In spite of the strong warnings from both Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) that the Mavrodi Mondial Money Box popularly known as MMM, the system has grown to become a brand of sorts among the masses and the elites alike.
SEC and CBN had warned Nigerians at the beginning of this month that MMM is a Ponzi scheme which has no real income generating venture apart from paying the supposed 30% returns to old investors from money collected from new investors and that they are wonder banks.
Nigerians seem not to heed to the stern warnings as people troop to join the scheme on a daily basis with the expectation of earning a 30% interest by the end of the month. MMM is believed to have over 1.7 million active participants.
According to a MMM participant, Godspower said: “No bank pays a monthly investment return of 30 percent. Imagine helping someone with N50,000 and getting an extra 30 percent of the money in a month, A lot of people are benefiting from MMM. Many are using it to feed their families and there is nothing you will tell them that will make them stop. Who wouldn’t be enticed with 30 percent interest on donation after 30 days? God bless MMM.”
Seun who is also a participant referred to MMM as a ray of hope, “it is giving us hope from a government that is incompetent and putting us in hardship.”
The post ‘MMM Is The Ray Of Hope Saving Us From An Incompetent Government’- Participants Defend MMM appeared first on LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS.
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