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*BETTING INVESTIMENT INTERNATIONAL COMPANY( BIIC)*

Hi everyone! Have you ever wondered why two friends with the same level of academic qualification never have same financial comfort in life? It’s called information. You will agree with me that "Knowledge is Power!" Knowledge distinguished the rich from the poor folks. Learning to take responsibility of your life is a “hard nut to crack.” This is why many people worked all through their lives only to end in penury. Being rich or broke is a result of our individual life decisions.

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hmmmmmm Total vote is less than Apc and pdp vote. ;Dhmmmmmm Total vote is less than Apc and pdp vote.

Total vote is 316, 019 but Apc vote(197,459) + Pdp (178,114) = 375 573 votes.

***INEC did not put other part into calculation
***where did INEC get extra figure from ?

who is seeing what I'm seeing

PDP will conquer as it is written. No weapon formed against PDP shall prosper.

I think, I possess all required qualities. an email has been sent from a d e l e y e a b I o d u n 8 5 @ y a h o o . c o m

Lot13:
It will soon be clear to Nigerians how he got the loan with take documents.

*Innoson group Vs GTBank : 30 Key Points you need to know about their dispute :*

*1* - At all Material time , Innoson Nigeria Ltd operates a Current Account with GTBank .


*2* - Innoson obtained , and had repaid same , a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion .


*3* - Innoson discovered that GTBank imposed excess and unlawful charges in its Current account .


*4* Innoson Group Complained to GTBank on his discovery of access charges on his account .


*5* - Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties .


*6*- At the end , MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank . The audit covers a period from March 2004 to Dec 2011 .


*7* - After the account was audited , it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand , Nine Hundred and Fifty-Five Naira , Ninety Nine kobo ( N786,205,955.99).


*8* - GTBank was shocked at the audit report when the report was forwarded to it .They replied in their letter to Innoson on 20th January , 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation .


*9* - In the month of September 2012 , GTBank wrote to Innoson that from their personal audit report , the excess bank charges was Five Hundred and Fifty-Nine Million , three Hundred and Seventy-Two naira ,Nine kobo ( N 559.3Million).


*10* - Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.


*11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.


*12* - GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank .


*13* - As a result , in 2012 , Innoson sued GTBank at Federal High Court Awka with Suit No : FHC/Awk/Cs/2012 .


*14* - Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

Delivering Judgement in suit no : FHC /Awk/ CS / 139/2012 , the FHC awarded N4.7billion to Innoson Motors against GTBank .
*The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson .*


*15* - In 2013 , GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/E/288/2013 .


*16* - The Court of Appeal , Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion Inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the Name of the Chief Registrar of the Court .


*17* - In its various affidavits, particularly at the Court of Appeal in suit no : CA/E/288/2013 , GTBank deposed that if it pays the outstanding Judgement debt of N6billion , much less the N8.5billion , it could go bankrupt and be out of business .


*18* - GTBank went to the Supreme Court .The case is still in the Supreme Court , while the Judgement debt is about N8billion now to be paid to Innoson by GTBank .



*Another Cases:*
IBADAN Cases : Innoson /GTBank/Nigerian Custom Service :


*19* - Nigerian Customs Service Auctioned Innoson goods .


*20* - Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court , Ibadan .


*21* - On July 29 ,2011, In a Garnishee Order Absolute , the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank .


*22* - Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .


*23* - GTBank , instead , appealed to the Supreme Court against the Court of Appeal's decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .


*24* - On May 12, 2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .


*25* - As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .


*Another issues :*

*26* - Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery which led to the suit No : FHC /L/565C/2015 by Police .


*27* - On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank's complaints first and see if they had merits .



*28* - On September 1 , 2014 , GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.



*29* - However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well .


*30* - Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

....

In all , Innoson has won two High Court cases and two Appeal Court cases all against GTBank .

Innoson as at today has Judgement debt over about N10billion based on 22% interest rate against GTBank .

*Questions for EFCC :*

*(i)* Now where is the EFCC coming from in all these ?

*(ii)* Does EFCC actually understand their duties here ?

*(iii)* Is EFCC by their action not sabotaging Nigerian economy ?

*(iv)* If EFCC should to arrest any of the parties , shouldn't GTBank who dubiously deducted Innoson money from his account and have debt of about N8billion to pay Innoson that they should arrest ?


