₦airaland Forum

eph12:
You should not blame citizens for the failure of the government. When I discuss with people I notice that most have businesses and ideas waiting to be harnessed. But there's no money or the fear of failure is so overwhelming. You know if the business should fail it won't be easy to get back up because life savings, loans have been put into it. The economy is just too volatile to invest if you coming from nothing.

eph12:
The way you guys talk about agriculture like it's one heaven. I have a brother in this agriculture and it's not easy. There are lots of people in it already. You think agriculture is simple? Just get a land and plant abi? Maybe you talking about subsistence agriculture where it's for only you and your family. You can't go commercial without having adequate knowledge. I know of someone who invested in it and lost a lot. Abeg agriculture is not beans jare

SmellingAnus:
despite this nice write ups you still didn't answer my question

SmellingAnus:
Buhari said Nigeria will come out of recession in 2017... My question for you and other nairalanders is that : which of these is more feasible....1. Mmm coming back in January or 2....Nigeria coming out of recession in 2017?

holamiday:
Though i never did mmm and never advised anyone to, but most of the aspersions you people cast on the scheme are either unfair or false. As well as i understood the scheme, it is purely mutual aid and the originator had nothing to gain except traffic on the website. If you don't have enough courage to pay your money into a stranger's bank account, leave those who do, alone.

MMM is not a fraud. It's just a scheme I'd 'personally' not want to go into. Same way, whoever is 'personally' willing to go into it, should be free.

Who knows if the scheme will eventually return in January. Then, you haters will be put to shame.

cosade:
It is neither the press nor government that will stop MMM but MMM itself, by freezing. Exactly what has happened to MMM in Nigeria.

Let me explain in simple terms why pyramid schemes are not sustainable.

For simplicity, let us assume a world with population of 1 million people and each person holds 100 Naira. The total money in circulation would be N100 million, since there is no production the total money won't increase.

Let's look at a simple pyramid scheme. A participant is expected to "PH" N100, bring in six new participants and "GH" of N600.

This is what would happen.
Level 1 Participant:
The creator (Chuddy) will easily bring in six new participants and collect their N100s. At the end of the day, he ends up with N700. Mind you, he didn't "PHed" to anybody.

Level 2 Participants:
For the 6 participants to fully "GH", they will have to bring 36 new participants into the scheme. They part with their N100s too and the level 2 participants would now be worth N600 each.

Other Levels:
The 3rd level participant will now require 216 new participants.

Level 4 will need 1,296 new people.
Level 5 will need 7,776 new people.
Level 6 will need 46,656 new people.
Level 7 will need 279,936 new people.
Level 8 will need 1,679,616 new people.
Level 9 will need 10,077,696 new people.

Now this is the most important thing about pyramid scheme, the freezing point.


In our case study, the scheme can never reach Level 8.

Why?

The scheme now requires over 1.6 million people to move on. I hope we still remember that the total population of this imaginary planet is only 1 million. Extra non-available 600,000 people are required to ensure the participants on Level 7 fully "GHed".

It is the point this point that this particular pyramid scheme would freeze.

bi0nics:
Lemme guess...Ya a Ghanian?

takenadoh:
My brother you missing the point, Government can regulate registered entities better than random people on the street, rather than sending DSS to catch people here and there, there is scarcity in foreingn exchange and the number 1 provider is he Government, meaning government can control things through its policies and registered organizations.

takenadoh:
the number of Bereau de change is a problem,
this crisis didn't start today how can you regulate that guy at the street corner that isn't registered?

The CBN too is lying to themselves, wester Union is transferring for 375 -$ , Black market 490-$ , official rate is 300 smth

Haroun13:
Again, this is not the basis of Islam. That they see themselves as better Muslims or not is not the issue. The question is "how does Allah see you?" If I killed someone because he made some "blasphemous" statements, that would be very stupid and ludicrous because I have not even presented Islam to that person, nor offered the person a fair shot at salvation, and I have gone against the teachings of Muhammad and the Qur'an.


Take a look at this.
http://www.salon.com/2015/04/07/6_modern_day_christian_terrorist_groups_our_media_conveniently_ignores_partner/



Why not, that's why I'm a Muslim.


