After varnishing N30bn, MMM Nigeria announces ‘system restart’
Hopes of millions of Nigerians who lost all they staked before the sudden end of the popular ponzi scheme, MMM Nigeria, were on Saturday dashed following the announcement that it is restarting the system for another round of the scheme in Nigeria.
A terse message posted on the home page of participants Saturday morning, said having struggled to stay afloat after going on a break at the end of last year, has restarted the system due to popular request.
System restart suggests that previous data containing matured payments have gone and gone forever.
MMM Nigeria had gained popularity in Nigeria between July and end of 2016 as participants pocketed 30 per cent return on investment every 30 days until December when the scheme abruptly stopped, trapping well over N30bn of many Nigerians.
Unfortunately, the promoters placed blames for their crisis on Nigerian government and the media.
Business Hilights recalls that right from the time people were smiling to bank, several financial agencies of the government including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), warned Nigerians to desist from involvements to limit loss of money.
In December 2016, the scheme went on “Pause Mode”, freezing the funds of participants’ whit a promise to resume payments by January 2017 which never happened after all, thus signaling loss of peoples’ money in billions of naira.
However, MMM kept its promise by resuming in January, but with strange terms and conditions which further shocked many Nigerians as it noted that 2016 money was to be paid back in percentages of new money so “invested”.
But the new policy failed test of time as by July 2017, the scheme went on a semi pause mode and could not pay withdrawal requests.
While those who lost their money in June/July continued to wait and lament, the ponzi scheme, in a frantic effort to stay afloat, commenced payment of those who “invested” their money in August, promising to backdate the payment to cover those whose money were still pending from June and July.
Full script of MMM Nigeria announcement (unedited)
RESTART
Unfortunately, we were unable to overcome the consequences of the crisis triggered by the authorities and mass media incautious actions at the beginning of this year. Despite all our efforts. The problems have been accumulating and, as a result, we have to announce a restart.
So, there is a restart:
All old Mavros (acquired before this announcement is posted) are frozen. We will gradually buy them back as the System develops.
All transactions with new Mavros (acquired after this announcement is posted) will be carried out on the usual terms with no restrictions.
Some amendments have been made to the rules:
Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously).
Consequently, bonuses will start growing at the moment when the main contribution is confirmed (upon which bonuses have been rewarded on).
Mavro-50% for the first contribution will not be available.
We launch three-month contributions of two types: 40% and 50% (see more details in WHAT IS MMM).
We’re confident that this measure (especially paragraphs 1 and 2) will significantly reduce the load on the System while also significantly improving its stability.
As a matter of fact, a restart is not the end of the world, it’s just a restart of the System and nothing more. Continue to provide help and you’ll get it all back (even if you’ve lost something now). It all starts from the beginning. It’s the most opportune time for participating.
We would also like to remind you (just for form’s sake) that everyone had been fully aware of all the risks and had read the WARNING which they had also confirmed by checking the relevant box in the process of registration.
Hoping for your understanding,
MMM Administration
Some of the participants of the scheme expressed regrets for ever joining MMM.
One of the participants (names with held) said that if he had known he would have used his money fro something better rather than investing on the scheme.
“This MMM people are very useless, they just came to dupe us,” he said.
On the promise by the scheme to buy back the debts it owed Nigerians when it restarts, he said: “Restart? who are they restarting with? Nobody will join MMM in Nigeria again”.
“MMM is gone and gone for good,” he said.
-Ends-
