A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo has been unveiled as the mastermind of the suspected Ponzi scheme known as MMM Nigeria.

According to an online report, Mbanefo is based in South Africa.

Nigerian Communications Week said Mbanefo registered the site MMM Nigeria.net domain on June 7, 2016 about at about 5 pm Nigerian time.

NAN quoting NCW And Pageone report written as far back as September said Mbanefo made a single year domain payment. The domain will expire on June 7, 2017. It was also revealed that MMM Nigeria is not part of MMM Global – a Russian company that was responsible for one of the
world’s largest Ponzi schemes in the 1990s.

MMM Global was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames (MMM).

But like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 per cent return on investment. Around the world, MMM is feared.

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.

MMM recently crashed in Zimbabwe: Thousands of ‘Mavrodians’ in Zimbabwe were left in tears when the scheme crashed, losing tens of thousands of their lifetime savings.

PageOne gave Mbanefo’s address as 1 ROYAL STREET, LINDBERG PARK, JOHANNESBURG, SOUTH AFRICA. According to Page One, on the 15th of July, Ernest was awarded a certificate of completion of an online course titled ‘MMM Guiders School’.

The certificate was supposedly signed by Sergei Mavrodi himself. He has since given himself the nickname the ‘Super Guider of MMM’. To share news and information about MMM, Ernest also operates a subdomain ‘news.mmm-nigeria.net. The site praises him and projects him as the leader of the Ponzi Scheme in Nigeria.

“He is described as: MMM Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigeria Participants whether or not they fall under his downline structure. The brain behind the MMM NIGERIA REVOLUTION operation has been working selflessly and tirelessly towards the education, information and proper guidance for the MMM Nigeria Community’

http://www.lailasblog.com/2016/12/pastor-ernest-chigozie-mbanefo-mmm-nigeria-owner-south-africa.html

Hmmm,odiegwu.

Igbo people too much!

Igbo kwenu.... Iyaaaaa!!!

Igbo kwezue unu oo!

Igbo man and business be like bread and agoyin beans.

How reliable is this mmm sef dnt wanna risk my money biko

Nixiepie:
How reliable is this mmm sef dnt wanna risk my money biko

my dear,Ultimate Cycler is d bomb now..i have made 50k In less than 2weeks..trust me,you won't regret one bit..drop your contact to join my whatsapp group.

Lol. Keep shaking new beez in the system. Are you telling me the MMM Nigeria that people joined Last year April is not same as this? What about the 1 year anniversary of MMM Nigeria that was done last 2 weeks? Where new members were given 1,000 NAIRA extra as registration bonus? Stop posting rubbish pls and if you don't want to joint MMM no one is forcing you to join. We mavrodians are already enjoying the system. Allow us to be scammed please

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do dis maths
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but wen u donate 6k on i**charity u will get 30k and dat is d only money u will spend
nd u will still get it back nd still earn 300k in a flash within one 1 or 2 months

just trying to open ur eyes

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Let's just pray it doesnt crash like zimbabwes MMM . If e happen Naija go shake.

hillz1990:
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