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MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust - Investment - Nairaland

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MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust by HungerBAD: 7:05am On Dec 16, 2016
By Jibrin Ibrahim | Publish Date: Dec 16 2016 2:00AM

Some smart fast thinking Nigerians invented 419 to swindle the rest of the world and today some Russian 419 experts have swindled three million Nigerians of billions of Naira. Their scheme is devilishly simple; go for the poor, greedy and gullible Nigerians that are not aware that their company - Mavrodi Mondial Moneybox - MMM has been swindling millions all-over the world for three decades. They looked for and got millions of Nigerians who cannot Google - it takes about 30 seconds on Google to realize MMM is a fraud.

According to Mr. Taiwo Kola-Ogunlade, Google’s Communications and Public Affairs Manager for Anglophone West Africa, search for MMM became the biggest traffic on Google following the Tuesday announcement but by that time, the Ponzi scheme had collapsed in Nigeria, as it did in Zimbabwe and South Africa recently and will remerge in another poor country soon where millions more would be swindled. Of course MMM has been active reassuring its naïve believers that what happened is a one month suspension of payments that will be revived in January but as everyone knows, they have raked in at least five billion Naira loot and most likely have moved on.

Three days ago, I had posted a story on the social media querying the Nigerian government for allowing so many millions of our compatriots to be swindled by a Ponzi scheme. I got a lot of responses criticizing me for unfairly blaming the Government. Imam Mora for example responded saying, “Sir, the Nigerian government through various financial agencies has come out repeatedly to warn Nigerians. I do not blame Govt, blame greed. ” Mma Odi was more colourful: “Na government send them? They warned them, they no hear, they even said that na God send the MMM to help in this recession Abeg make we move to more urgent matters.” Okay, I accept Nigerian authorities warned people to stay away from the racket and many refused to listen. All the same, my concern has been that since the authorities knew the scheme was fraudulent why was it allowed to be flourishing all over the country for twelve months and swindle three million people. I say so because pyramid or Ponzi schemes always produce the same outcome of people losing their money without exception.

The MMM scheme in Nigeria is based on offering people 30% profit after a month of “investing”. They accept that the profit will not be generated by investing the money, the profit comes from the next person to join so as always happens in such schemes the first persons to enter make their profit and immediately the number of investors becomes large, the system collapses for the simple reason that the so-called profit is simply money taken up from the next group of persons to come into the system. In other words, it is a system that is guaranteed to fail and the only question is when it will happen.

To camouflage the racket, MMM advertised itself not as a financial system but as “a community of ordinary people selflessly helping each other through mutual aid - you assist with 100 and you will be assisted with 130.” To convince the gullible, they even went on a tirade against bankers on their website: “The modern world is bad. It is inhumane, unfair and unjust. This is the world of money. It is not for people. It is for those who produce this money, for bankers and financiers, government and millionaires. And people are mere "pawns" in this game. They just serve them as attendants. Why do bankers work less and earn a hundred times more?” So although MMM claimed that they were not offering financial services, they very clearly presented themselves as an alternative system to the banks. The Russian multibillionaire even defined himself as part of the ordinary people: “The banker has power over money, and is well-connected. And we are ordinary people, having no power or clout.” It’s 419 at its best.

What really infuriated me about MMM was the warning they issued to the Nigerian Government that it would be the fault of their anti-MMM propaganda if the system collapses and millions of Nigerians lose their “investment”. This serves the Government right because it appears that the regulatory authorities warned people but did not act against MMM simply because they claimed they were not running a financial service. The Government cannot or should not be that naïve. MMM was collecting and paying out money so it was obvious they were running financial services even if they denied that was not what they were doing.

Nigeria has had a history of “wonder banks” offering clients unbelievable returns on their money and in the 1980s and 1990s; Government has banned such banks and closed their operations. Is it because MMM are foreigners that they were allowed to operate freely and even to regularly criticize Government? In November after warnings from the Central Bank of Nigeria and the NDIC that Nigerians should stay away from MMM, the response of the Ponzi scheme was interesting. They went to the Gwoza and Bama IDP Camps located in Durumi area and the New Kuchingoro in Abuja offering five million Naira worth of relief materials to “distressed Nigerians”. Almost all the media in Nigeria covered the “humanitarian gesture” and the criticisms against the scheme were drowned by stories of how they were helping Nigerians, particularly the poor.

The announcement by the MMM that Nigerians would not get their pay-outs to celebrate the Christmas and New Year festivities is a big blow to many and I sympathise with them. The pain that their money is gone for good is sobering. These three million Nigerians need to demand from their Government why no one stopped them from foolishly giving out their hard earned money, borrowed money, money from sale of their cars and other assets to a gang of thieves.


http://www.dailytrust.com.ng/news/columns/mmm-and-the-narrative-of-nigeria-open-to-all-swindlers/176270.html

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Re: MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust by Atiku2019: 7:07am On Dec 16, 2016
I'm Here to Read Comments wink

Re: MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust by feodan: 7:10am On Dec 16, 2016
GOD BLESS EVERYBODY THAT IS READING THIS
Re: MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust by Warhawk(m): 7:12am On Dec 16, 2016
You guys don't understand!!
Many people knew MMM was definitely gonna crash, they did not invest bcuz they never knew it was gonna crash, they invested bcuz they wanted a slice of the Pie b4 it crashed
Re: MMM And The Narrative Of Nigeria Open To All Swindlers- Daily Trust by GAZZUZZ(m): 7:19am On Dec 16, 2016
copied from facebook

Apparently, it was inevitable that I'd have more to say about the Mourning Mumu Masses. My friend   Uju Iheanyichukwu Kingsley made it so by tagging me in some post in the subject. 

