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'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" - Business (10) - Nairaland

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Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 2:39pm On Nov 01, 2016
abuayman:
This the 2nd warning from CBN
who cares?am a big time mmm participant Am not afraid to loose money. It is risky not to take risk. TO HELL WITH CBN.

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mecussey(m): 2:40pm On Nov 01, 2016
deebrain:
I'm not into this MMM thing but I think CBN must be really out against the scheme without concrete proof against the scheme.

And how come our very dependable CBN seem to know the things we should not do, but have no idea of the things we should do to come out of recession?

my bro the thing dey peppe me...useless cbn

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by misscall247: 2:41pm On Nov 01, 2016
fiizznation:
Lately I Have been hearing about this MMM, but to be honest, I have no idea about what the thing stands for. Is it a betting game or what? I'm kind of curious though
I can help u
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by shotster50(m): 2:45pm On Nov 01, 2016
Another version of the pyramid scheme that took hold of Nigerians in early 2000s... The bottom will soon fall off .... e go dey like film...

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by shotster50(m): 2:46pm On Nov 01, 2016
It is also ridiculous that the CBN are aware of this scheme and are not doing anything to stop them ripping people off.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 2:46pm On Nov 01, 2016
sorepco:
Y private msg wiyh him n y not here?? Shebi u no want make more intelligent peeps expose u??


u re damn funny.... Since u re intelligent Pls go ahead
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Horlorlardaey: 2:47pm On Nov 01, 2016
COMMENT RESERVED
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mecussey(m): 2:53pm On Nov 01, 2016
Mayflowa:


Forget it. It gonna crash this year. Given free hand MMM can last up to 5 - 10 years. But no country government can allow this to thrive in her country where there is a banking system. Would you rather crash a guaranteed banking processes to favour MMM which circulate money without any product attached to it and which will of course fail eventually?

So the right thing government does is to close down the system in its earliest stage. Russia, America, brazil, China and most recently South Africa have had to close them MMM calling it a ponzi scheme. MMM has never crashe'd on their own!

So be sure, CBN is going to block MMM Web Access soon from naija Internet space. Be warned


That is the only hope CBN have for now...but thats pure wickedness. Something making Nigerians happy u want to stop, 9ja i know will protest oo, you will see how the country will shut down that very day. Naira circulating in Nigeria for nigerians, what is wrong in that? Techincally, they cant even stop the website from been assessible in Nigeria but they may decide to pay billions to U.S or Russia to block the server.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by alignacademy(m): 2:54pm On Nov 01, 2016
nony43:
CBN is it your money? Is it your risk? Shebi na my money and risk, Abeg I was once criticizing mmm but now I am regretting not starting early, people b calling mmm a scam while our money grows like grass by the way I am ghing today, Commercials banks are also benefitting from mmm some people exceed their transfer limits of their bank mobile app providing help each transfer cost 100 or 105 .CBN who una help?

I think this is the second warning CBN is
issuing.

Just wondering: what if the government bans
it?


We can't tell anyone how to spend his money,
but "shine your eye!"

Cheers!
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by yusufbida(m): 3:10pm On Nov 01, 2016
Korrection:
I dont know why my mind is telling me that this MMM is a pyramid scheme....scam...I have been cajoled by friends severally to invest but my inner spirit is saying dont do it...I think i will have to stick to my mind and face my car and poultry business...

Brother follow ur mind and don't invest on a fraudulent business
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Mayflowa(m): 3:15pm On Nov 01, 2016
PMIcon:


1. The information you gave is not new. Wikipedia is one of the first places I checked when I heard about Mmm. But do you know that you and I can provide information about MMM on wikipedia? It's not a sacred script. It is also edited from time to time.

2. My question is innocent because I have information to the contrary. I just wanted to verify your source.

And you think Wikipedia is not double checked! Wikipedia handles complex and technical subject's so well let alone ordinary MMM. What source would you believe anyway? I have friends from many nations. And they know about MMM.

That is why I gave u a balance view. If you think it won't be closed down by Nigeria govt, then you are living in a pie dream. Watch the narrative from now. The more ponzi schemes got recognised, the more they face danger of obliteration.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by orbitriz: 3:17pm On Nov 01, 2016
Emycord:
I said it oh i warned my friend now let me go and rewarn him
Stop fooling your self has your friend cried back to you that he or she has lost money? Those people don't care about your financial freedom, people are doing mmm and are enjoying it but as gullible as you are you don't want to take risks thereby remain stagnant but leave your so called friend alone to grow financially because mmm has come to stay and nothing CBN can do about it.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by misscall247: 3:20pm On Nov 01, 2016
unclezuma:


I don't blame this generation...they are lost.

Pikin go prefer MMM to hustling getting something meaningful done with his or her life
u talk as if u are in d moon.......wie is d meaninful work?
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by glossy6(f): 3:21pm 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.

