RealProfit01:


FG can not tamper or go near MMM server because it's servers (name servers) are not any where near Nigeria neither can they block our IP access from reaching MMM servers. Stopping us from using MMM is FAR beyond them because it's too late. Who tested HONEY can never accept to test AROMO BETTERS again.

This is not true. In China, Facebook doesn't work because the government won't allow any traffic relating to it. All telecommunications companies by law were required to implement this enforcement. So if government is ready, they will block the site. What you see SEC and CBN doing now is due diligence and disclaimer. They want it to be on record that they have warned Nigerians against the scheme because if they don't, warn and they shut down, people will besiege their offices and there could be class action. If I were you, I will begin to GH until I clear all my money. What will happen soon is a low PH and more GH. this is enough to bring down the scheme without government interference. But if government were to use the hammer suddenly, na cry me a river song people go dey sing o.

RealProfit01:


FG can not tamper or go near MMM server because it's servers (name servers) are not any where near Nigeria neither can they block our IP access from reaching MMM servers. Stopping us from using MMM is FAR beyond them because it's too late. Who tested HONEY can never accept to test AROMO BETTERS again.

i don't really think u know how the Internet works...u are naive

Nigeria government encourages their citizens to play pool,Gambling, casino, lottery and even betting. Why?
There knew it will lead to more poverty since the government benefited by way of collecting taxes from the operators of this so called registered companies own by them and their cronies.

How much are the elites stealing now? Billions of naira & dollars of citizens taxes.

Go to pool & betting shops or stands all over Nigeria, the majority queuing to playing and throwing away their hard earned monies are strugglers and the poor.

MMM has opened my eyes to financial secrecy.

MMM is an ideology and movement that can not be washed away or imprisoned by any agency or government of any nations.
1989 till date the ideology & movement is alive.
Shine your eyes my friends.

I am angry that the hard working citizens of all nations are the poor and strugglers including NIGERIANS.

You may not like my post, but Hard Truth must be told.
Bank went distressed, stock exchange crashed. No refund, but owners are now governors, senate President & ministers. Who and who is fooling who?

World financial system is built on secrecy.
MMM has given you and I the secrets

Together we change the world of financial system to the benefits of the majority by the grace of God

I noticed with chagrin that those who are crucifying, criticizing and condeming MMM are pretty much those who know little or nothing about it,especially because they have not tried it.
I was actually thinking i would read of people who reported to cbn about being scammed by mmm... But that has not been the case, rather i see cbn being threatened by the success rate (and stories) gotten by MMM.

IT'S easy to criticize/condemn something you don't know about, something you don't believe in, or something that's against what you stand for... I honestly think this is what CBN is doing.

MMM rocks because MMM works.!!!

Kennydoc:



Deep down within your heart, do you really believe this stuff you wrote?
Are you guys wiser and more intelligent than the economists and financial analysts that have been running our economy through the CBN over the years? I'm not saying they are perfect, but it's a very complex process. It's like telling a professor of surgery to shut up his mouth because you have an opinion from a patent medicine dealer. Kai!

Comparing banks and MMM:
1) If all the depositors in a bank come for their money the same day, and all those who took loans also return their money, a bank with good financial management will be able to pay back most (or even all) of its depositors.
Interest on loans is much higher than the interest on deposits including fixed deposits cos there are much fewer people who take loans than those who make deposits. If the interest rate is the same, banks won't be able to maintain interest on deposits.
In essence, the little interest paid to numerous depositors comes from the large interest charged to the few people that take loans.
Meanwhile, if all those that last provided help in MMM ask for their money and no new person provides help, there will be no money to pay them. The scheme will immediately collapse, but not just that. It will collapse will several millions of people without any possibility of paying them back.

2) Banks also have several other avenues through which they generate money. They sell forex and make several millions from it. For example, they get forex from CBN and sometimes sell them with upwards of ₦50 difference. If FBN sells $10 million to traders in a month, that is ₦500 million naira profit, or even up to ₦1 billion, if they sell at ₦100 naira gain. Mind you that they also charge outrageous amounts on card transactions in other currencies.
Again, banks charge money on current accounts and their transactions, funds transfers and several other bank charges on different transactions.
It's all these businesses that banks do that keep them afloat and not just because they collect deposits of people.
That is why First Bank has been there since 1894, and will still remain for many more decades or even centuries.