I don't see why any Muslim should be bothered by someone doing the above, because Muhammad (pbuh) never contradicted Jesus (pbuh), but made it possible for us (Muslims) to believe in him , hence no Muslim should be bothered by this.
But, I understand what you are trying to say.
You only look at it from one side. Let's take Zamfara state for example. It operates on Shari'a, how many cases of violence have been reported from there? As good as non.


Again, any one who "blasphemes" against Jesus (pbuh) cannot be called a Muslim, because belief in Jesus (pbuh) is a core matter of faith in Islam.
Yet again, I understand what you are trying to say.
But like I said before, Islam is perfect, Muslims are not.


This assumption is wrong. Take me for example. I have a friend, David, he says what you refer to as "blasphemous statements" regularly. He says, and I quote; "Islam is deceit, Islam is the problem of the world, Islam is stupid, the Qur'an is rubbish, etc". Yet, in as much as I don't like it, I do not as much as abuse him with words, talk less of a physical attack. Rather, I admonish and advise him, you know why, because I follow the example of Muhammad (pbuh); I know that unjust killing will only land me in hell, I know that i I'm supposed to present Islam in the best of words and manners, I consider him as a potential Muslim, like Muhammad saw the people of Ta'if, who stoned him, and caused him to bleed all over, yet, he refused the Angels from crushing them beneath the mountains, because he saw them as potential Muslims.

Sanchez01:
True. Some Nigerians might go defensive and refute the origin. As far as they're concerned, Jollof Rice is our heritage

bi0nics:
Most Nigerians are actually oblivious of the fact that "Jollof" is actually from Wollof Peeps in Senegal and Gambia?

Lalatisclala Homepage please?

Whytelyon:

Bank rate = $1 -> #314 naira

Black market $1 -> #496 naira.
Which you prefer? At least first thing this idiotic government is doing correctly.

Omooba77:
How will they get supply of dollar to fund this...Those ruling needs God's touch, they seems not to know what they are doing..

takenadoh:
if you have Bureau de change littered everywhere like Fast-food joints or filling stations, there will be no need to patronize black market or if the banks didn't have all these restrictions and one could just walk in and change to any currency needed like its done in advanced countries, the Black market will die a natural death.


but when you see pple hiding and exchanging dollars like it is contraband ,what do u expect?





[url]thenaijalisting..com[/url]

Whytelyon:

I see it as a welcome development, at least every company who's registered can get the price of dollar for normal bank rates. Not buying a dollar for almost 500 Naira, its a good one, if implemented correctly.

NwaEzefuNaMba:
Of cause not! What were you thinking? It will lead to dollar scarcity hence causing hike in exchange rate.

odimbannamdi:
This is one of the very few sense-making posts on this thread.

However, i wana make a little additions.

Truth is, the figures you see when you check your credit balance, or transfer money to someone are just mere digital figures/money. The banks have used your money to do other things. But when you come for your money, they simply take the money of a depositor and pay you.

That is exactly what the bank does and it works perfectly because of 2 reaseons:

1. We all dont withdraw our money at the same time
2. We carry out our normal buying and selling transactions. So the money gets back to the bank to continue the cycle of depositors pay withdrawers

But from what is happening now, it is obvious that people have now come to for their money at the same time and, somehow, some people out there have huge sums of money in liquid cash. It is their refusal to, not just re-deposit the money to the bank, but to carry out their normal buying and selling so the money can find its way to the bank that is causing all these problems.

So, it is only normal that the banks should suspend or peg withdrawal requests for now, pending when money begins to flow normally.

If this situation continues for the long, the NDIC will step in and begin to pay people their money in tiny bits (it may take them as much as 5years to pay you your 100k, that is if they ever complete it o...lol) but they will begin to sensitize people to free up the liquid cash in their possession so that the economy will be revived. But eventually, things will get better

Suffice it to say that this is exactly what is happening to MMM now.

I really dont know whats up with Nigerians and festive period.

PsalmieD:
I hope you guys won't start calling the banking sector a scam... .

Now you guys can see that the biggest scam is Nigeria itself and not MMM... .

I Reserve my Comment till Jan 14....

madridguy:
You that said you don't know why MMM frozen mavro, hear this, yesterday in Port Harcourt ,Ecobank was not able to pay people complete but only 50% payment once you are withdrawing 100k upwards. People in Port Harcourt lamenting on that action.