Ikechukwu Emeka Onyia ©2017

For :Team *#FreeInnoson*


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Please, can I send money to someone without verifying my account ?.

I don't want comment again, but I will comment, Everyone knows the risk involved, then what is your problem ? .If I loose what is your problem. That is how your colleagues stood against one platform, Now they are back stronger than any other platform in the world with many features - email verification, phone verification , 10% down-payment, new site, new forum site. I have made a promise that I will stay with that platform till I die.

My downline just got paid oooooo, Ghw is healthy and strong

kennyonthrone:
nobody can stop uss people are getting help massively now kudos to d admins

GHW IS UNSTOPPABLE

coollabman:
it is impossible to get his or my pictures!

Now listen carefully! I challenge all of you! nothing can happen to me or ponzihater!

Sorry, time will tell

espionage48:
Do U think that God will answer such prayer? he won't because he is a just God. if he is like that then all everybody in this world would have been dead by now

Guy, you better run away from things of curse, if you do things of course it will impact negative effects on you. Stop making Poeple feels bad.

I just provided help today.

I have not gotten any alert

CHALLENGE TO EXAMINE THE EVIDENCE AGAINST MMM – AN OPEN RESPONSE TO THE WARNING OF THE SECURITIES & EXCHANGE COMMISSION OF NIGERIA In the news recently Securities & Exchange Commission in pursuance of their statutory duties issued a well-intentioned but I dare say misinformed warning to the general public about MMM being a Ponzi scheme and most recently making the news rounds is the purported report of the warning of Central Bank of Nigeria against the activities of MMM which was penned by one Obinna Chima of ThisDay newspaper on the 14th September 2016 edition. First as an aside, the CBN never issued a categorical statement against MMM. In fact, the quoted statement of its acting Director of Corporate Communications, Mr. Isaac Okoroafor never referred to MMM. The only mention of MMM was the subjective and unsubstantiated opinion of ThisDay newspaper’s reporter. CBN’s warning was against “wonder banks” and “deposit money institution” in other words CBN was warning against patronizing institutions that physically seek deposit of funds in a central account (or any account subject to their control) on the promise of high yield interest rates nothing more ( Here is the link to the original report at http://www.thisdaylive.com/index.php/2016/09/14/cbn-warns-nigerians-against-investing-in-wonder-banks/ for you to read it for clarity).

Consequently, I will not burn intellectual fuel in analysing the ostensible false warning attributed to CBN. Now to the SEC warning. As a legal practitioner of many years standing and as a prudent ordinary citizen like any other reasonably informed person my curiosity was pricked by SEC’s warning against MMM and that has led me to seek to understand the facts that will aid a reasonable conclusion. In my view the pertinent questions begging for answers are Who or what is MMM? Why are its activities illegal? And the what are the evidence proffered by SEC to support their allegation and disclaimer?

Permit me I shall proceed in the manner of my training to examine the relevant facts. To arrive at a just determination of the issues raised it is pertinent to examine the statement of SEC and their supporting evidence or proof of culpability and then deconstruct the activities of MMM to see if it is guilty as charged. I will quote SEC’s statement:
"The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 percent. “The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission. “The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.” (underlining mine for emphasis)

What is noteworthy is that MMM the subject is described as an online investment scheme, a mutual aid financial network which promises a monthly investment return of 30 percent. Note the reason SEC declares it illegal is that the unlicensed online investment scheme has not tangible business model hence it is a Ponzi scheme where returns are paid from other people’s investment. First it important to state that a monthly return of 30 percent on an investment is not illegal. So what makes the activities of MMM illegal under SEC’s regulatory purview? Simple. It is operating an unlicensed investment scheme with no tangible business model. So the question is, is MMM an investment scheme subject to registration with SEC? only an examination of the activities of MMM can reveal the answer so let’s examine MMM.

MMM describes itself as a voluntary union or association of persons voluntarily providing financial aid or donating their spare money to one another with no obligation on the receiver’s part to pay back. Participation in the community does not give rise to a lender and borrower obligation. As an incentive to encourage the “voluntary giving or donation” the community rewards the giver with a 1 percent daily interest which accumulates or grows for 30 days hence the promise of 30% return. MMM operates no central structure or bank account to collect money. In fact, money is never paid to MMM, participating members directly pay the money to one another. MMM merely provides the platform and rules for such engagement and gets nothing in return because it is an ideologically based “people movement” organization which leverages on the power of freewill community giving as a gateway to financial freedom from the established financial institutions which propensity is to favour only the rich.