But wait oh! Is it their money? Hiah!
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by misscall247: 3:28pm On Nov 01, 2016
Sj11:
I'm still laughing..you invest your money to someone you are not seeing or know their office..i can send you so many people's information with their id and password here in South Africa for your to see that the didn't pay them...so many people took bank loans to invest on this MMM without getting back the money till date....IF you have any body living here South Africa just ask them about those crooks you call MMM...I see so many committing suicide on this harsh time in Nigeria ....for your own good just request for what ever you have made now and leave
because they used a central money system I.e.....electronic payment system.


the truth is this as far as mmm kips making money from d site traffic(because if u ve observe it,d site consume a lot of MB wen u visit)so as far as thy kip making money and participants abide to the rules........ah bros waiting 4mmm Nigeria to crash is like waiting 4buhari to resign.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by crossval: 3:28pm On Nov 01, 2016
Its so unfortunate how people just seat down and criticize what they dont know anything about. its so unfortunate and sad how they also try to kill other peoples dream and vision (dream stealers), its so myopic when some one who has nothing to offer some one else is telling him not to even look into an opportunity being shown to him, its so sad to even know that we prefer peoples opinion to what our inner self says. there are no jobs out there, technology is killing jobs today, alot of companies and banks are folding up and the experts and world business moguls are recommending MLM and some one who is yet to count in 6digits is speaking and others are listening. WOW!! well all i can say is that AIM Global is a genuine business model where every body moves at the same speed and time frame, strong support system, fantastic products, etc etc. Less than one month in this company i am hitting close to a million because of the flexible compensation plan they have provided and yet some one who has nothing to offer to the economy growth is talking. If you want to know more about AIM global you can contact me on 08033926511, 09095202048, 29A5BC28 and then after wards make your judgements.. talking about fulfilling another mans destiny, the office where you work (if you do) aint you working for another mans destiny? the guys working in glo and microsoft aint they working for Mike Adenuga and Bill Gates? whose destiny is that biko? Think before you conclude.. besides in AIM Global nobody is asking you to sell products of any such.. fantastic products for your personal usage and consumption which i have personal testimonies of HBP and Diabetes disappearing... Health and Wealth is what they are offering you in this company called AIM Global
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by misscall247: 3:33pm On Nov 01, 2016
[quote author=Tellemall post=50675635][/quote]Na so u go dey,dey fyn who join late instead of u to take d risk by using what u can afford to loose.


if ur frnd mek it now 4rm mmm u will accuse him of money ritual.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by utuk: 3:33pm On Nov 01, 2016
Am comfortable with the scammed.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by viki84(m): 3:36pm On Nov 01, 2016
E concern u? This scam is better than that of the Buhari's APC

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Eguaikide(m): 3:43pm On Nov 01, 2016
You've got it wrong brother!
What's a ponzi scheme??
It's a scheme concocted by an individual to defraud from inception!
MMM is a positive concept initiated by a good man to help humanity!
All ponzi schemes have a centralized account where the initiator can access anytime and do whatever he likes with the deposited funds!
Sergey Mavrodi does not handle our money and he's warning all participants never to put all their life earnings, he's saying put the kind of money that will not make you want to kill yourself even if the system should crash!
Sergey Mavrodi is more versatile and extremely brilliant than all these neophytes in CBN calling the scheme ponzi! These guys in CBN does not understand what ponzi scheme means!
Sergey Mavrodi is making us more Nigerian because it's a system that will mandate an Ibo man to pay an Hausa man not minding tribe or religion! And vice versa!
The mmm scheme is making Nigerians trust themselves more than it has ever happened in the history of Nigeria!
Sergey Mavrodi is a Mathematician, a Programmer and above all he's worked in the bank thereby knowing the nitty-gritty of how banks operates as it concerns financial matters!
Sergey Mavrodi is brilliant and open minded to help humanity, until I see anyone with half his CV within the Nigerian government or the CBN, that is when I will start having a rethink!
MMM IS REAL!

THIS UNDERNEATH QUOTE IS A QUOTE FROM SOMEONE WHO KNOWS NOTHING BUT CLAIMING TO KNOW SOMETHING!!

This is an apt description of MMM. It is what it is 'a ponzi scheme'.
A friend has been disturbing me recently to invest through him,
I looked at him with all his education and enlightenment he does
not realise that sooner or later he's going to loose his money.

For those that have ears to hear, please hear that MMM is a scam.
[/quote]

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by gift01: 3:45pm On Nov 01, 2016
yetunsbay:
If u say MMM is a scam
U too dey lie
Meanwhile , MMM replicate is in town
This time around it is 60% bonus
Which one is that one....lemme know
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by AntiZombie: 4:19pm On Nov 01, 2016
Cbn you were saying


undecided undecided

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Jogba(m): 4:23pm On Nov 01, 2016
FACT ABOUT MMM NIGERIA THAT NOBODY WANTS YOU TO KNOW

MMM Russia has a dark untold history, it is easy to assume that the darkness was created by the founder(s) of MMM; however a deeper search reveals that there is a grand conspiracy that attempts to eliminate MMM and every other idea that tries to democratize luck.

MMM was conceived twenty seven years ago, for close to three decades, MMM’s failures have always been perpetrated by a class of people – the ruling class. I sought to understand why anyone will want to close down a community which claims to connect its participants to each other so that they can help each other.

