₦airaland Forum

silvoice:
MMM reacts to public scrutiny, re-opens accounts, existing members lose 80% of their money

Earlier today, MMM East Africa, MMM Global Zimbabwe’s parent organization, released a public statement on its website.
The statement gave notice to all members of the immediate suspension of its account freezing process, 9 days earlier than initially scheduled (accounts were to be reopened on the 15th of September).
The statement read:
MAVRO FREEZING IS CANCELLED!
05.09.2016
Dear participants!
We are glad to inform you that from now on, all the types of Mavro freezing are COMPLETELY CANCELLED – both the freezing of bonus Mavro (except Registration Bonus and Bonus for Testimonial Video) and the freezing of the contribution itself! Your bonuses and contributions are available for withdrawal instantly upon confirmation.
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Things are going so well in the System that there is no need in Mavro freezing any more.
Yours sincerely,
Administration
Together we change the world!

The suspension of the account freezing process comes off the back of increased public pressure, government scrutiny, and mobile money platforms distancing themselvesfrom it.
The Reserve Bank of Zimbabwe issued a press statement warning the publicnot to get involved in schemes like MMM citing that in the case of loss of money, they had no legal precedence to assist affected members.
This was followed by a press statement from Econet’s EcoCash (mobile money) division effectively distancing themselvesfrom MMM and any other illegal activities its users participate in.
The move by MMM East Africa has created a fair bit of panic and confusion within the MMM Global Zimbabwe ranks.
Unfreezing of accounts could lead to a chain reaction of panic withdrawals as MMM members continue to grow speculative and frustrated with the system.
Also, there have been reports that the exchange rate of Mavro-to-USD has been affected, changing from $1-to-1 Mavros to $1-to-5 Mavros.
Mavros is MMM’s digital currency (your Mavros are calculated
We suspect the change in exchange rate is meant to prevent people from withdrawing as they could face massive losses of up to 80%.
But on the other hand, the change in the exchange rate could be to lure in new members promising that the exchange rate will stabilize back to 1-to-1 by the 15th.
Some existing members are crying foul calling this drastic measure unethical as new members are being offered free money while they are stuck in the system due to their accounts losing 80% of its value.
An old member who put in $100 and got 100 Mavros is not the same as a new member putting in $20 and getting 100 Mavros.
An unverified MMM East Africa Administrator statement read as follows:

Dear participants!
First of all, we inform you about the immediate release of Mavros bought till August 10. The situation has become more stable so there’s no need to wait till September 15 and we can release Mavros now.
However, as the participants aren’t calm completely the early release will surely lead to the sharp increase in withdrawals that will put additional load on the system. It should be clearly understood. So, it’s necessary to take some stabilization measures in order to reduce the load.
That’s why, the discount rate has applied for Mavros bought till August 10. What does it mean? It means after GH request the participant won’t get the whole amount but the amount with this discount.
For this moment, the discount rate is 20% (0.2). For example, if the participant withdraws 50 Mavro-USD he will get 10 USD.
Once again we remind you once that this measure is temporary and required by the current situation. The discount rate can be changed or cancelled at any moment. In other words, the participants have a choice to get help instantly and get it with the discount or wait till the discount is cancelled for receiving the full amount. It’s up to you! Probably, you should wait. However, take into consideration that the rate can even be decreased (if the number of requests to GH will increase significantly).
The discount isn’t applied for Mavros bought after August 10. So, keep calm, keep on participating, providing help and inviting new members to MMM!
MMM paid before, pays now and will pay in the future! Together we are changing the world!
With hope for understanding,
MMM East Africa Administration
We suspect that MMM unfroze accounts due to pressure, but found a loophole to keep people waiting.
September the 15th is still D-day for MMM Global Zimbabwe.
Signs of its collapse are becoming more evident by the day, as we await what could be the final nail in the coffin come 15 September.

www.techzim.co.zw/2016/09/mmm-reacts-public-scrutiny-re-opens-accounts-existing-members-lose-80-money/#.V86U_-tw1EE

What do you gain by posting this nonsense?

iyb:
Christians how do you intend to kill us we far outnumber you. You are outmanned and outgunned suckers.

Moderators may I know why this person who openly supports killing of innocent people by Islamists should not be banned?

GMBuhari:
Did Boko haram blow up pipelines?

Boko haram faced the north and even now they are powerless



GEJ's mercenaries blew pipelines that affected whole of Nigeria and it's economy , in my book, Boko haram deserves amnesty as long as they surrender andi believe they are lesser of two evils, Boko haram did not launch arewa secession, they didn't call for a country, they didn't sabotage the economy but most of all , they are not encouraged with new hilux , prompt payments of suicide fees which was Dasuki's main job under GEJ's watch

Do you know you reason like a vampire which I don't know if you are not one. The blood of a single person killed by Boko Haram worth more than million barrels of crude oil in Nigeria and Boko Haram killed thousands of people. How can you value wealth more than human lives.