Of significant note is that MMM clearly and explicitly warn participants on its site to only participate with their spare money (money they can afford to lose) as they stand the risk of losing all. and that there are no guarantees whatsoever as no member is under the obligation to repay any donation and MMM fully discloses that the expected 30 percent reward for donations is gotten from old satisfied members who continue to give or donate and also from the donations of new members joining the community nothing else. It states clearly that there no investment or any relationship with the capital market, no goods or products to sell, no obligation to refer or bring anyone to join and no requirement to make any number of donation. Nothing, just people giving each other money with no guarantees. SEC’s charge that MMM pays returns “from other people’s invested sum” with respect is ignorant and stems from a lack of understanding the workings of MMM. No participant is under any illusion as to how the 30 percent is obtained. It is from participants. Take it or leave it.

I will now address the pertinent issues sequentially as they arose in SEC’s statement.

First, it is important to note that the word “investment” has a technical meaning apart from the everyday ordinary meaning. Though under Investments & Securities Act 2007 the term “investment” was never defined the Second Schedule, Section 304 of the Investments & Securities Act 2007 however it stipulated broad categories and registrable activities like shares, stock, bonds, government and public securities etc. that constitute investment business in Nigeria. On the allegation of operating an “online investment scheme” I do not see how any of the activities of MMM which is essentially freewill giving described above fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I must say no matter how broadly interpreted this section cannot co-opt or designate “freewill or voluntary donation or giving” as an investment. It will be most absurd and illogical. For academic postulation sake, assuming without conceding the least that MMM activities can be described as an investment under Investments & Securities Act 2007 it is even doubtful if SEC’s has the powers to regulate an “online investment scheme” whose computer server or origin is based outside Nigeria. It will be a legal nightmare and a complex watery grave of conflict of laws to navigate even for the best legal team.

Secondly, on the charge that its operation is not registered by SEC, I must say that SEC lacks the power to registered or regulated online investment schemes. However, MMM as a voluntary association of whatever complexion whether as a mutual aid society or a social network of financial aid (call it whatever you like) is guaranteed the freedom of association under the 1999 Constitution of the Federal Republic of Nigeria (as amended) thus the requirement to register with Sec is non-sequitur, it’s a none starter. It is irrelevant where MMM engages in a non-regulated activity like voluntary donation among members. Members of MMM also have the freedom and indeed the right to own and dispose of their property which include their money in whatever manner they deem fit. This is a right to private property guaranteed by the 1999 Constitution (as amended). And to the best of my knowledge it is not illegal under Nigerian Law to give or make a donation of your money to a charitable cause or to any cause not explicitly declared illegal and you don’t need a license for that, thus it will be futile to label the freewill giving in MMM illegal.

Thirdly, on the charge of MMM being a Ponzi scheme, let juxtapose the features of a Ponzi scheme and the activities of MMM. A Ponzi scheme in essence is a clever investment scheme which lure people to invest in a supposedly legitimate business with a promises a high yield interest rate for the investment. In a Ponzi scheme the scam artiste relies on the inflow of cash to its central account from new members to satisfy old members and to maintain a façade of prosperity in order to continue entice new members. This in the long run is unsustainable and he disappear with the cash leaving people broken. Note that in a Ponzi scheme members trust and give their money to “investment guru” to make them more money from opaque transactions. In all instances of Ponzi schemes there is a central account where money is paid to (show me one that does not have a central account?). This makes it easy for the scam artiste to bail with the money of members. In MMM members are told clearly that there is no investment or any relationship with the capital market, no goods or products to sell, no business to invest in, no obligation to refer or bring anyone to join MMM. Nothing, just people giving each other money with no guarantees. There is no central account to pay money to. Members directly share their money with each other. Members understand that money is gotten from but old and new members donating. Nothing more. Nothing less. What can be more transparent? Member of MMM knowingly and willingly accept he associated risks of their participation. Now I ask how is this a Ponzi scheme? It is not. Yes, MMM defies logic but that does not make it a Ponzi scheme. If it is, SEC failed to provide the damming proof. A mere wishy-washy warning statement does not cut it for a serious minded regulatory agency like SEC.