Over the years, the answer has changed. In the 1990s, the popular answer was the founders kept all participants’ money and they could run with the money since government doesn’t monitor them. The early 2000s had a different answer; the popular opinion was the money was kept by guiders (participants who attend MMM school so that they can become leaders). There was fear that the guiders could run away with the money. The 2010s has a new answer, the answer is unclear. There is no logic to the answer. The answer is simple yet complex. The MMM critics of the 2010s believe even though MMM doesn’t collect money from its participants, MMM is still a scam. In the 2010s, MMM participants pay money to each other’s bank account. The money is in the bank, safe and secure. Or is there something deeper. Read on…

How and why did participants lose money in the 1990s? Russian government came one day with seventeen black vans to take all the billions of people’s monies with MMM (monies were kept in their head office) and they arrested its founder for tax invasion (not fraud). This happened in the presence of MMM participants, little wonder, the same MMM participated voted in millions to ensure MMM’s founder becomes a member of the Russian parliament. Mr Sergey Mavrodi’s (founder of MMM) victory at the polls was his ticket out of jail. Why did the story end badly for some participants? It is reported that some committed suicide because their money was taken. This was not them reacting to the man who was trying to make them financially free in a communist Russia, it was them reacting to a government that took all their monies away.

The major source of news about MMM is Wikipedia. Wikipedia’s founder is a wanted man in the United States of America and so many countries, he is in hiding; He unapologetically published personal mails allegedly hacked by Russia to influence an American election. Wikipedia has destroyed a lot of lives with its half truths and one sided stories. I find it hard to believe that we will trust Wikipedia without listening to the other party.

The prevalent question in my mind is why is the ruling class using its weapon (power, media and money) portraying MMM as a scam since MMM doesn’t collect money from its participants. It is like saying Facebook Inc. is a scam. Facebook cannot scam you (as a user) because facebook doesn’t collect money from you. You sign up for free. In the same light, participants sign up to MMM for free. MMM simply connects the participants to each other. The question is why? Zuckerberg was connecting us to old friends when he didn’t even know how Facebook will make profit, why? He said he wanted to create a more open and connected world. Mavrodi also claims he wants to create a fairer world, a fairer financial system.

We agree that MMM has never collected money from its participants since 1994, so why is it regarded as a scam. Critics say the system is not sustainable and at some point, it will crash. They say at some point, there will not be enough people to “provide help (an MMM term meaning donate money)” to those who want to “Get Help (an MMM term meaning receive money)”. To receive money, you must have previously donated or referred someone to join the community.

After reviewing their point, I believe what critics mean to say is; MMM is not a scam but MMM is not sustainable. At this point, there is no way MMM can use any fraudulent way to collect money from its participants
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mytreasure17(m): 4:24pm On Nov 01, 2016
Please we really need to do serious research before concluding on a thing. Just because MMM defies the known financial ideology does not make it a fraud.

What I expect from CBN is that they should understudy the MMM platform and see how its working. I believe that knowing how it works will help CBN address it properly.

I categorically state here that there is no structure in this world that is not a pyramid scheme. People should go and find out what a pyramid scheme is in depth before coming to public space and say things. In any organization who does the most work? its the bottom level staff. But who gets the lion share in terms of rewards (both financial, material and bonuses), its the top. is that not a pyramid.

Yesterday it was reported that banks made profit even in recession. the big question is HOW?

Because when you critically look at it, peoples income is static in recession, the value of money in relation to purchase is high, people lose their jobs etc. How on earth did the banks make profit?

Bankers will say they do investment. Now whose money are they investing and how much is the percentage of interest that the banks will give the individuals money they are investing. think about that

Stanbic IBTC is now doing an investing scheme they call "MUTUAL AID" where you put your money in a pool and they invest such in various organizations claiming you have a stack in those organization. Hmmmmm! interesting scheme but what is the percentage interest?

Yes China did banned MMM but who is among the world leaders in bitcoin (the buzzing online currency)? is it not the same china?

MMM is real and its paying. it is not a scheme as people are made to think.

2 Likes 1 Share

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by timota(m): 4:47pm On Nov 01, 2016
If govt wants me to quit mmm they should campaign for it cos I don't trust them.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by tumababa(m): 4:50pm On Nov 01, 2016
Korrection:
I know it sounds good but dont know how its going to end...better is the end of a thing than its starting... grin grin grin grin

i will advice u not to do it at all. people like you (late comers) are always the one to lose out when u eventually decide to join after your friends start celebrating the purchase of their new car bought from u thru mmm
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Tellemall: 4:52pm On Nov 01, 2016
misscall247:
Na so u go dey,dey fyn who join late instead of u to take d risk by using what u can afford to loose.


if ur frnd mek it now 4rm mmm u will accuse him of money ritual.

Smh.

What's money ritual?
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by SeyiAyorinde(m): 5:05pm On Nov 01, 2016
Three different people paid me from that fraudulent scheme today. If MMM is a fraud,I want to be a fraudster.
Bleep CBN.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Macjayboy(m): 5:10pm On Nov 01, 2016
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

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