So here goes.

I watched a wildlife documentary recently- it's amazing how much we can learn from watching animals do their thing, the purity of motive; because they have none except those imposed by nature and encoded as instinct. It is fascinating.

So this snake was moulting- shedding its skin. No hands. No legs. How to do? 

It rubbed itself against a rough tree trunk, creating fiction between the bark and the old skin. Old skin breaks and gets caught on the bark. Slithering Sly simply glides out in sleek new shiny leather. 

It turns out most animals shed skin. Humans included. 

Why is this relevant to the subject of the Mega Mumu Magas? Because what  I'm about to say will create friction, that friction will likely lead to leaving some old skin behind- people who disagree with my viewpoint. And I will applaud their exit from my timeline, wall and life in general. 

So...this is a good place  to stop reading and ask yourself if you want to continue? 
You might want to ignore this one and come back to my wall when I'm speaking to less aggravating and more congenial issues. 

If you do choose to read on, I commend you for doing so. Just take a deep breath...and remember, I offer no apologies for anything I write behind this line.

If you put money into the Mega Money Missroad scheme, you are a greedy lowlife!

If you have borrowed money from people to join the scheme you are a lying,  greedy lowlife!

If you spoke to anyone to convince them to join the scheme, you are a wicked, lying, thieving, conniving greedy lowlife!

If you profess to uphold any sort of faith based ideals as a Christian, Muslim or whatever flavor of religion you subscribe to, especially if you hold functional office or leadership position in any capacity within a faith based congregation and any of the previous  three paragraphs applies to you then you are a hellbound, deconscientized wicked lying thieving conniving greedy lowlife!

If you are one of those ranting and popping off about the reactions of chastisement and berating of all the Mumu Money Mongers who have been caught in the maelstrom now that #WinterIsHere and the #GameOfCoins has turned to #HungerGames...

...if you are one of those saying...

 "leave them alone, mind your business, is it your money? It is the economic situation that led them to it, be compassionate...they are already traumatized....don't rub it in..."

I say to you...get thee behind me you offspring of satan! 

Brood of Vipers you lot! 

Your willingness to compromise the basic principles of decency and truthfulness are everything that is wrong with the world and Nigeria! 
You stand for nothing so everything goes...'the end justifies the means' is your creed.
You two faced, no... multiple faced , hydra tongued sirens are the ones who cheer men and women on to their destruction because you just want to get along and find favor with everyone. Bloody hypocrites! 

You are the ones who rant about corrupt politicians... until Uncle James or Aunty Agnes gets an appointment ...then their sudden wealth becomes 'gods blessing'...and you trot out in your Sunday best for thanksgiving service. 
Everything for you is relative...there are no cardinal principles in your book. I actually fear you lot the most. You would kill a man. That's why the longest paragraph is about you lot.

See...EVERYONE I know and spoke to who got into this  thing KNEW what a pyramid or Ponzi scheme is! I can say this categorically because I made sure they did at the end of that conversation, if they didn't prior to it.....

They KNEW that the scheme does not create ANY value, and that the 30% payout was simply from fresh funds brought in by new recruits...who continued to widen the base of the 'pyramid' .

They KNEW that it would not go on forever because the pyramid would grow so big that at some point that the payouts would not be sustainable for various reasons- 'matching' being one of them- and this would be when the game masters would cash out , leaving whoever was still in the value chain hanging....which would be A WHOLE LOT OF PEOPLE.

They KNEW that a Pyramid scheme was set up primarily to grow the pyramid large enough to guarantee a huge payday for the puppet master who set it up. They KNEW that the payouts to early adopters was designed to create a facade of genuineness and build credibility; the fuel needed to get more people in...They just DID NOT CARE as long as they hoped to get some of that payout first. 

A little illustration here...who remembers  those parties you'd attend as a kid and the game 'musical chairs'? - more people than chairs dancing to music around a circle made with the chairs. Everyone needed to sit down when the music stopped or they were 'out'. Meaning that since there were fewer chairs than people, some people were sure to be out in every round, and you didn't care who as long as you got a seat. you'd actually push nd shove people , friends and siblings typically to survive the game...remember? Good. That's how a pyramid scheme works.

These plonkers  KNEW that every new recruit they brought in would potentially allow the music go on long enough to cash out, hopefully. SO they went about evangelising...or at the very least dipping into the pool in the hope to get a payout off someone else eventual loss....

They CHOSE to take the risk of loss, on the backs of equally greedy nitwits who wanted in on the game. So effectively, there are no victims, everyone wanted to play someone to get ahead...to make theirs at the expense of whoever was still standing when the music went silent.

Well, the music has gone quiet and they are all in mutually agreeable good company. 

And people are asking for empathy!!! For who??!! 

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