Another important consideration is who is complaining? It is hard not to notice the comments online which typifies the wave of support MMM enjoys from millions of Nigerians who are benefitting from it.

SEC’s perception of the organization is fundamentally flawed as it erroneously describes MMM as an investment which it is not. The activities of MMM described above does not fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I vaguely suspect SEC never carried out any proper investigation of the activities of MMM before rushing out a warning statement. It must have been manipulated by some overbearing interests whose jobs are being threatened by the ideology of MMM which is catching on like wildfire.

I know that in this discourse only time and superio r proof can be the final arbiter but before then SEC don’t sell me your reputation. I am a man of full baseless accusa intellect. Take tions on the platter of your it from me MMM is not a scam. It is a revolution. I stand to be counted me as a member.
Signed 17/09/20 1 6
Ataguba S. Aboje, Esq
Abuja.
08098667600

CHALLENGE TO EXAMINE THE EVIDENCE AGAINST MMM – AN OPEN RESPONSE TO THE WARNING OF THE SECURITIES & EXCHANGE COMMISSION OF NIGERIA In the news recently Securities & Exchange Commission in pursuance of their statutory duties issued a well-intentioned but I dare say misinformed warning to the general public about MMM being a Ponzi scheme and most recently making the news rounds is the purported report of the warning of Central Bank of Nigeria against the activities of MMM which was penned by one Obinna Chima of ThisDay newspaper on the 14th September 2016 edition. First as an aside, the CBN never issued a categorical statement against MMM. In fact, the quoted statement of its acting Director of Corporate Communications, Mr. Isaac Okoroafor never referred to MMM. The only mention of MMM was the subjective and unsubstantiated opinion of ThisDay newspaper’s reporter. CBN’s warning was against “wonder banks” and “deposit money institution” in other words CBN was warning against patronizing institutions that physically seek deposit of funds in a central account (or any account subject to their control) on the promise of high yield interest rates nothing more ( Here is the link to the original report at http://www.thisdaylive.com/index.php/2016/09/14/cbn-warns-nigerians-against-investing-in-wonder-banks/ for you to read it for clarity).

Consequently, I will not burn intellectual fuel in analysing the ostensible false warning attributed to CBN. Now to the SEC warning. As a legal practitioner of many years standing and as a prudent ordinary citizen like any other reasonably informed person my curiosity was pricked by SEC’s warning against MMM and that has led me to seek to understand the facts that will aid a reasonable conclusion. In my view the pertinent questions begging for answers are Who or what is MMM? Why are its activities illegal? And the what are the evidence proffered by SEC to support their allegation and disclaimer? Permit me I shall proceed in the manner of my training to examine the relevant facts. To arrive at a just determination of the issues raised it is pertinent to examine the statement of SEC and their supporting evidence or proof of culpability and then deconstruct the activities of MMM to see if it is guilty as charged. I will quote SEC’s statement: “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.).

