Home - BUSINESS - MMM: UK Newspaper Warns Nigerians
mmm

MMM: UK Newspaper Warns Nigerians

Sequel to the collapse of the Mavrodi Mondial Moneybox scheme in Zimbabwe popularly referred to as MMM, the United Kingdom independent newspaper has cautioned Africans against investing their cash into the Ponzi scheme.

There are similarities about this scheme in Zimbabwe and Nigeria, because it follows a similar model. Both countries are also experiencing an economic crisis and many of its citizens have resorted to the MMM international as a means of sustenance.

An excerpt from The Independent newspaper’s article stated;

“That’s despite a warning from the reserve bank of Zimbabwe that the scheme was fraudulent. RBZ warned members of the general public that existing investors were “paid money not from real market investment of their funds, but from contributions made by new investors, till a point when the scheme can no longer attract new investors”.

What it simply means is that the amount of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested with.”

Despite the cautionary tales of South Africa and Zimbabwe, and indeed the original MMM scheme, a branch is currently proving increasingly popular in Nigeria.

READ ALSO: CBN Warns Against Depositing Money in  Mavrodi Mondial Moneybox

A quote from a Central bank of Nigeria official said; “These people always come with very interesting propositions,”

Mr. Okoroafor said; “These are fraudsters who are just out there to gather people’s money and run away as soon as they hit their target.”

However, the Securities and Exchange Commission and Central Bank of Nigeria have warned Nigerians against the scheme but the promise of 30 minutes Returns has proved too much for most people to resist.

Comments

Leave a comment

Check Also

Bonds

Banks Jostle For Govt Bonds As Non-Performing Loans Soar

The Nigerian government is offering such good rates on bonds and Treasury bills that the …

Leave a Reply

Your email address will not be published. Required fields are marked *