Sergie Panteleevich Mavrodi is a Russian criminal and former deputy of the State Duma. He is the founder of MMM series of pyramid.
The original MMM was set up by Sergie Mavrodi in 1989 and morphed into a Ponzi scheme in around 1994, primarily based in Russia.
The current MMM bitcoin version emerged around 2011 following Mavrodi's released from prison, and follows the same Ponzi structure as original.
In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a "30% per month" return through a "social financial network".
The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank. In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme stage a protest march in Johannesburg.
In January 2016, the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi Scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered).
In 2016, MMM launched a website(www.) targeting the Nigerian audience. It also offers participants 30% growth rate per month for each and every donation.
Both the Apex bank ,NDIC ,NSE and financial expert have warned Nigerians to desist from depositing their funds into the "Wonder Bank" and other illicit financial institutions who are not licensed by the CBN and secured by NDIC respectively. The government knowing the negative implication of MMM to our secured financial institutions considering the fact that the founder is against everything banking stand for.

"The banking institutions are more dangerous to us than the Army"---Sergei Mavrodi

The big questions "is Government deliberately allowing MMM to operate to cushion the hardship Nigerians are going through as a result of Recession?"
Over 30 percent of Nigerian low income earners have subscribed to the to the mouth watering proposal of 30% interest per month of the MMM which remain a threat to our banking institutions especially the Microfinance banks who are statutory expected to provide such services to the low income earners and economically poor Nigerians.
Most visionless and greedy so called bankers have long abused the banking creed by subscribing to the MMM scheme at the detriment of their jobs ,that of their colleagues and the banking sector at large.
The National Bureau of Statistics last published report state that" the country 's unemployment rate has risen from 12.1 per cent in the first quarter of this year to 13.3 per cent as at the end of second quarter".
In the report, the Bureau said" the number of people that were unemployed or underemployed increased from 24.4 million as at the end of first quarter to 26.06 million persons".
In September," the Consumer Price Index (CPI) which measures inflation across the country, increased by 17.9 per cent year-on-year, up from 17.6 per cent recorded the previous month" the NBS said.
In view of the above, Nigerians will definitely embrace this vague gesture as bailout for high cost of living. it is pertinent that the banking regulatory bodies swing into action by ensuring the scourge called MMM is banned from our country as other countries like Russia, China, South Africa among others have done to save the banking sector as the patronage increases like wildfire.
Every country where MMM has failed over the years, government is definitely behind it and ours should not be any different to save the masses from eventually losing their hard earned money thereby making history to repeat itself as in other countries.
'A threat to one Bank is a threat to all Financial Institutions'
Be Warned Nigerians!!!!

Definately a threat to financial institutions. That's why they are hell-bent in destroying the scheme with bad publicity.

I was not a believer before until I tried it. Trial will convince anybody that does not believe..

anybody saying that MMM will crash will be like the king's adviser in the Elijah bible days. The person will continue to see how MMM betters the lives of Nigerians in their millions but will never taste of it. Still on MMM, do you want to enjoy the aspect of MMM that gives you 100% instead of the 30% then contact me now. oseremenu@live.com for more details