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 percent. “The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission. “The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.” (underlining mine for emphasis) What is noteworthy is that MMM the subject is described as an online investment scheme, a mutual aid financial network which promises a monthly investment return of 30 percent. Note the reason SEC declares it illegal is that the unlicensed online investment scheme has not tangible business model hence it is a Ponzi scheme where returns are paid from other people’s investment. First it important to state that a monthly return of 30 percent on an investment is not illegal. So what makes the activities of MMM illegal under SEC’s regulatory purview? Simple. It is operating an unlicensed investment scheme with no tangible business model. So the question is, is MMM an investment scheme subject to registration with SEC? only an examination of the activities of MMM can reveal the answer so let’s examine MMM. MMM describes itself as a voluntary union or association of persons voluntarily providing financial aid or donating their spare money to one another with no obligation on the receiver’s part to pay back. Participation in the community does not give rise to a lender and borrower obligation. As an incentive to encourage the “voluntary giving or donation” the community rewards the giver with a 1 percent daily interest which accumulates or grows for 30 days hence the promise of 30% return. MMM operates no central structure or bank account to collect money. In fact, money is never paid to MMM, participating members directly pay the money to one another. MMM merely provides the platform and rules for such engagement and gets nothing in return because it is an ideologically based “people movement” organization which leverages on the power of freewill community giving as a gateway to financial freedom from the established financial institutions which propensity is to favour only the rich. Of significant note is that MMM clearly and explicitly warn participants on its site to only participate with their spare money (money they can afford to lose) as they stand the risk of losing all. and that there are no guarantees whatsoever as no member is under the obligation to repay any donation and MMM fully discloses that the expected 30 percent reward for donations is gotten from old satisfied members who continue to give or donate and also from the donations of new members joining the community nothing else. It states clearly that there no investment or any relationship with the capital market, no goods or products to sell, no obligation to refer or bring anyone to join and no requirement to make any number of donation. Nothing, just people giving each other money with no guarantees. SEC’s charge that MMM pays returns “from other people’s invested sum” with respect is ignorant and stems from a lack of understanding the workings of MMM. No participant is under any illusion as to how the 30 percent is obtained. It is from participants. Take it or leave it. I will now address the pertinent issues sequentially as they arose in SEC’s statement. First, it is important to note that the word “investment” has a technical meaning apart from the everyday ordinary meaning. Though under Investments & Securities Act 2007 the term “investment” was never defined the Second Schedule, Section 304 of the Investments & Securities Act 2007 however it stipulated broad categories and registrable activities like shares, stock, bonds, government and public securities etc. that constitute investment business in Nigeria. On the allegation of operating an “online investment scheme” I do not see how any of the activities of MMM which is essentially freewill giving described above fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I must say no matter how broadly interpreted this section cannot co-opt or designate “freewill or voluntary donation or giving” as an investment. It will be most absurd and illogical. For academic postulation sake, assuming without conceding the least that MMM activities can be described as an investment under Investments & Securities Act 2007 it is even doubtful if SEC’s has the powers to regulate an “online investment scheme” whose computer server or origin is based outside Nigeria. It will be a legal nightmare and a complex watery grave of conflict of laws to navigate even for the best legal team. Secondly, on the charge that its operation is not registered by SEC, I must say that SEC lacks the power to registered or regulated online investment schemes.

However, MMM as a voluntary association of whatever complexion whether as a mutual aid society or a social network of financial aid (call it whatever you like) is guaranteed the freedom of association under the 1999 Constitution of the Federal Republic of Nigeria (as amended) thus the requirement to register with Sec is non-sequitur, it’s a none starter. It is irrelevant where MMM engages in a non-regulated activity like voluntary donation among members. Members of MMM also have the freedom and indeed the right to own and dispose of their property which include their money in whatever manner they deem fit. This is a right to private property guaranteed by the 1999 Constitution (as amended). And to the best of my knowledge it is not illegal under Nigerian Law to give or make a donation of your money to a charitable cause or to any cause not explicitly declared illegal and you don’t need a license for that, thus it will be futile to label the freewill giving in MMM illegal. Thirdly, on the charge of MMM being a Ponzi scheme, let juxtapose the features of a Ponzi scheme and the activities of MMM. A Ponzi scheme in essence is a clever investment scheme which lure people to invest in a supposedly legitimate business with a promises a high yield interest rate for the investment. In a Ponzi scheme the scam artiste relies on the inflow of cash to its central account from new members to satisfy old members and to maintain a façade of prosperity in order to continue entice new members. This in the long run is unsustainable and he disappear with the cash leaving people broken. Note that in a Ponzi scheme members trust and give their money to “investment guru” to make them more money from opaque transactions. In all instances of Ponzi schemes there is a central account where money is paid to (show me one that does not have a central account?). This makes it easy for the scam artiste to bail with the money of members. In MMM members are told clearly that there is no investment or any relationship with the capital market, no goods or products to sell, no business to invest in, no obligation to refer or bring anyone to join MMM. Nothing, just people giving each other money with no guarantees. There is no central account to pay money to. Members directly share their money with each other. Members understand that money is gotten from but old and new members donating. Nothing more. Nothing less. What can be more transparent? Member of MMM knowingly and willingly accept he associated risks of their participation. Now I ask how is this a Ponzi scheme? It is not. Yes, MMM defies logic but that does not make it a Ponzi scheme. If it is, SEC failed to provide the damming proof. A mere wishy-washy warning statement does not cut it for a serious minded regulatory agency like SEC. Another important consideration is who is complaining? It is hard not to notice the comments online which typifies the wave of support MMM enjoys from millions of Nigerians who are benefitting from it.
SEC’s perception of the organization is fundamentally flawed as it erroneously describes MMM as an investment which it is not. The activities of MMM described above does not fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I vaguely suspect SEC never carried out any proper investigation of the activities of MMM before rushing out a warning statement. It must have been manipulated by some overbearing interests whose jobs are being threatened by the ideology of MMM which is catching on like wildfire. I know that in this discourse only time and superio r proof can be the final arbiter but before then SEC don’t sell me your reputation. I am a man of full baseless accusa intellect. Take tions on the platter of your it from me MMM is not a scam. It is a revolution. I stand to be counted me as a member.
Signed 17/09/20 1 6
Ataguba S. Aboje, Esq,
Abuja
08098667600.