People should reject this party called APC. It is the worst political party with the worst set of politicians in the history of democracy in Nigeria.
You gave bribe and call it allowance, is this not the highest level of corruption? Is it not the same way Amaechi share $10,000 each to get Buhari the ticket? APC is the fire that will consume Nigeria.

It is not PDP that is saying this. The end of Buhari is near and when that happens Nigeria will be great again.

Ubenedictus:
Actually local govt in edo are autonomous their allocations are untouched, even iyamu didnt contest dat, his issue is dat state govt is collect more direct revenue that he thinks belongs to d local govt.

Did u watch d debate or you do 't understand English.

Edo State collects N500m security vote every month but pays the Police in Edo state on N5m monthly. Local vigilante don't get any single support from state govt. How does the Edo State govt spend the security vote. Pastor Ize-Iyamu. #EdoDecides

ndcide:
I just hope people are watching this debate. Ize-Iyamu, Just keep bashing APC. I wouldn't be surprised if Obaseki starts crying at this point.

Honestly speaking.

The guy is really throwing Obaseki off balance. Obaseki said local govts in Edo state are autonomous, that state govt does not have any control on them and their finances but Ize-Iyamu just disgraced him with facts and figures on how the state govt of Edo state is blocking local govt finances and making them unable to pay their workers for u to 18months. Obaseki is getting scared.

OkoNDOoBo:
This re major 3 things,that Generate income to the federation purse.

industrilization (taxation)

Agriculture

Crude oil



South south Region- Major producer in crude oil


South West Region- industrilization (lagos and Ogun the industrial hub of nigeria).


North central,North East$north West- major producers in agricultural products for export.




What is the contribution of Five 5 states in south East Region to the federation account and at what percentage.?

They don contribute anything meaningful so Nigeria should let them go and have their Biafra.

ManMountain:
Watch

Shatap little boy. Have you seen you are the chest beater now?

ManMountain:
Typical chest beating, I'm sure you typed this trash from a dingy room somewhere in erosion/Ugu republic
Yorubas will not go to the streets to slaughter you the way Hausas would under provocation but would use their economic and political ownership of Lagos to bring you to your knees

Who are the Yorubas that will use economic and political power to bring which people to their knees? Can you explain how? Is it by demolishing just shops? Listen little boy, if you live in Lagos whether you are Igbo, Hausa or Yoruba and you don't comply with Lagos state laws, rules and regulations in whatever you are doing whether business, driving, building anything, you will face the music. It is same everywhere. I have not seen where with your economic and political power you can stop igbos from living, doing businesses, driving along or anything here in Lagos while only Yorubas are allowed to do those things. I have never seen where an Igbo man's house is taken away from him by force and handed over to a Yoruba man. So let me understand how Yorubas can use that economic and political power according to you to bring igbos to their knees.

Wadeoye:
Fantastic...

I don't know why all these miscreants run to Lagos from "ile yi.bo".

Even this one that comes from ikere Ekiti is claiming Lagos too. Hahahaha, okpoha ndi azu. You come from your village to Lagos for greener pastures, same way ibos come to Lagos for greener pastures so you and igbos are on the same level in Lagos now that we are still one Nigeria. That is the bitter truth and sorry you can't change it.

menxer:
Na wa to you, comparing GEJ to MMM.

GEJ lost an election period, forget the name calling, after all it came from both camps.

As for MMM, it's typical of Nigerians to miss opportunities, because of fear to change the status quo.

This is the internet age and making and keeping money has moved from brick and mortar stores to bits in cloud storage.

The world has come a long way pursuing money, from trade by barter, gold & silver coins, paper money, debit and credit cards.

All these means of converting and using money was challenged at inception, MMM shouldn't expect a red carpet reception.

Anyways, I am a participant.
Life is one big Risk for the taking.

Don't mind them. I have read about MMM severally and I know how it works. The only thing that can stop MMM is Nigerian govt by inducing fears into existing and intending participants which they have done but am surprised they did not achieve their aim as they expected. People are still investing, proving help and getting help. I think Nigerians are beginning to see opportunities in Internet business.
Those who ask how the MMM guys make their money, why didn't they ask Mark when he came to Nigeria how he makes money from Facebook.

KevinDein:
Lol, igbos crying that their shops are been demolished, when they find it difficult to rent out a shop for you in their land let alone owning one. Heck, on an old thread they were really proud of themselves for practicing what they termed group economics . Ultimately, what they implied was that even if they somehow rent out a shop for you in their land they are not likely to patronize you; frustrating you out of business in the process.

I've never seen a group of people who proudly practice what they openly condemn others for doing. Outstanding hypocrisy there.

