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'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" - Business (11) - Nairaland

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Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mctowel01: 5:10pm On Nov 01, 2016
TenPassfour:
What is the meaning of MMM? Before I join.
Money making machine..
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by anthony533(m): 5:13pm On Nov 01, 2016
TAKE A SECOND LOOK
Government says “Participate in MMM at your own risk”
-NEWS-
# This is laughable#
In Nigeria, I sleep at my own risk, I wake up at my own risk, I go out at my own risk, I come in at my own risk, I put my MONEY in the bank at my own risk, Even in banks, CARS are parked at OWNERS risk. I do everything at my own risk.
So there’s nothing special about doing MMM at my own risk…
Long Live MMM Nigeria…

9 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by bobfash(m): 5:15pm On Nov 01, 2016
mtchew.... they there! Make them barn am make we see na!

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by ewosk: 5:19pm On Nov 01, 2016
chai see as Nigerians dey vura for this matter grin

Anywhia am enjoying the Mavro market dayz....my Best day of the week is Tuesdays grin grin grin grin

Any testifier in the House say AMMMEEN!!! grin grin cool

3 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by lanre316: 5:40pm On Nov 01, 2016
Macjayboy:
Its obvious that people bashing mmm dont really understand the concept you dont pay money to any mmm account ....if mmm crashes today they stands to gain nothing...thank yu

You think MMM creators are father Christmas, shey? They don't like money like Nigerians? Wrong. They do this for their profit.

They created the system, they can manipulate payments to their Nigerian agents accounts, and those agents will send over to them their agreed amount in foreign currency. If it crash today, the MMM creators had already gained much from the money transferred through their Nigerian agents. Many people do not know this and they're not supposed to know, as long as they're still getting paid.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Anthocracy(m): 5:43pm On Nov 01, 2016
*Those criticizing MMM will Regret for Late Registration- Engr Joseph(Member Stock Broker in Nigeria).*

Am Engr Joseph from Imo state, I was one of the best Stock Brokers in Nigeria before I left as the economy keeps nosediving and in an irretrievably recession.

I don't blame SEC, CBN or anyone who says MMM is a scam and would crash soon because they are just placeing a "FOOLISH" label on themselves, As for some of my brothers who sit down under a withered Mango tree and wishes MMM crashes soon and wetin for participants to cry, once you close your eyes to sleep may you never wake up because you want everyone to be at the same poverty level with you!!

''Fear has made a lot of pple so comfortable with poverty!,They are so eager to see MMM
crash!! why? Because they want everyone to be
on the same poor level!

The Federal Government has never told us the truth about anything, but people choose to believe them about what they said of MMM?.....

One said to me with passion " You will lose your
money"....I told him " No problem, Those who lost
theirs in savannah bank, shares, global recession
etc have they died?? Have they stopped putting
their money in banks??"

Nigeria federal government will loot us in anyway possible but when we encounter one financial freedom for ourselve, they will want to feed us with fear discourage us via media! Because Nigerian are very fearful people.

I love the MMM ideology! I have given Help and
gotten help and am growing financially, just like
thousands of MMM participants in Nigeria!.

Some say 30% is not possible, I told them if it was Diamond bank or wema bank etc that said it gives 30%, you will believe and put yourur money, won't u?

If MMM was paying tax to the Federal government, do you think that they will be against it? Why haven't our Federal Government sponsored the media spoke evil against Casino, NairaBet, Bet9ja, Pool and other gambling agencies??
They won't Because they pay taxes!

"I strongly believe that those who are been deceived by federal government and other campaign calumny against MMM will soon regret on their Late registration."

In a match, there must be players and spectators!.I choose to be a player because only players get paid, spectators only watch and run their mouths and spend money buying tickets!..
We are changing Nigeria!

*MMM Rocks!!*
*Long live MMM*

8 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by gibzzhd: 5:49pm On Nov 01, 2016
Tell CBN MMM has brought more change than buhari and APC.They should be ashamed of themselves for their failed change

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by deavicky(m): 5:49pm On Nov 01, 2016
coollabman:



I can't believe someone will type this rubbish on a public forum! You mean that after being warned about the dangers of something by a government official from a reputable government agency you still ask such stu.pid questions?! Now imagine if NAFDAC warns Nigerians about a particular product and tells them to desist from buying/consuming it, is it wise to ask NAFDAC is it their money? is it their own life at risk? imagine the nonsense! angry angry better heed the warning and stop fooling yourself.
There's no quick and easy way to make money #Word.
calm down MMM is paying. The Government or her sisters can not do anything about it. Mind u MMM Ghana had just been launched.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by nairaman66(m): 5:54pm On Nov 01, 2016
coollabman:


Yes! the CBN is a reputable government agency!



you'd be surprised the kind of power at the disposal of the government. they can go as far as making the MMM website inaccessible in Nigeria (since they have no physical address). Something similar was done in China!



