors seem to have made up their minds in not getting more involved even on full return due to another possibility of returning to scrap the little Nigerians are using to survive the resilient recession.

However, while a few say they believe the accounts would be reopened and they are still ready, others have removed their minds, saying nothing can lure them to the business even if it comes back as promised.

It would be recalled that MMM lunched in both Ghana and Kenya a day it suspended operations in Nigeria. But feelers from both countries tend to show that the ponzi scheme was not rushed or well participated considering the level of anguish displayed by Nigerians when it left.

During the launch in Kenya, MMM noted that it is “a community of ordinary people, selflessly helping each other. The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial Apocalypse! Before you join, be sure to get acquainted with our IDEOLOGY!”

Before Nigeria, MMM had taken its message to other African countries like South Africa and Zimbabwe. In 2016 though, South Africans who took part in the scheme had their accounts frozen and up till now, it has remained that way.

MMM was founded by Mavrodi, former Russian politician, who went on the run when the original MMM collapsed in the late 1990s. By different estimates, from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the owner, but the business remains one of the major disruptions caused by technology.

The disruption is a source of worry for the government and financial regulators as it were presented in a format that cannot be controlled by any regulation or government unless an outright ban.

Analysts’ say if the scheme is banned in any country, it may amount to abuse of fundamental human rights and clear violation of human rights charter of the United Nations.


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