Nigerians won’t quickly forget the craze and frenzy that greeted the popular Ponzi scheme, MMM in 2016. Ponzi schemes are investment scams promising high rates of return for older investors, but they do that with funds from new investors. This makes is prone to collapse at any moment, leaving investors with huge losses to bear.

Mavrodi Mondial Movement (MMM) came into Nigeria in 2016, with a promise of a 30% return on investment within a month. It quickly garnered 600, 000 registered members, who considered it a wonder bank. The Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN) and a few other financial agencies launched the #Don’tDoIt campaign to dissuade greedy Nigerians, but it all fell on deaf ears.

Earlier this week, the EFCC arrested one Babagana Dalori, for defrauding no fewer than 27, 400 Nigerians to the tune of about N7 billion through fake promises of mouth-watering returns on their investment in his companies.

Read full article here: https://qwenu.com/2019/04/24/unsatisfied-with-the-outcome-of-mmm-nigerians-squander-another-n7bn-on-ponzi-scheme/

Nigerians and their beliefs in getting free money is like 5&6..... MMM and this one aren't the last one you will hear. I have all my faith in deluded lazy Nigerian peeps out there to "invest" even more in these scams.