Nigerians weep as MMM officially bows out
Popular ponzi scheme MMM has officially announced a "reboot" of the system, leaving many Nigerian participants crying with thousands and millions of naira trapped in the scheme.
In a message posted on the participants' homepage on Saturday morning, the scheme said that they had had trouble staying afloat after a break in December 2016, but had been forced to restart the system.
Many of the participants who commented on several MMM Whatsapp groups sadly reported how they and their families had lost millions in the scheme.
MMM is a ponzi scheme that gained popularity in Nigeria in 2016. It promised to pay participants a 30% return on investment every 30 days.
Despite several warnings from the Federal Government and its financial regulators, many Nigerians went on to participate in MMM.
Recall that in 2016, the Federal Government, through the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) warned Nigerians not to put their money in the plan.
In December 2016, the scheme entered "Pause Mode", freezing participants' funds and allegedly screwed with N18 billion, but promised to resume payments by January 2017.
MMM fulfilled its promise by resuming in January but had new rules: the money of 2016 had to be returned in percentages of new money "invested".
This also did not stand the test of time, and in July 2017, the plan went into semi pause mode when it could not pay the withdrawal requests.
While those who lost their money in June / July continued to wait and mourn, the Ponzi scheme, in a frantic effort to stay afloat, began paying those who "invested" their money in August, promising to make the payment to cover those whose money was still pending from June and July.
He even introduced 100% return on investment to encourage more Nigerians to participate in August.
Apparently unable to keep its promises to pay the June / July promises and face more challenges, the Ponzi scheme announced on Saturday that it would restart, blaming the Nigerian government and the media for their problems that began in 2016.
Read the full text of the message:
Unfortunately, we have not been able to overcome the consequences of the crisis unleashed by the authorities and the media in actions seized earlier this year. Despite all our efforts. The problems have been accumulating and, as a result, we have to announce a restart.
Then, there is a restart:
All the old Mavros (acquired before this ad is published) are frozen. We will gradually buy them again as the system develops.
All transactions with new Mavros (acquired after this announcement is published) will be carried out in the usual terms without restrictions.
Some amendments to the rules have been made:
Mavros will now begin to grow at the moment the request is confirmed (not at the time it was created, as it was before). Consequently, the bonuses will begin to grow at the moment in which the main contribution is confirmed (on which the bonuses have been rewarded). Mavro-50% for the first contribution will not be available. We send contributions of three months of two types: 40% and 50% (see more details in WHAT IS MMM). We trust that this measure (especially paragraphs 1 and 2) will significantly reduce the load on the system while significantly improving its stability.
As a matter of fact, a reboot is not the end of the world, it's just a reboot of the system and nothing else. Continue to provide help and you will recover everything (even if you have lost something now). Everything starts from the beginning. It is the most opportune moment to participate.
We would also like to remind you (just for the sake of the form) that everyone knew all the risks and that they had read the WARNING that they also confirmed by ticking the appropriate box in the registration process.
Waiting for your understanding, administration of MMM
Some of the plan participants expressed regret for joining MMM.
One of the participants (names held back) said that if he had known that he would have used his money for something better instead of investing in the scheme.
"These MMM people are very useless, they just came to cheat us," he said.
On the promise of the plan to buy back the debts he had with the Nigerians when he restarted, he said: "Restart? With whom are you restarting? No one will ever join MMM in Nigeria."
"MMM is gone and it's gone forever," he said.