3) You guys keep bad-mouthing banks and their systems, yet the MMM uses banks for it's operations. Participants make bank transactions, and even their interests are retained in banks. How convenient to use the principle of banking only when it favours you.

You guys are really dumb in all these stupid explanations you give to defend the fraudulent scheme, MMM.
Now, let's create a scenario here.
Assuming that in the next 2 years (say September 2018), there are 80 million participants in MMM out of our population of about 180 million, and half (40 million) of them provide an average help of 1 million naira each that month (I said average cos I know many will provide help less than 1 million and many others will provide more than 1 million), that will be 40 trillion naira worth of help provided. By the following month, the 40 million people that provided the 40 trillion naira help will need to get help worth 52 trillion naira. That means an additional 12 trillion naira help must be provided in that next month. Remember we're assuming that each participant provides help worth 1 million naira, it then means there must be an additional 12 million people that will join the scheme that next month added to the original 40 million to be able to provide help worth 52 trillion naira. By the following month (November), the amount of help that will be provided for that 52 million people will be worth 67.6 trillion naira, and it will be provided by 67.6 million people. That is an additional 27.6 million people that MUST join the first group of 40 million in the scheme in that November, and must equally provide an average help of 1 million each. So it means that in 2 months, the 80 million (40 million + 40 million) participants must grow to 119.6 million (52 million + 67.6 million).
Remember we've not even factored the effect of the 10% paid to those that refer new people.

Can you now see how stupid this scheme is?
You say it isn't a pyramid scheme meanwhile, you pay people 10% for every new sign up, thereby making participants hustle to sign up new people.
I just laugh at the idiocy you guys display here on Nairaland.
I took out time to chat on WhatsApp with 2 Nairalanders like you who were defending MMM few weeks ago and by the time I finished making my explanation, they agreed with me that the scheme isn't sustainable. Their only point is that they will benefit from it before it collapses. I now ask, who are the people that will lose when it does collapse?

Still finding it hard to take the dumb advice of a self-proclaimed born-again who makes his money from looking for girls who will sell their eggs to other women......Egg-scout or agent(whichever you prefer).....Please,I will pass on your false MMM painted scenario.....

