hmuhammad:
The Central Bank of Nigeria (CBN) recently warned citizens to beware of trading in virtual currencies such as bitcoin, ripples and litecoin. Its warning was in apparent response to the reappearance of Mavrodi Mondial Moneybox (MMM) Ponzi scheme on January 13, after it abruptly froze its account in December last year.  CBN said, “The attention of the banks and other financial institution is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN.  Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies.”

Religious organizations also issued warnings against MMM.  Islamic scholars for example said it is haram.  The Redeemed Christian Church of God also warned its members earlier this month against participating in MMM. RCCG’s General Secretary Pastor Johnson Odesola wrote in a memo, “Please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting etc in any form.  God is and remains our supplier by the application of biblical principles of working diligently with our hands.” 

Despite these warnings from temporal and spiritual authorities, Nigerian participants in MMM are bent on trying their luck in the get rich quick scheme. When they gain money, they hold that up as a validation of the scheme.  When they lose money, they find neat ways to explain it.  This isn’t unconnected with the fact that MMM employs many ways to explain the dubious Ponzi scheme to the gullible. For example, when it returned to Nigeria, MMM claimed that it would now use bitcoin.  The announcement was a clever tactic to piggyback on the rising profile of bitcoin, a virtual currency that was hitherto more popular among online pirates. But their main marketing technique is to get the participants - their victims - to take ownership of the scheme and sell it to more prospects with similar greed and emotional composition.  It is the reason why they give extra points to members who create testimonial videos.

However, Nigerians may pay attention if they know the background of MMM’s founder, no matter their gullibility, appetite for quick cash or uncritical mindset. Sergey Panteleevich Mavrodi is a Russian criminal.  Born in 1955, Mavrodi first established MMM series of pyramid schemes in 1989.  Later, he became a fugitive and was finally convicted in 2007 by a Russian court for defrauding 10,000 people of 4.3 million dollars.  The court sentenced him to four and a half years in penal colony and fined him 10,000 rubles ($390).

Mavrodi’s term in prison didn’t reform him as he returned in 2011 with another version of the pyramid scheme called MMM-2011.  But he is wiser now; as pyramid schemes aren’t illegal under Russian law, he was more truthful.  He declared that, “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” Yet, a little over a year later, he froze the account and announced that there would be no more payouts! That didn’t stop him from branching into India, China and in September 2015, he forayed into South Africa where he promised 1% interest every day or 30% per month. In 2016, he opened shop in Zimbabwe and etched his footprints in Nigeria, sweeping his roving hands across the bank accounts of greedy Nigerians.

It would appear CBN is struggling to find the appropriate laws to use in declaring the scheme illegal and to also use for possible prosecution of the promoters. This is exactly the position the United States found itself in when Mavrodi ran Stock Generation in that country from 1998 to 2000. First, a district court found that U.S. Securities and Exchange Commission couldn’t establish that SG committed any securities violations. But in 2001, the United States Court of Appeals reversed that decision and in 2003, SEC obtained a permanent injunction against Stock Generation. Nigerian authorities should copy this example. Some Nigerians must be protected from themselves.

Cc; lalasticlala mynd44

http://www.dailytrust.com.ng/news/editorial/the-poison-that-is-mmm/182789.html

That's it. But it seems for this work, CBN, EFCC would have to sue MMM first. I would like to read more on this case.

oladimejiX:
Poison that has done a lot of good for some people.
bitter-sweet poison

LOL. MMM IS PAYING OH.

Jubilation as MMM begins to put smiles on faces of participants (see evidence)
READ: https://www.naij.com/1084962-mmm-begins-massive-matching-gh-ph.html

Arlex:
The main truth while most people are warning against mmm is because they are jealous. Yes they are jealous that some ppl out there are getting 30% interest of whatever they have, if it were not so why would you warn against mmm and and you say nothing about sports betting? Another reason is why are these people more concerned with the crashing of mmm? why do u take panadol on someone's headache? people loose money everyday on nairabet and d likes u don't complain about it so why mmm?

NON MIND THEM JARE, WITH MMM NO NEED 2 TAKE LOAN FROM BANK WITH HIGH INTEREST RATE 4 MY BUSINESS.

Arlex:
The main truth while most people are warning against mmm is because they are jealous. Yes they are jealous that some ppl out there are getting 30% interest of whatever they have, if it were not so why would you warn against mmm and and you say nothing about sports betting? Another reason is why are these people more concerned with the crashing of mmm? why do u take panadol on someone's headache? people loose money everyday on nairabet and d likes u don't complain about it so why mmm?