MMM Global only gave South Africans the bad news with a post on its website saying “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to be able to pay 100% per month.”

Less than three months after the company collapsed in South Africa, MMM Global, a Russian Ponzi Scheme company has opened shop in Nigeria with the domain name- nigeria- mmm .net
MMM was established in 1989 by 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.

Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatisation. This effort was similarly unsuccessful.

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi’s initial intention, inasmuch as such extravagant returns might have been possible during the Russian hyperinflation in such commerce as import-export.

MMM grew rapidly. In February 1994, the company reported dividends of 1,000%, and started an aggressive TV ad campaign. Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.
An important factor in the scheme’s success was word of mouth, but most of the company’s success came from its extremely aggressive ad campaign, which appealed to the general public by using “ordinary” characters that viewers could identify with. The most famous of them, a “folk hero” of early 1994, was Lyonya Golubkov. Another notable marketing effort was a giveaway of free Metro trips to all Moscow citizens on a particular day. MMM also was one of the first well-known companies in Russia with a logotype and slogans (“Flying from shadow to the light” and others).
At its peak the company was taking in more than 100 billion rubles (about 50 million USD) each day from the sale of its shares to the public. Thus, the cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.).

Regular publication in the media of the rising MMM share price led President Boris Yeltsin to issue a decree in June 1994 prohibiting financial institutions from publicising their expected income.
The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return. One company promised annual returns of 30,000%.
On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company’s subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.

Several organisations of “deceived investors” made efforts to recover their lost investments, but Sergei Mavrodi manipulated their indignation and directed it at the government. In August 1994 Mavrodi was arrested for tax evasion. However, he was soon elected to the Russian State Duma, with the support of the “deceived investors”. He argued that the government, not MMM, was responsible for people losing their money, and promised to initiate a pay-back program. The amount ultimately paid back was minuscule compared to the amount owed.

In October 1995, the Duma cancelled Mavrodi’s right to immunity as a deputy. In 1996, he tried to run for Russia’s presidency, but most of the signatures he received were rejected. MMM declared bankruptcy on September 22, 1997.
While it was believed that Sergei Mavrodi left Russia and moved to the United States, it is possible that he stayed in Moscow, using his money to change apartments regularly and employ a group of former special agents. With the help of a distant relative he started Stock Generation Ltd., another pyramid scheme based around trading non-existent companies’ stocks in a form of the “stock exchange game” on the company’s site, stockgeneration.com. Despite a bold-letter warning on the main page that the site was not a real stock exchange, between 20,000 and 275,000 people, according to various estimates, fell for the promised 200% returns and lost their money. According to U.S. Securities and Exchange Commission, losses of victims were at least USD 5.5 million.

Mavrodi was found and arrested in 2003. While in custody, Mavrodi was given until January 31, 2006 to read the documents in his fraud case against him (The criminal case consisted of 650 volumes, each 250-270 pages long). At the end of April 2007, Mavrodi was convicted of fraud, and given a sentence of four and a half years. Since he had already spent over four years in custody, he was released less than a month later, on May 22, 2007. He later went on to creating yet another pyramid scheme called MMM-2011.

The MMM scandal led to increased regulation of the Russian stock market, but the legacy of the fraud led many to become extremely suspicious of any joint stock companies.
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 staged a protest march in Johannesburg.
In 2016, MMM launched a website targeting the Nigerian audience.
Many Nigerians who are not conversant with the fact that the company is a fraudulent establishment that defrauded more than 40 million people of at least USD10 billion before being shutdown and declaring bankruptcy in Russia.
As reported by Fin24, MMM Global in its usual manner operated a platform where its members are encouraged to donate money to others by rewarding them with the bitcoin-linked virtual currency – Mavros – in return, and can apparently get 30% return on their rand investment by doing so.
However, it is a known knowledge that a scheme is a Ponzi scheme when expected return is 20% higher than the repo rate. To the amazement of any reasonable person, many South Africans still fall prey despite the fact that the repo rate in SA is 7%.