A CHALLENGE TO EXAMINE THE EVIDENCE AGAINST MMM – AN
OPEN RESPONSE TO THE WARNING OF THE SECURITIES &
EXCHANGE COMMISSION OF NIGERIA
In the news recently Securities & Exchange Commission in pursuance of their
statutory duties issued a well-intentioned but I dare say misinformed warning to
the general public about MMM being a Ponzi scheme and most recently making
the news rounds is the purported report of the warning of Central Bank of
Nigeria against the activities of MMM which was penned by one Obinna Chima
of ThisDay newspaper on the 14th September 2016 edition.
First as an aside, the CBN never issued a categorical statement against MMM. In
fact, the quoted statement of its acting Director of Corporate Communications,
Mr. Isaac Okoroafor never referred to MMM. The only mention of MMM was
the subjective and unsubstantiated opinion of ThisDay newspaper’s reporter.
CBN’s warning was against “wonder banks” and “deposit money institution” in
other words CBN was warning against patronizing institutions that physically
seek deposit of funds in a central account (or any account subject to their
control) on the promise of high yield interest rates nothing more ( Here is the
link to the original report at
http://www.thisdaylive.com/index.php/2016/09/14/cbn-warns-nigeriansagainst-investing-in-wonder-banks/
for you to read it for clarity). Consequently,
I will not burn intellectual fuel in analysing the ostensible false warning
attributed to CBN.
Now to the SEC warning. As a legal practitioner of many years standing and as a
prudent ordinary citizen like any other reasonably informed person my curiosity
was pricked by SEC’s warning against MMM and that has led me to seek to
understand the facts that will aid a reasonable conclusion. In my view the
pertinent questions begging for answers are Who or what is MMM? Why are its
activities illegal? And the what are the evidence proffered by SEC to support their
allegation and disclaimer? Permit me I shall proceed in the manner of my training
to examine the relevant facts.
To arrive at a just determination of the issues raised it is pertinent to examine
the statement of SEC and their supporting evidence or proof of culpability and
then deconstruct the activities of MMM to see if it is guilty as charged.
I will quote SEC’s statement:
“The attention of SEC, Nigeria has been drawn to the activities of an online
investment scheme tagged ‘MMM Federal Republic of Nigeria
(nigeria.). The platform has embarked on an aggressive online media
campaign to lure the investing public to participate in what it called ‘mutual aid
financial network’ with a monthly investment return of 30 percent.
“The commission hereby notifies the investing public that the operation of this
investment scheme has no tangible business model hence it’s a Ponzi Scheme,
where returns are paid from other people’s invested sum. Also, its operation is
not registered by the Commission.
“The general public is hereby advised to distance themselves from this online
scheme. Please note that anyone that subscribe to this illegal activity does so at
his/her own risk.”(underlining mine for emphasis)
What is noteworthy is that MMM the subject is described as an online
investment scheme, a mutual aid financial network which promises a monthly
investment return of 30 percent. Note the reason SEC declares it illegal is that
the unlicensed online investment scheme has not tangible business model hence
it is a Ponzi scheme where returns are paid from other people’s investment. First
it important to state that a monthly return of 30 percent on an investment is not
illegal. So what makes the activities of MMM illegal under SEC’s regulatory
purview? Simple. It is operating an unlicensed investment scheme with no
tangible business model. So the question is, is MMM an investment scheme
subject to registration with SEC? only an examination of the activities of MMM
can reveal the answer so let’s examine MMM.
MMM describes itself as a voluntary union or association of persons voluntarily
providing financial aid or donating their spare money to one another with no
obligation on the receiver’s part to pay back. Participation in the community
does not give rise to a lender and borrower obligation. As an incentive to
encourage the “voluntary giving or donation” the community rewards the giver
with a 1 percent daily interest which accumulates or grows for 30 days hence the
promise of 30% return. MMM operates no central structure or bank account to
collect money. In fact, money is never paid to MMM, participating members
directly pay the money to one another. MMM merely provides the platform and
rules for such engagement and gets nothing in return because it is an
ideologically based “people movement” organization which leverages on the
power of freewill community giving as a gateway to financial freedom from the
established financial institutions which propensity is to favour only the rich.
Of significant note is that MMM clearly and explicitly warn participants on its
site to only participate with their spare money (money they can afford to lose) as
they stand the risk of losing all. and that there are no guarantees whatsoever as
no member is under the obligation to repay any donation and MMM fully
discloses that the expected 30 percent reward for donations is gotten from old
satisfied members who continue to give or donate and also from the donations of
new members joining the community nothing else. It states clearly that there no
investment or any relationship with the capital market, no goods or products to
sell, no obligation to refer or bring anyone to join and no requirement to make
any number of donation. Nothing, just people giving each other money with no
