Recession: Nigerians run to MMM, invest over 4 billion
By Tokunbo Ayinla
Hit by a declining national economy, millions of Nigerians are finding solace in a new multi-donor community, known as MMM. Investment by Nigerians is in the range of 4 billion naira, Irohinoodua gathered today. The initiative which was developed by a Russian, Sergei Marvrodi has seen thousands of Nigerians enlisting on the scheme with millions of people on the potential list. Since the scheme entered Nigerian shores, close to a quarter of a million Nigerians have been enlisted with a revolving investment in the range of 4billion naira, our correspondent was told.
The MMM profile involves investing a certain amount with 30 percent return on investment in 30 days, which is more than any rate any Nigerian financial institution could over. The potential candidate enlists with bank account details. The candidate then donates a certain amount which does not leave the account of the holder until a help is needed before the money is transferred into a member who is in need.
At the end of 30 days, the investor finds another helper who then pays the amount back into the donor’s account with the 30 percent interest. The rules are so strict that once the candidate defaults, the name would be struck out automatically. It appears the scheme is not expected to produce millionaires, but to keep a lot of people on the survival line with high interest rate which augments their businesses and personal fortunes. Marvrodi was said to have designed the scheme to help millions of middle income earners across the world to beat the poverty line and raise their financial status. He says the network will fight poverty and create the much needed nexus between the rich and the poor.
A student of the University of Lagos who does not wish to be name told Irohinoodua that three people in his immediate family enlisted three months ago. She said “Now, we make about 140,000 every month. We pay our school fees and even feed our poor family. I even have to pay the school fees of the family’s last born.” She said the MMM has transformed her life from grass to grace.
“The MMM scheme has opened up a huge opportunity for me. I invest every month and I get 30 percent return on investment”, Abiodun Akinlusi told Irohinoodua on Monday. He said he has made nothing less than 500,000 since he joined the online community early this year.
Another participant said that the scheme’s ideology is to fight against the unjust financial system of the world, which makes the poor poorer and the rich richer thought it is the poor who does the hard work.”
The MMM is not without foes mainly from the banking sector who see the 30 percent return on investment as a threat to them. “The banks are jealous of the scheme. They want to bring it down simply because the MMM has demystified the banking industry by offering hope for the poor and helping many people to bail out of the recession,” Micheal Nwagwu who said he makes an average of 150,000 every month told Irohinoodua.

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