MMM Global only gave South Africans the bad news with a post on its website saying “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to be able to pay 100% per month.”
How can a company that has been defrauding people since 1989 claim its scheme is an experiment in 2016?

I met a former colleague who has fallen prey to the fraud. He was reveling in the phantom promise that his NGN100,000 will yield him additional 30% in return. I immediately alerted him that he has fallen for a Ponzi Scheme and that everything will soon blow up in his face.
To further delude their victims, MMM Global has been using propaganda and lies. My colleague narrated the origin of the company to me. Even a smart person will get carried away. The height of the idiocy was when he told me that MMM was closed down in Russia because the company became richer than the Russian government and all the banks put together.
A day before it collapsed in South Africa, BehindMLM, a website that reports news on Ponzi Schemes and Multi-level Marketing, MLM warned the public saying:
“The financial apocalypse is upon us, MMM Global has collapsed,”

“MMM Global’s Ponzi clones offering a lower percentage haven’t ‘proved’ themselves any more than MMM Global did,”
“MMM Global cannot sustain paying out more than is invested. And as long as affiliate investment is the only source of revenue entering the scheme, any MMM Global scheme will ultimately collapse.
“They’ll continue to pay ROIs (return on investments) until withdrawals exceed the rate of new investment, and then run out of money all the same. One only needs to look at the collapse of MMM China for evidence of what’s to come”.
“Unfortunately for most MMM Global investors, the collapse is the end of the line. Those unlucky enough to live in countries where MMM Global runs secondary scams (like South Africa), were informed their accounts would be transferred over.”

However, I am not surprised that Nigerians will fall prey to MMM Global. Ponzi Schemes are recurring decimals in the social history of Nigeria. From fraudulent investment clubs, to wealth solutions and other MLMs across the country.
In the midst of the banking boom, many Nigerian lost billions of Naira (NGN) to Ponzi Schemes who promised millions of the population superfluous interest rates close to 150% within 30 days.
A writer once accused many Nigerians of ‘momentary amnesia’, but in the midst of an economic crises, record inflation and ‘technical recession’, the lack of access to information by victims of such schemes seals their fate.

source: http://www.lagosherald.com/beware-mmm-global-the-ponzi-scheme-company-is-in-nigeria/

MMM Global only gave South Africans the bad news with a post on its website saying “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to be able to pay 100% per month.”

Less than three months after the company collapsed in South Africa, MMM Global, a Russian Ponzi Scheme company has opened shop in Nigeria with the domain name- nigeria- mmm .net
MMM was established in 1989 by 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.

Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatisation. This effort was similarly unsuccessful.