guarantees. SEC’s charge that MMM pays returns “from other people’s invested sum”
with respect is ignorant and stems from a lack of understanding the workings of
MMM. No participant is under any illusion as to how the 30 percent is obtained.
It is from participants. Take it or leave it.
I will now address the pertinent issues sequentially as they arose in SEC’s
statement.
First, it is important to note that the word “investment” has a technical meaning
apart from the everyday ordinary meaning. Though under Investments &
Securities Act 2007 the term “investment” was never defined the Second
Schedule, Section 304 of the Investments & Securities Act 2007 however it
stipulated broad categories and registrable activities like shares, stock, bonds,
government and public securities etc. that constitute investment business in
Nigeria. On the allegation of operating an “online investment scheme” I do not
see how any of the activities of MMM which is essentially freewill giving
described above fit under any of the categories or activities under the Second
Schedule of Investments & Securities Act 2007. I must say no matter how
broadly interpreted this section cannot co-opt or designate “freewill or voluntary
donation or giving” as an investment. It will be most absurd and illogical. For
academic postulation sake, assuming without conceding the least that MMM
activities can be described as an investment under Investments & Securities Act
2007 it is even doubtful if SEC’s has the powers to regulate an “online investment
scheme” whose computer server or origin is based outside Nigeria. It will be a legal
nightmare and a complex watery grave of conflict of laws to navigate even for the
best legal team.
Secondly, on the charge that its operation is not registered by SEC, I must say
that SEC lacks the power to registered or regulated online investment schemes.
However, MMM as a voluntary association of whatever complexion whether as
a mutual aid society or a social network of financial aid (call it whatever you like)
is guaranteed the freedom of association under the 1999 Constitution of the
Federal Republic of Nigeria (as amended) thus the requirement to register with
Sec is non-sequitur, it’s a none starter. It is irrelevant where MMM engages in a
non-regulated activity like voluntary donation among members. Members of
MMM also have the freedom and indeed the right to own and dispose of their
property which include their money in whatever manner they deem fit. This is a
right to private property guaranteed by the 1999 Constitution (as amended). And
to the best of my knowledge it is not illegal under Nigerian Law to give or make
a donation of your money to a charitable cause or to any cause not explicitly
declared illegal and you don’t need a license for that, thusit will be futile to label
the freewill giving in MMM illegal.
Thirdly, on the charge of MMM being a Ponzischeme, let juxtapose the features
of a Ponzi scheme and the activities of MMM. A Ponzi scheme in essence is a
clever investment scheme which lure people to invest in a supposedly legitimate
business with a promises a high yield interest rate for the investment. In a Ponzi
scheme the scam artiste relies on the inflow of cash to its central account from
new members to satisfy old members and to maintain a façade of prosperity in
order to continue entice new members. This in the long run is unsustainable and
he disappear with the cash leaving people broken. Note that in a Ponzi scheme
members trust and give their money to “investment guru” to make them more
money from opaque transactions. In all instances of Ponzi schemes there is a
central account where money is paid to (show me one that does not have a
central account?). This makes it easy for the scam artiste to bail with the money
of members. In MMM members are told clearly that there is no investment or
any relationship with the capital market, no goods or products to sell, no
business to invest in, no obligation to refer or bring anyone to join MMM.
Nothing, just people giving each other money with no guarantees. There is no
central account to pay money to. Members directly share their money with each
other. Members understand that money is gotten from but old and new members
donating. Nothing more. Nothing less. What can be more transparent? Member
of MMM knowingly and willingly accept he associated risks of their
participation. Now I ask how is this a Ponzi scheme? It is not. Yes, MMM defies
logic but that does not make it a Ponzi scheme. If it is, SEC failed to provide the
damming proof. A mere wishy-washy warning statement does not cut it for a
serious minded regulatory agency like SEC.
Another important consideration is who is complaining? It is hard not to notice
the comments online which typifies the wave of support MMM enjoys from
millions of Nigerians who are benefitting from it.
SEC’s perception of the organization is fundamentally flawed as it erroneously
describes MMM as an investment which it is not. The activities of MMM
described above does not fit under any of the categories or activities under the
Second Schedule of Investments & Securities Act 2007. I vaguely suspect SEC
never carried out any proper investigation of the activities of MMM before
rushing out a warning statement. It must have been manipulated by some
overbearing interests whose jobs are being threatened by the ideology of MMM
which is catching on like wildfire.
I know that in this discourse only time and superior proof can be the final arbiter
but before then SEC don’t sell me your baseless accusations on the platter of your
reputation. I am a man of full intellect. Take it from me MMM is not a scam. It is
a revolution. I stand to be counted me as a member.