Yes, we are jealous that people are robbing others and collecting 30% and we're too 'foolish' to join
Nairabet is gambling. Gambling is legal, if unethical for some.
MMM is ponzi. Ponzi is a scam and illegal. But what do we know? Is it our money?
Together we shall receive sense
And you can't stop us from trolling you lot either

Govo4me2u:
over Sabi, protector u have not protect yourself from bad govt u want to protect others

I and the Nigerian government always got your back. Since you have chosen to become enemy of yourselves

The MMM philosophy; this invention has explosive consequence with enough energy to catapult human social behavior into a new era, a new world order; an era where money becomes virtual reality and still it will obey the fundamentals rules of social science, it gives you a sense that true and sustainable communism. Sergei's ideology has come closest to eliminating the bias of social hierarchy ingrained in capitalism. However, just like every good social theory which seeks to eliminate the gap between the rich and poor or the bias of capitalism when put to the test doesn't seem to fair too well just like Marxism.
http:///ideology/ http:///ideology/

hmuhammad:
The Central Bank of Nigeria (CBN) recently warned citizens to beware of trading in virtual currencies such as bitcoin, ripples and litecoin. Its warning was in apparent response to the reappearance of Mavrodi Mondial Moneybox (MMM) Ponzi scheme on January 13, after it abruptly froze its account in December last year.  CBN said, “The attention of the banks and other financial institution is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN.  Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies.”

Religious organizations also issued warnings against MMM.  Islamic scholars for example said it is haram.  The Redeemed Christian Church of God also warned its members earlier this month against participating in MMM. RCCG’s General Secretary Pastor Johnson Odesola wrote in a memo, “Please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting etc in any form.  God is and remains our supplier by the application of biblical principles of working diligently with our hands.” 

Despite these warnings from temporal and spiritual authorities, Nigerian participants in MMM are bent on trying their luck in the get rich quick scheme. When they gain money, they hold that up as a validation of the scheme.  When they lose money, they find neat ways to explain it.  This isn’t unconnected with the fact that MMM employs many ways to explain the dubious Ponzi scheme to the gullible. For example, when it returned to Nigeria, MMM claimed that it would now use bitcoin.  The announcement was a clever tactic to piggyback on the rising profile of bitcoin, a virtual currency that was hitherto more popular among online pirates. But their main marketing technique is to get the participants - their victims - to take ownership of the scheme and sell it to more prospects with similar greed and emotional composition.  It is the reason why they give extra points to members who create testimonial videos.

However, Nigerians may pay attention if they know the background of MMM’s founder, no matter their gullibility, appetite for quick cash or uncritical mindset. Sergey Panteleevich Mavrodi is a Russian criminal.  Born in 1955, Mavrodi first established MMM series of pyramid schemes in 1989.  Later, he became a fugitive and was finally convicted in 2007 by a Russian court for defrauding 10,000 people of 4.3 million dollars.  The court sentenced him to four and a half years in penal colony and fined him 10,000 rubles ($390).

Mavrodi’s term in prison didn’t reform him as he returned in 2011 with another version of the pyramid scheme called MMM-2011.  But he is wiser now; as pyramid schemes aren’t illegal under Russian law, he was more truthful.  He declared that, “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” Yet, a little over a year later, he froze the account and announced that there would be no more payouts! That didn’t stop him from branching into India, China and in September 2015, he forayed into South Africa where he promised 1% interest every day or 30% per month. In 2016, he opened shop in Zimbabwe and etched his footprints in Nigeria, sweeping his roving hands across the bank accounts of greedy Nigerians.

It would appear CBN is struggling to find the appropriate laws to use in declaring the scheme illegal and to also use for possible prosecution of the promoters. This is exactly the position the United States found itself in when Mavrodi ran Stock Generation in that country from 1998 to 2000. First, a district court found that U.S. Securities and Exchange Commission couldn’t establish that SG committed any securities violations. But in 2001, the United States Court of Appeals reversed that decision and in 2003, SEC obtained a permanent injunction against Stock Generation. Nigerian authorities should copy this example. Some Nigerians must be protected from themselves.

Cc; lalasticlala mynd44

http://www.dailytrust.com.ng/news/editorial/the-poison-that-is-mmm/182789.html

Lo and behold, the downfall of MMM cometh and the mumu MMM people still consoling themselves on nothing and for nothing, instead to wait for another chance as pennywise came and gone, MMM is gone too now I know another dribble is still coming on its way sooner or later. Just as Robert Greene in his famous 48 laws of power (law 40, pg 346) put it that "people are essentially lazy, and want wealth to fall in their lap rather than to work for it... Lure people in with the prospect of easy money and you have the room to work still more deceptions on them, since greed is powerful enough to blind your victims to anything. "

#greed does not pay

i tire oo people are just wicked, weather u like it or no mmm made lives better!!!!!!!!!!

Benite:
Obviously seun has been paid to ruin mmm, am not a guider or have any personal interest in mmm but believes in fair reporting.
seun lalastica and other mods what you guys are doing is very bad and pure wickedness.
Seun you push anti-mmm to fp and block others that are pro mmm which is very bad.
the poeple deserve fair reporting stop being biased.
Seun whatever money you have been paid to ruin mmm is blood money because the panic you are creating have killed many people.
Seun i value this forum and your effort but pls be fair.
Here is a thread i saw this morning stating current state of mmm and people being matched and paid this morning.
see it

https://www.nairaland.com/3595334/breaking-news-mmm-back-better

pls check it out. am not a guider just believe in fair reportage.