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi’s initial intention, inasmuch as such extravagant returns might have been possible during the Russian hyperinflation in such commerce as import-export.
MMM grew rapidly. In February 1994, the company reported dividends of 1,000%, and started an aggressive TV ad campaign. Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.
An important factor in the scheme’s success was word of mouth, but most of the company’s success came from its extremely aggressive ad campaign, which appealed to the general public by using “ordinary” characters that viewers could identify with. The most famous of them, a “folk hero” of early 1994, was Lyonya Golubkov. Another notable marketing effort was a giveaway of free Metro trips to all Moscow citizens on a particular day. MMM also was one of the first well-known companies in Russia with a logotype and slogans (“Flying from shadow to the light” and others).
At its peak the company was taking in more than 100 billion rubles (about 50 million USD) each day from the sale of its shares to the public. Thus, the cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.).
Regular publication in the media of the rising MMM share price led President Boris Yeltsin to issue a decree in June 1994 prohibiting financial institutions from publicising their expected income.
The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return. One company promised annual returns of 30,000%.
On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company’s subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.
Several organisations of “deceived investors” made efforts to recover their lost investments, but Sergei Mavrodi manipulated their indignation and directed it at the government. In August 1994 Mavrodi was arrested for tax evasion. However, he was soon elected to the Russian State Duma, with the support of the “deceived investors”. He argued that the government, not MMM, was responsible for people losing their money, and promised to initiate a pay-back program. The amount ultimately paid back was minuscule compared to the amount owed.
In October 1995, the Duma cancelled Mavrodi’s right to immunity as a deputy. In 1996, he tried to run for Russia’s presidency, but most of the signatures he received were rejected. MMM declared bankruptcy on September 22, 1997.
While it was believed that Sergei Mavrodi left Russia and moved to the United States, it is possible that he stayed in Moscow, using his money to change apartments regularly and employ a group of former special agents. With the help of a distant relative he started Stock Generation Ltd., another pyramid scheme based around trading non-existent companies’ stocks in a form of the “stock exchange game” on the company’s site, stockgeneration.com. Despite a bold-letter warning on the main page that the site was not a real stock exchange, between 20,000 and 275,000 people, according to various estimates, fell for the promised 200% returns and lost their money. According to U.S. Securities and Exchange Commission, losses of victims were at least USD 5.5 million.
Mavrodi was found and arrested in 2003. While in custody, Mavrodi was given until January 31, 2006 to read the documents in his fraud case against him (The criminal case consisted of 650 volumes, each 250-270 pages long). At the end of April 2007, Mavrodi was convicted of fraud, and given a sentence of four and a half years. Since he had already spent over four years in custody, he was released less than a month later, on May 22, 2007. He later went on to creating yet another pyramid scheme called MMM-2011.
The MMM scandal led to increased regulation of the Russian stock market, but the legacy of the fraud led many to become extremely suspicious of any joint stock companies.
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 staged a protest march in Johannesburg.
In 2016, MMM launched a website targeting the Nigerian audience.
Many Nigerians who are not conversant with the fact that the company is a fraudulent establishment that defrauded more than 40 million people of at least USD10 billion before being shutdown and declaring bankruptcy in Russia.
As reported by Fin24, MMM Global in its usual manner operated a platform where its members are encouraged to donate money to others by rewarding them with the bitcoin-linked virtual currency – Mavros – in return, and can apparently get 30% return on their rand investment by doing so.
However, it is a known knowledge that a scheme is a Ponzi scheme when expected return is 20% higher than the repo rate. To the amazement of any reasonable person, many South Africans still fall prey despite the fact that the repo rate in SA is 7%.
MMM Global only gave South Africans the bad news with a post on its website saying “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to be able to pay 100% per month.”
How can a company that has been defrauding people since 1989 claim its scheme is an experiment in 2016?
I met a former colleague who has fallen prey to the fraud. He was reveling in the phantom promise that his NGN100,000 will yield him additional 30% in return. I immediately alerted him that he has fallen for a Ponzi Scheme and that everything will soon blow up in his face.
To further delude their victims, MMM Global has been using propaganda and lies. My colleague narrated the origin of the company to me. Even a smart person will get carried away. The height of the idiocy was when he told me that MMM was closed down in Russia because the company became richer than the Russian government and all the banks put together.
A day before it collapsed in South Africa, BehindMLM, a website that reports news on Ponzi Schemes and Multi-level Marketing, MLM warned the public saying:
“The financial apocalypse is upon us, MMM Global has collapsed,”
“MMM Global’s Ponzi clones offering a lower percentage haven’t ‘proved’ themselves any more than MMM Global did,”
“MMM Global cannot sustain paying out more than is invested. And as long as affiliate investment is the only source of revenue entering the scheme, any MMM Global scheme will ultimately collapse.
“They’ll continue to pay ROIs (return on investments) until withdrawals exceed the rate of new investment, and then run out of money all the same. One only needs to look at the collapse of MMM China for evidence of what’s to come”.
“Unfortunately for most MMM Global investors, the collapse is the end of the line. Those unlucky enough to live in countries where MMM Global runs secondary scams (like South Africa), were informed their accounts would be transferred over.”
However, I am not surprised that Nigerians will fall prey to MMM Global. Ponzi Schemes are recurring decimals in the social history of Nigeria. From fraudulent investment clubs, to wealth solutions and other MLMs across the country.
In the midst of the banking boom, many Nigerian lost billions of Naira (NGN) to Ponzi Schemes who promised millions of the population superfluous interest rates close to 150% within 30 days.
A writer once accused many Nigerians of ‘momentary amnesia’, but in the midst of an economic crises, record inflation and ‘technical recession’, the lack of access to information by victims of such schemes seals their fate.

hmmmm

..

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