zikter:
[color=#990000][/color][b][/b]PLS KINDLY EXPLAIN HOW THE 30% INTEREST COME ABOUT. WHO IS PAYING THE INTEREST? HOW DOES MMM PAY THEIR STAFF AND OTHER EXPENSES? AS ACCORDING TO YOU THERE IS NO CENTRAL ACCT WITH MMM. PLS KINDLY CLARIFY THESE

The real truth about the 30% is that it is coming from the new members.

kceewhyte:
alright Mekus I will.

Boss, u know me

Folksyharry:


People have been telling me about MMM but I still can't get my head round how everyone gets 30% at the end of the month. 30%!!!! Wow!
People may be making money from it but I'll just keep my money in my account until I have something reasonable to do with it.

Keep it nah. Na ur money

onair:
It amazes me when some people continue to say TRASH about MMM when they have no understanding about its ideology. How many investors CBN don epp in the past? MMM will continue to pay as long as PH and GH continues. It is not a must to join. It is not for everbody. Critics of MMM should just keep their mouths shut and siddon dey look as money rolls in for participants. MMM rocks.

can't open the site on my phone,what I mean is can't login into the page on my phone

ccollins:
can't open the site on my phone,what I mean is can't login into the page on my phone

Use a chrome browser...it's user friendly

NnaaGuy:


How does all this help you? Keep dwelling on negative past, while people are turning their lives around. At least, they have the courage to take a risk that is paying. while you're there busy reading wilkepedia. keep reading. Who wilkepedia Don epp

No mind am...me that registered and pH of (50k) on 24th Aug...paid the 50k last Thurs 15th sept....got 72k paid into my acct today...the game is real...its so cool that u even get 10% bonus when u refer people....

I hope I've been able to convince some people...with the screen shots...oya go and register... Use me as referral..Elizabethjawolusi@gmail.com

The Love of money is the root of evil.. Guess money being made by so called participant of the scheme has really darkened their mind not to think and look at the long run of robbing Peter to pay Paul scheme.. Many will always wail about the scheme cos money is rolling and forgetting not every thing that glitters is gold... contentment is the key here either their is economic recession or not..
Ask those who have benefited from the so called MMM program and ask them what they have done with the money or investment made so far?....
Let me send a bit religious here, the MMM is an end time gimmick from the pit of hell to lure people from God... (Anything that money is involved sweeps people away easily). Time will tell
Godliness with contentment is great gain
He that has ear, let him ear

temi2008:
The Love of money is the root of evil.. Guess money being made by so called participant of the scheme has really darkened their mind not to think and look at the long run of robbing Peter to pay Paul scheme.. Many will always wail about the scheme cos money is rolling and forgetting not every thing that glitters is gold... contentment is the key here either their is economic recession or not..
Ask those who have benefited from the so called MMM program and ask them what they have done with the money or investment made so far?....
Let me send a bit religious here, the MMM is an end time gimmick from the pit of hell to lure people from God... (Anything that money is involved sweeps people away easily). Time will tell
Godliness with contentment is great gain
He that has ear, let him ear

ok if mmm is luring people away from God then what is recession and hunger doing to us, drawing us to God abi

temi2008:
The Love of money is the root of evil.. Guess money being made by so called participant of the scheme has really darkened their mind not to think and look at the long run of robbing Peter to pay Paul scheme.. Many will always wail about the scheme cos money is rolling and forgetting not every thing that glitters is gold... contentment is the key here either their is economic recession or not..
Ask those who have benefited from the so called MMM program and ask them what they have done with the money or investment made so far?....
Let me send a bit religious here, the MMM is an end time gimmick from the pit of hell to lure people from God... (Anything that money is involved sweeps people away easily). Time will tell
Godliness with contentment is great gain
He that has ear, let him ear

One question please.

How does it turn people away from God?
You obviously don't know what you are saying and you really need to research before talking

[quote author=naira0 post=49696670][/quote]hahahah that would be the lot of most of this naysayers soon

bigtt76:
CBN be beefing since God knows when. They can't get our banks to give us more interest on our deposits yet be beefing the ones coming to give us let them leave us alone, na our money! #WatchYourBackTho .....this is NOT an endorsement of MMM

Chic, do u know what happened to PENNYWISE, SOLID WEALTH and others back in 2005/6/7 back then Maybe u were still crawling then. Ask those around you to brief you.

2006 I was already a member of Nairaland. I won't if I were a crawler at that age.

Anyway, my post is just me being sarcastic of CBN. I wouldn't advise anyone to do business with MMM or its other clones.