Common be real! How and when has the Nigerian government scammed you?! MMM is still in its nascent stage (barely one year) in Nigeria! It will eventually grow so big and will burst like a bubble! dragging all of you hooked up to the system down the drain. That's why a ponzi scheme (that has a pyramid structure embedded in it) is dangerous. A few people make money and it appears to be legitimate for a while. Eventually more unsuspecting people join and it grows to a stage where it collapses. Causing those that join late in the lifespan of the scheme to loose money! that's why its a scam! MMM is a scam!

You can only shut a site down if the severs are in your country! I doubt if MMM does have a server here!

The Nigerian government have been scamming Nigerians since 1960!! Nigeria is among the OPEC countries but we have living standards like that of Somalia, where did all the oil money go? Private pockets.. There you go for specifics!

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by 3sexy: 5:56pm On Nov 01, 2016
CBN go and stop nairabet, pool etc,

Is it becos mmm is not paying u tax?

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by stephinnoyewole(m): 6:01pm On Nov 01, 2016
I don't blame SEC, CBN or anyone who says MMM is a scam and would crash soon because they are just placeing a "FOOLISH" label on themselves, As for some of my brothers who sit down under a withered Mango tree and wishes MMM crashes soon and wetin for participants to cry, once you close your eyes to sleep may you never wake up because you want everyone to be at the same poverty level with you!!
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Pylony(m): 6:12pm On Nov 01, 2016
Garshyzee:
u these cynics criticizing.....mmm pays and its still paying.....for how to participate freely without fear of suspension and blockings..check my signature ; cool..mm rocks sha
watch your back cos they'll soon cut all payments and back out just like their counterparts in the game.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Pylony(m): 6:24pm On Nov 01, 2016
All these pyramid schemes lack any genuine product to sell and make profit, yet people blindly walk into it with their hard earn money even inviting more potential victims to the criminals. Yes, at first they'll pay out cash to get you thinking it is legit only to be disappointed when they close-Shop. At a time like this when Recession is the order of the day, one need to apply financial wisdom.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by eluquenson(m): 6:33pm On Nov 01, 2016
CBN is still the most fraudulent Bank in Nigeria, they are only blowing the trumpet.

Apex Bank my foot.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by crackhouse(m): 6:44pm On Nov 01, 2016
Meanwhile there's a lecture going on somewhere in a Nigerian bank and just take a look guys.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by blessed2016: 7:08pm On Nov 01, 2016
If you want more info about MMM contact 08136339818
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by riczy(m): 7:12pm On Nov 01, 2016
Vick4rill:
dont mind the fool
bigger one
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 7:13pm On Nov 01, 2016
coollabman:


Yes! the CBN is a reputable government agency!



you'd be surprised the kind of power at the disposal of the government. they can go as far as making the MMM website inaccessible in Nigeria (since they have no physical address). Something similar was done in China!



Common be real! How and when has the Nigerian government scammed you?! MMM is still in its nascent stage (barely one year) in Nigeria! It will eventually grow so big and will burst like a bubble! dragging all of you hooked up to the system down the drain. That's why a ponzi scheme (that has a pyramid structure embedded in it) is dangerous. A few people make money and it appears to be legitimate for a while. Eventually more unsuspecting people join and it grows to a stage where it collapses. Causing those that join late in the lifespan of the scheme to loose money! that's why its a scam! MMM is a scam!

Dey dia dey talk rubbish dey fool yourself when guys are making cool 30% from their money every 30days.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by peterunla: 7:39pm On Nov 01, 2016
[quote author= post=50669188]

U
Them no go warn people wey do GNLD dey furstrate peoples life na MMM wey dey bring instant return na hin dem dey attack
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 7:46pm On Nov 01, 2016
https://en.m.wikipedia.org/wiki/MMM_(Ponzi_scheme_company). Nigerians won't learn. Mmm is a ponzi scheme, a house of card, when it crashes, it gonna be a bitter loss for the loosers.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by toprealman: 7:46pm On Nov 01, 2016
Emycord:
I said it oh i warned my friend now let me go and rewarn him
They only learn with tears in their eyes.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by charlsecy(m): 7:54pm On Nov 01, 2016
alignacademy:
Just wondering: what if the government bans it?
Government will ban visiting a website and making deposits at a bank? How workable is that?

