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MMM Nigeria , is a Ponzi scheme originated in Russia that has now set up one of it wing in Nigeria. Research on Wikipedia has it that the company was involved in one of the biggest Ponzi schemes in the 1990s.
And It was estimated that thousands of people lost up to $10 billion dollars.
MMM was founded by Sergei Mavrodi, Vyacheslav Mavrodi , and Olga Melnikova in 1989. After a rapid growth, but it all came crashing in 1994 when the police shut down MMM for tax evasion.
At this point, the company owed its investors $50m-$1.5bn. From the aftermath 50 of the MMM investors committed suicide.
15 years later, MMM established an office in South Africa. Using the same business model the company claimed investors would get a 30% per month dividend via a " social financial network. " In January 2016, MMM landed in Nigeria.
Knowing fully well that Nigerians are in desperate need of money caused by the Hardship in the Country
Meanwhile Lawmakers has warned about the “trick” used by the operators saying It was meant to attract as many Nigerians as possible to invest substantial amounts of money before the bubble would burst.
The House directed the EFCC, security agencies and the
CBN to take urgent steps to halt the scheme before many
Nigerians would become victims of the scam.
It also asked its Committees on Banking/Currency and
Financial Crimes to investigate the activities of MMM
Nigeria Scheme, “with a view to saving Nigerians
participating in the scheme from you financial ruin.”
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.
Fijabi, an All Progressives Congress lawmaker from Oyo
State, represents Ibadan-South/West Federal
Constituency.
“The scheme entered the Nigerian circle in 2016,
capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics”, Fijabi stated.
He said the fact that the scheme MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.
MMM Global Zimbabwe has already crashed despite
Zimbabwe’s National Reserve bank telling its citizen not to sign up to the Ponzi scheme.
A few weeks ago MMM in Zimbabwe had stopped withdrawals. In South Africa, MMM crashed in May
2016. The company claimed that it was a media panic and said it was 'starting over'.
In January 2016, the Chinese government banned MMM
because it is a Ponzi scheme.
A business with such history has seemingly attracted many Nigerians with individuals investing into the system despite the Central Bank of Government
warning people not to invest in it.
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