I hope that sorts it out.

toocoded:

Chic, do u know what happened to PENNYWISE, SOLID WEALTH and others back in 2005/6/7 back then Maybe u were still crawling then. Ask those around you to brief you.

I started with 25k around May, next month being October 18, I will be expecting over 300k.
Once I receive it, I will put 200k in my pocket, and continue moving with over 100k

They say MMM is a scam, chaii I love that kind of scam.

They say MMM makes you depressed and poorer, please I need this kind of depression.
They said MMM will crash, yet we are still moving financially and happily.
They say mmm participants are foolish and dull, please that foolishness that will give me over 300k from 25k Start in May, I need.
They Above all, being extremely jealous of mavrodians, they fabricated all sorts of false stories about South Africa and Zimbabwe hoping that it will make us shiver and panic, but the stories only ended up advertising MMM

If someone still posts that fake stories about South Africa and Zimbabwe,
Let him see this

Good day Mavrodians.
If anyone tells u MMM has collapsed in SA and Zimbabwe.
Don't argue with them. No story. Just give dem these links to see whether MMM is alive or not.

SA: http://rsa-mmm.co/testimonials/

ZIMBABWE: http://ea-/testimonials/

NIG: http:///testimonials

Hello
Am here to give free whatsapp tutorial/ daily mentorship on how to participate on MMM safely.
I emphased on safely because I know sizeable number of people skeptical about the program are because of their fair. Yes, that is normal but I am assuring you that I will let you see that the fair is illusion. Afterall the risk is just for 1day to 3 week (depending on how lucky you are for the first match), if you keep with my rules and procedures. You can even test with any amount between #1000- 3.5milllion.
To me MMM risk is even lower than some business, so far you are not greedy. First time is sufficient to gain your ground and continue participating with your earning.
Earning after first PH is (1.30 X the amount) + $20 or $50
Benefit you will gain from the tutorial
1. Free guide on registration. I Can even register for you and you change password at your end (if wishes)
2. Guide on safe trading on it
3. Notification of your status (eg when your order is out), so far you are my downline
4. Guide on providing solution to issues (if any)
Question and Answer section
***Please only those that are yet to register and are ready to register are welcome
Just send me message with the statement “MMM + your name”
Whatsapp/Telegram: “Zero” 8 “Zero” 34556519

gafar:
Hello
Am here to give free whatsapp tutorial/ daily mentorship on how to participate on MMM safely.
I emphased on safely because I know sizeable number of people skeptical about the program are because of their fair. Yes, that is normal but I am assuring you that I will let you see that the fair is illusion. Afterall the risk is just for 1day to 3 week (depending on how lucky you are for the first match), if you keep with my rules and procedures. You can even test with any amount between #1000- 3.5milllion.
To me MMM risk is even lower than some business, so far you are not greedy. First time is sufficient to gain your ground and continue participating with your earning.
Earning after first PH is (1.30 X the amount) + $20 or $50
Benefit you will gain from the tutorial
1. Free guide on registration. I Can even register for you and you change password at your end (if wishes)
2. Guide on safe trading on it
3. Notification of your status (eg when your order is out), so far you are my downline
4. Guide on providing solution to issues (if any)
Question and Answer section
***Please only those that are yet to register and are ready to register are welcome
Just send me message with the statement “MMM + your name”
Whatsapp/Telegram: “Zero” 8 “Zero” 34556519

Earning is 0.30+amount not 1.30 + Amount.
Please get your facts right.

Basalt:


Earning is 0.30+amount not 1.30 + Amount.
Please get your facts right.

Your mathematics is very poor. It is not even 0.3+Amount. It is 0.3XAmount + amount which is the same as 1.3 X Amount

AnalyticEngine:


Your mathematics is very poor. It is not even 0.3+Amount. It is 0.3XAmount + amount which is the same as 1.3 X Amount

Hahahahahahahaha. You failed for my trick

dmostcheerful:

Sir/ma, mmm don't work that way, it's not compulsory to refer people in mmm, you don't pay the person that invited you.
I don't know why you people are so bent in spoiling anything mmm.

then how would I make my money with the 50% interest I was promised