@coollabman,
Ban a site? Well , Nigeria is a democracy unlike China. Besides, it doesn't work that way, or why do you think America hasn't shut down international terrorists' websites?

haibe:
sure u will keep on making money as long as there are new investors but once investments cease.
MMM is a mutual-help community, not an investment scheme.

wailing:
it will crash by January...quote me anywhere
munas:
The live blood of MMM is new members...the day new people providing help is far less than the people requesting help,that is when it will collapse
Not true, because in MMM, both new and old participants make donations. Release date and Pause mode ensure Get Help can't outstrip Provide Help. Go and study MMM well.

Sj11:
IF you have any body living here South Africa just ask them about those crooks you call MMM
MMM South Africa is working.

Smooyis:
This warning by the CBN will ultimately lead to panic withdrawal which will crash the MMM.
Panic withdrawal when your release date is not due? Go and study MMM well.

Pylony:
Yes, at first they'll pay out cash to get you thinking it is legit only to be disappointed when they close-Shop.
mradonis:
Ask those who Wonder Bank dealt wit dem back in 2008.
Sorry, but MMM is not a bank, and accepts no deposits. MMM doesn't claim to be a bank. MMM has no account where all the participants pay into. It is a peer-to-peer donation system.

espionagesavvy:
Ponzi scheme, a house of card, when it crashes, it gonna be a bitter loss for the loosers.
calcal:
MMM was a Russia investment scam during 90s. Nigeria with copy cat, well done.
lanre316:
You think MMM creators are father Christmas, shey? They don't like money like Nigerians? Wrong. They do this for their profit.
MMM is an ideology. Everything is not about profit for the founder.

The old MMM started in 1989, but got restructured in 2011. MMM is currently in over 50 countries with millions of participants.

If you were a criminal, would you wait 27 years to defraud people? If the founder was really a fraudster, why is he walking free, while his MMM expands to more countries?

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by armpit: 8:02pm On Nov 01, 2016
And that was how I've been calling MMM a scam while my colleagues at work been reaping the benefits a long time. So, because it is not regulated it becomes a fraud? Individuals can't think up ideas again abi? Unless they identify with some cabal that want to reap from where they did not sow. CBN please focus on how to stabilise our naira.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Garshyzee(m): 8:35pm On Nov 01, 2016
thunderbabs:


Who be cynic? If you had gotten high blood pressure from pennywise back in the day, you wouldnt be ta :lking thrash. People, I mean lots of pole earned from pennywise then. Not that you wouldn't earn, infact reinvesting their earnings over and over again till the theif came in the night unannounced and stole all of their money- both capital, and the reinvested earnings, all of it gone overnight.

When this occurs, which I see happening soon. I am going to throw my head back with some friends and laugh at you all who think CBN is saying nonsense.

Just a matter of time

Remember, it will happen like a thief in the night.

boss if i were u,i would spend my time wisely.instead of criticizing stuff u know nothing about undecided
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by notoriousbabe: 8:38pm On Nov 01, 2016
I have been tolding my friends about this,but they doesn't listening to me. Now CBN has tolded them again
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by aroti: 8:39pm On Nov 01, 2016
slimany:
All the unemployed graduates wen APC promise 5k every month.
I just hear sa una money don reach 17months.
N5,000x17=85,000.
Just be patient, Buhari is borrowing $30billion to pay una arrears.

Lies peddler!
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by scondy(f): 8:57pm On Nov 01, 2016
In simple english , they say its a scheme where a person offers another financial support and also gets equal support. then for every referral, you get 30% of the financial assistance being given. so just a simple question, if A gives B 30k today, and receives same 30k from another within 30days,and continues in a cyclic manner, how then will the funds yield interest? since there is no holding period involved, no interest charge involved, money is simply changing hands, how is the 30% interest payable being created. Banking is all about inter-mediation and money creation. Find those that have surplus funds, hold the funds for them with the promise of paying them a certain interest on it, then find others that need funds and charge them at an even higher interest rate, they withdraw the money and deposit elsewhere for some sort of return and the cycle continues. The key thing is that new money is being created in the process as these funds change hands due to the interest factor.

There is a reason why there is a word called logic. And no business or investment can succeed if its void of logic. There is no magic to wealth creation. its like accounting, for every debit there must be a corresponding credit, however, in investment banking, the corresponding credit may be multiplied or divided, it will simply depend on the stimulus.