MMM haters una see una life?

macmoyor:
What is the revenue model for this guiders of MMM since people don't pay money into MMM account?
Still wondering how can one pay in thousands and millions of naira to a strangers account in lieu of getting peanuts as interest, meanwhile the possibility of getting your principal money is just 0, is that not sheer stupidity? if there are no mavro matches to generate interest on principal money paid,how come the principal money deposited to the matching account is not returned back to the mavro who paid in the principal? People are dying cos of this and i got friends who are directly affected.I need answers cos this scheme of income is not logical at any level.

Ironically, this same MMM nija peps at home that wants to make quick money and get rich overnight would jump to any slightest opportunity to castigate guys abroad for falling into the path of law for their quest to making quick money. If this is not hypocrisy then tell me what is...

fkdmods:
That you cannot see that is the reason Nigeria is impoverished is amazing. They steal from you and turn around to give you scraps and you lap it up like dogs. You guys will never learn.

ItsawrapOutfit:
Kontinue

By January 14, we shall discuss your account balance maybe to declare you bankrupt or not

kennyonthrone:
lol I envy d guy shaa he has achieved a lot in one yeaar.OP so u Noo want mk em d flow wit vodyy guaard if na u nko

ikp120:
And police didn't arrest the guy? I thought an order was issued against promoters of that scheme?

switch47:
17 Reasons why I can boldly say MMM has not crashed but re-strategizing for better outing in 2017:

1. ..........
..............

6. MMM Ideology: MMM has very sound ideology that preaches financial freedom for all . Creating a new world and age where people will no longer work for money but freely pursue their dreams and vision; a world where money will be a slave and not a master as it is this present world. This is the best ideology I have seen in the financial world.

7. Crowd funding principle: The crowding where the 30% mavro reward is derived has been proven to be working in banks and insurance firms for years . it also align with various cycles of nature like water cycle, Nitrogen cycles , carbon cycle etc my firm conviction is that if the rules of MMM are kept, this cycle of PH/GH can continue forever as other natural cycles I mentioned above.
..............
...............

11. Truth and transparency in MMM: everything about MMM is transparent. from CRO, support,. The agreements “participate with your spare money “boldly written in the front of the website is a signal that that MMM has no fraudulent intention.

12. No central account. MMM does not have a central account. It is a peer to peer help structure therefore there is no room for embezzlement of funds

..............
...............

switch47:
we all know how MMM was before the festive period .... MMM is coming out stronger in 2017 with the new model together we shall change the world..... MMM Nigeria is a movement ...... you can not stop the movement !!

switch47:
MMM is based on Providing help and getting help , the members pay themselves and we understand thd from time that is we PH we GH and in turn PH again ... that is how we roll once members begin to PH like before the festive period .... MMM will resume stronger like magic and to the shame of haters . MMM is stronger than ever now .... many are requesting to provide help .... they will in tirn get help and also provide ....I STAND WITH MMM

GMBuhari:
If you know what libel is then you'll know your comment and question is rhetoric

EYIBLESSN:
It's a known fact that nobody's above the Law.



À ñ ki Öba ni inaró.


But nobody dare the Yoruba Oba into disrepute. He can be represented.


Lies of the highest magnitude. Our Oba's can't do such

Babysheart:
No keep PHing.

Keep PHing to Guiders.

Only a fool will fail to realise these super Guiders are milking the last drop from their cash cow.

Give your money to them no problem.

Somebody said beware of fools in large numbers .

Mujtahida:
I didn't bother to read whatever you wrote because from bolded I know that you are ignorant. In simple terms pyramid schemes have worked and will always work. They are two kinds of pyramid schemes : secured and unsecured. Secured pyramid schemes are banks, elections and voting etc protected by government. Unsecured pyramid schemes are people movements like MMM (MMM doesn't even call itself a pyramid scheme but quite rightly a peer to peer donation system but for the sake of your assertions let me agree that it is a pyramid scheme). Beyond what I have said pyramid schemes work because pyramids are mathematical realities. The pyramids in Egypt are still standing and have withstood the ravages of time. So any scheme whether in finance, politics, sports, education, religion etc that mirrors this established mathematical principle will stand.