₦airaland Forum

The problem with Nigerians is that we are too sentimental and don't face reality. I tried my best to dissuade my friends from signing up to MMM by explaining to them that MMM is not sustainable on the long run and may likely crash by December2016,
I studied Ponzi Schemes extensively even before MMM came to Nigeria and I can authoritatively state that MMM scheme in Nigeria will crash finally by first quarter of next year(If it has not crashed already). This is based on the following facts and figures.

1). MMM is not an investment. The sustainability of the scheme is based on the model that at any given time the number of people providing help will be more than the number of people getting help.

2). As at November 2016, the number of people that want to get help has exceeded the number of people providing help. The administrators of MMM tried to make more people provide help by increasing the bonus for people providing help. But due to the fact that Nigerians generally experience cash scarcity towards the end of the year and the campaign by government agencies against MMM,the number of people providing help declined further.

3) MMM Nigeria was not originally designed for the rich elites. The administrators did not envisage that Nigerians will be putting huge amount of money in the scheme at once. But trust Nigerians. Some people even borrowed huge amount of money from banks to put in MMM. While it is easy to match people that put in spare money like between N10,000 and N500,000, it is difficult to match people that put in millions of Naira.

4 ) I also suspect element of massive frauds on the part of the administrators of MMM. It is possible that the administrators opened multiple accounts in different banks and asked people to provide help into such accounts. (Especially huge amounts).

5) We cannot compare MMM in South Africa to MMM in Nigeria as the two countries operate different economic models and the spending patterns and risk appetite of Nigerians is different from that of South Africans.

Conclusions

1) I sincerely sympathised with those that may likely lose their money to MMM but I will advice them to take it in good faith and as a lesson that there is no free lunch. Financial success comes from diligent planning and hard work.

2) Nigerians should face the reality that MMM has crashed or may soon crashed.

3) Do not laugh at those that are stuck in MMM scheme. Empathised with them and be willing to assist and counsel them so that they do not harm themselves.

4) The government did not take proactive steps to prevent its citizen from falling prey to this fraudulent scheme. To be fair to the government, enough warnings against MMM was given by CBN, EFCC and SEC but government should have gone further by going after the promoters in Nigeria at the initial stage.(China did it)

The problem with Nigerians is that we are too sentimental and don't face reality. I tried my best to dissuade my friends from signing up to MMM by explaining to them that MMM is not sustainable on the long run and may likely crash by December2016,
I studied Ponzi Schemes extensively even before MMM came to Nigeria and I can authoritatively state that MMM scheme in Nigeria will crash finally by first quarter of next year(If it has not crashed already). This is based on the following facts and figures.

1). MMM is not an investment. The sustainability of the scheme is based on the model that at any given time the number of people providing help will be more than the number of people getting help.

2). As at November 2016, the number of people that want to get help has exceeded the number of people providing help. The administrators of MMM tried to make more people provide help by increasing the bonus for people providing help. But due to the fact that Nigerians generally experience cash scarcity towards the end of the year and the campaign by government agencies against MMM,the number of people providing help declined further.

3) MMM Nigeria was not originally designed for the rich elites. The administrators did not envisage that Nigerians will be putting huge amount of money in the scheme at once. But trust Nigerians. Some people even borrowed huge amount of money from banks to put in MMM. While it is easy to match people that put in spare money like between N10,000 and N500,000, it is difficult to match people that put in millions of Naira.

4 ) I also suspect element of massive frauds on the part of the administrators of MMM. It is possible that the administrators opened multiple accounts in different banks and asked people to provide help into such accounts. (Especially huge amounts).

5) We cannot compare MMM in South Africa to MMM in Nigeria as the two countries operate different economic models and the spending patterns and risk appetite of Nigerians is different from that of South Africans.

Conclusions

1) I sincerely sympathised with those that may likely lose their money to MMM but I will advice them to take it in good faith and as a lesson that there is no free lunch. Financial success comes from diligent planning and hard work.

2) Nigerians should face the reality that MMM has crashed or may soon crashed.

3) Do not laugh at those that are stuck in MMM scheme. Empathised with them and be willing to assist and counsel them so that they do not harm themselves.

4) The government did not take proactive steps to prevent its citizens from falling prey to this fraudulent scheme. To be fair to the government, ough warnings against MMM was given by CBN, EFCC and SEC but government should have gone further by going after the promoters of the scheme in Nigeria at the initial stage.(China did it)

kinibigdeal:
Is like you people dont know that Buhari have a lot of Magu's in Duara. If you like comfirm him or not, PMB will raise another Magu

Are you sure the presidency is not also behind the non confirmation of Magu? The silence of the presidency is deafening

my sadness is that because of the present economy situation I do not have enough money to marry one of them. They are cute and beautiful like their mum and dad.

OK

I am more worried about the state of Nigeria economy and the days ahead. The annoying thing is that up till now there is no plan or blue print to mitigate against the imminent economic Tsunami.
The ruling party is still behaving as if they are the opposition party. Some people are deliberately misleading PMB on the state of our economy. This is not the time to trade blames. If nothing is done in the next three months, Nigeria may witness social unrests as the rich will not be able to sleep because the poor are awake and hungry

Fourwinds:
do u know OP physically or do u know d girl in question...smmmh

Use your head and imaginations. The OP gave three vital clues that will make intelligent people that knew the OP in his early undergraduate days identified the girl in question.

You promised her you will not relate this experience to anybody. You just exposed her to over 1.5Million Nairalanders!