sirOrubebe:
This is from a newsletter:

Around September last year, I was introduced into MMM Global (Note, Not MMM Nigeria).

It promised 100% returns after 30 days. I spent some time researchign about this money-doubling scheme and i found out it was a clasic ponzi scheme.

Well, I saw people earning cash and i knew it would crash sometime. But i decided to join anyway.



Why?

I knew the 100% was worth the risk.

I finally provided help of around N200k in October.

After 30 days, i withdrew everything because i felt it was too good to be true.

We used bitcoins then in MMM Global.

After about a day, i had successfully converted the bitcoins to cash and found i had 442,000. I was amazed!

I did what any smart person would do.

I made a rough calculation on when this system will eventually come crashing down. By my calculations, it was by January 2016.

So i reinvested the N300k into the system, after 30 days i got N600k.

Man i was on a roll!

I was tempted to invest the whole 600k the following month but i was too smart to make a rookie mistake. I fought off the temptations and kept 500k to myself and invested back just N100k.

That month MMM Global crashed.

Not like they crashed immediately but it all started in December when we saw a message on the website after you login that they had to do some system upgrade and clear out fake accounts.

I knew that spelt nothing but doom but i was glad i was smart enough to not have invested all i had earned.

MMM global finally crashed by February this year after we kept hoping for two months that they would come back.

I remember telling my friend who was on MMM South Africa then that if this were to come into Nigeria, it will pick up like wild fire.

I commended my friend for sticking to MMM South africa, but for me i knew that just a 30% return was not worth the risks of a classic ponzi scheme.

The craze started in Nigeria soon enough and like i predicted. It spread like wild fire.

I had friends calling me if i knew about MMM and all i could give them was advice.

I warned them that they could partake but they should be smart about it and not fall for the greed.

Invest, take your capital back with some profits as soon as you can.

Again, I predicted to them that the system will not last December.

Those who listened. Listened.

Those who didn't are in panic right now.

I heard MMM brought out a message that accounts are being frozen for 30 days.

Classic December move. When i heard it i remembered MMM Global last year. I also remembered how MMM South africa crashed too.

Same method, Different excuses.

The truth about MMM Nigeria is that i am sure about 95% that it has already crashed.

Why?

MMM made a mistake by announcing the freezing of accounts at a critical time like this.

Did they not know it will cause panic?

So even if they plan on actually returning back in January, With all these panic caused do you think anyone will want to invest? All anyone would be concerned about is withdrawing their cash out.

MMM is such a ponzi scheme that "Robs peter to pay paul". There are people that sure benefitted. (heck, i did benefit from the global last year) But the truth is when it comes crashing down. More people lose than benefit.

One of the reasons MMM spread like wild fire was accentuated by the fact that the country is riddled with this recession.

People ran to MMM to seek solace and quick cash.

People were desperate.

danowena:


Whoever wrote this trash does not even know what MMM is about. Who told the writer that participants cash out at banks? Just trying to make sensation with meaningless news. Please try to do a bit of research before writing. Rubbish.

dipoolowoo:
At least one person was feared dead while several others were wounded in a stampede at various banks in Warri, Delta State, after the promoters of the popular Mavrodi Mundial Moneybox (MMM) suspended the accounts of about 3.3 million Nigerian participants.

It was learnt that the participants in the Ponzi scheme, who heard about the announcement yesterday, rushed to their banks to verify. Investigation shows that in one of the busiest banks in Warri metropolis, an elderly man, who was expected to cash N1.5 million slumped and died when he could not cash the money.

Two other persons, who slumped in the same manner, were quickly revived by sympathisers. Scores of others sustained serious injuries as they rushed to get their hard earn money.

Bank officials refused to speak on the issue. Meanwhile, bandits were cashing in on the confusion and rowdy situation to extort money and rob customers who have continued to besiege banks.

https://newtelegraphonline.com/mmm-participant-slumps-dies-bank/

madjune:
Some folks keep blaming others who partook in this MMM scheme.

I dont understand it.
Though I didn't participate but I can't blame any Nigerian that did.
How can I when when the graduate can't get a decent job over 6yrs upon graduation?
How can I when a father has 5 children in school And earns 50k which isn't steady?

How can I when a pretty jobless lady needs to maintain herself and can't submit to prostitution?

How can I when the artisan lives in tips with food prices skyrocketing?

How can I when the tenant with 50k salary looks at his 150k rent in December?

Do I want them to steal? No.

Do I want them to take advantage of positive situations to better their lives? Yes.

I don't blame any MMM person pls.

Na Naija cause am.

danowena:


Whoever wrote this trash does not even know what MMM is about. Who told the writer that participants cash out at banks? Just trying to make sensation with meaningless news. Please try to do a bit of research before writing. Rubbish.