What is simply happening in MMM can be explained like this, you give A money, you get it back from another, now for A to ensure that the person that gave you funds gets his money back he has to ensure more people get on the scheme. Then A tells you that for each referral, you will get 30% interest payment as additional funds. Thus, you are motivated to help enlarge the scheme and get more funds trapped in the system. Each person's goal is to increase their interest payout so they are highly motivated to get more people on board, in that process more funds are trapped. Once you subscribe, you are dammed if you don't get more people on board because that is the only way you get refunded or paid additional sums. The payouts are simply from funds of new entrants. Then the law of diminishing returns will set in, and the funds from the reducing number of new entrants will be unable to match the payouts of the existing subscribers , then BOOOOOOOM, it collapses. And a lot of late entrants will loose big time.

NB: A also gets paid 30% on every new referral because that is how the scheme works. And as such, he is the biggest benefactor of the scheme. So those that think the founders have nothing to gain except website traffic, think again.

Now here is the thing, i hear people say..." i started early and have been cashing out so if it crashes, it doesn't affect me, i made money"......my response is, yes, you made money but that money are the funds lost by other individuals like you. So you are no different from a scammer or 419 yourself. You made profits by scamming gullible people.

In summary, the scammers are not just those who created the scheme but every individual that subscribes and gets other people to do so..

Pls share this post with others, it may save someone from loosing everything they have worked for...

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by uyicos: 8:57pm On Nov 01, 2016
Nigerians and bad belle
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by magicfingers009: 9:00pm On Nov 01, 2016
coollabman:


Yes! the CBN is a reputable government agency!



you'd be surprised the kind of power at the disposal of the government. they can go as far as making the MMM website inaccessible in Nigeria (since they have no physical address). Something similar was done in China!


Bro, please give me one reason why the Nigerian Govt has not succeeded in Jamming the signals of Radio Biafra after investing thousands of USD in closing down a Radio station? So Na MMM site them go succeed for. People are making money you are talking nonsense.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 9:01pm On Nov 01, 2016
the day mmm will crash ehn, a yaya many will bite their fingers. the glitches will start by the time there is no more peter to rob in order to pay paul. 30 percent profit is what's making people run to mmm and its obviously working. some are like "sebi m making my money", ok the day greed will make you put in your life savings into it and few days after the system crashes what would you do? absolutely nothing other than gnashing of teeths and wailing.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by alansamm: 9:02pm On Nov 01, 2016
Want to knw more abt MMM,and its activities and the money u will make from it,chat me up privately 07037521818..... Its for real.MMM pays.#MMM sure pass nairabet

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 9:04pm On Nov 01, 2016
scondy:
In simple english , they say its a scheme where a person offers another financial support and also gets equal support. then for every referral, you get 30% of the financial assistance being given. so just a simple question, if A gives B 30k today, and receives same 30k from another within 30days,and continues in a cyclic manner, how then will the funds yield interest? since there is no holding period involved, no interest charge involved, money is simply changing hands, how is the 30% interest payable being created. Banking is all about inter-mediation and money creation. Find those that have surplus funds, hold the funds for them with the promise of paying them a certain interest on it, then find others that need funds and charge them at an even higher interest rate, they withdraw the money and deposit elsewhere for some sort of return and the cycle continues. The key thing is that new money is being created in the process as these funds change hands due to the interest factor.

There is a reason why there is a word called logic. And no business or investment can succeed if its void of logic. There is no magic to wealth creation. its like accounting, for every debit there must be a corresponding credit, however, in investment banking, the corresponding credit may be multiplied or divided, it will simply depend on the stimulus.

What is simply happening in MMM can be explained like this, you give A money, you get it back from another, now for A to ensure that the person that gave you funds gets his money back he has to ensure more people get on the scheme. Then A tells you that for each referral, you will get 30% interest payment as additional funds. Thus, you are motivated to help enlarge the scheme and get more funds trapped in the system. Each person's goal is to increase their interest payout so they are highly motivated to get more people on board, in that process more funds are trapped. Once you subscribe, you are dammed if you don't get more people on board because that is the only way you get refunded or paid additional sums. The payouts are simply from funds of new entrants. Then the law of diminishing returns will set in, and the funds from the reducing number of new entrants will be unable to match the payouts of the existing subscribers , then BOOOOOOOM, it collapses. And a lot of late entrants will loose big time.

NB: A also gets paid 30% on every new referral because that is how the scheme works. And as such, he is the biggest benefactor of the scheme. So those that think the founders have nothing to gain except website traffic, think again.

Now here is the thing, i hear people say..." i started early and have been cashing out so if it crashes, it doesn't affect me, i made money"......my response is, yes, you made money but that money are the funds lost by other individuals like you. So you are no different from a scammer or 419 yourself. You made profits by scamming gullible people.

In summary, the scammers are not just those who created the scheme but every individual that subscribes and gets other people to do so..

Pls share this post with others, it may save someone from loosing everything they have worked for...
hmm a comment with great insight

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