These days though, no one takes them seriously. The anonymity of the internet has allowed them to show their true colors for the whole world to see.

God bless the internet

That's a big lie. You are guilty of what you condemned because you are the one hiding behind internet to say trash. What we are talking of here is based on personal experience not out of biased mind. Can you tell me where exactly in igbo land that a non indigen was refused of accommodation for business or renting a shop. This shows you have never been or stayed in any of the igbo communities. Go and ask any of your brothers who have lived in igbo land they will tell you how generous people of igbo land can be. Ask those who did their youth service in any of the eastern states they will tell you their good experiences. My Dad's tailor till tomorrow in my village is a Yoruba man. Go to Awka you will see Yoruba tailors, cab drivers everywhere living happily without being made to feel they are not from the east. Hausas are also treated same way. People of the East even prefer buying things from Hausas than buying from our own people. An Igbo man can leave his balance after buying something from Hausa or Yoruba who is doing business in igbo land but they can't leave same balance when they buy from their fellow igbo man. So stop hiding behind internet to say what you don't know coz am sure you have never crossed Niger bridge.
Govt of Lagos state has the right to demolish any structure that does not confirm with the town planning map and in such places not only igbos do business there but whenever such happens, you people will jump to Internet and start shouting igbos are spoiling Lagos, igbos should go. Go to festac, Amuwo odofin, Agoo, Okeafa isolo, Isheri, Ijegun, Lekki, Ajah etc where a lot of igbos have mansions, expensive residential buildings, have govt ever harrased anybody? You are not from Lagos state so stop the noise.

Pavore9:
Which joint? I dey my office for Nairobi o!


Back to the matter, l will start by identifying myself as Igbo and proud of that identity. The first generation of my family came to Lagos from the East in the 1950's and even after the Civil war, we came back to Lagos empty-handed and we have always be thankful to God that He blessed the works of our hands and increased us in material wealth.

We were one of the early igbo families that settled in Ojota when it was still a thick forest and the land owners were very friendly and encourage my father to buy land from them also telling him to get other igbos to buy land but then most were scared to buy, fearing there could be another war thereby losing their asset.

The present day upscale Ogudu G.R,A was till the early 1990's, served as farmland to many igbos and folks from Cross River/Akwa ibom as it was government land. We had our yam, cassava, maize and ugu farms there while we planted Oha trees in our compound.

Lagos has been accommodating, live and operate within the provisions of the law.

That's what am saying. Most of these people claiming Lagos is their land that Igbos should go are not from Lagos state as well so they are like igbos in Lagos State. Many yorubas claiming Lagos is their land are just migrants in Lagos just like Igbos so they should stop the noise.
Even the young ones from Osun, Ibadan, Oshogbo and other villages in the west that just came to Lagos yesterday whom their parents have never even visited Lagos state in their entire life also come here to ask Igbos to leave their land that Lagos belong to them. Is that not stupidity?

Pavore9:
Abeg no provoke me laugh, l dey office!

Abi you dey your joint. Which kind office u dey work wey you get time dey browse nairaland by this time. That must be LAWMA office.
Meanwhile back to the matter. Lagos is not "No Man's Land" as some people say. Lagos State is owned by real Lagosians but the truth there is that all of you people shouting and asking Igbos to leave your land and go back to their state are also not from Lagos state. You are all visitors in Lagos just like Igbos so whats the noise all about.
Igbos have equal right in Lagos with all of you from Osun, Ekiti, Osun etc because we are still one Nigeria. Nobody is stopping anybody from going to the east or south to buy land and build his house or buy shops and do his business.

Shewunoshewa:
Another round of senseless empty chest-beating!
I didn't know Amaka Osakwe until she cried out yesterday.

Sai empty chest-beating yeasterners!!

Amaka Osakwe BLASTED Ambode not CRIED bro. Besides People that their shops were demolished should blast the Lagos State Govt for doing that if there was no prio notice. It does not mean their means of making money in Lagos have been blocked so there's no chest-beating in what I said. It is a simple truth.

tit:
Nice one!
Oba has tell them to go.
them no dey hear word.

How much are those shops and the things in them, at most N5m which has not even bought you a good car.
If you close that side they will establish another place and before you come to demolish again, they have made alomost 20times the money they used to set up the business. Igbos will keep making money in Lagos and nobody can stop them. Did you see anybody in that video crying? They were all laughing and watching.

sukkot:
this what i keep telling my ipad brothers, you can never own land in lagos. you are leasing it and the govt can bulldoze you out of the way anytime. yes you are the landlord but only temporarily. tinubu is not a stupid man

Here this AFonja fool. Is Tinubu the owner of Lagos? Your mates have bought and built houses in Lagos and you are here worshiping Tinubu. So Tinubu is wiser than your father. Don't go and work, dey here dey wait the day Tinubu will collect houses from igbos and give you.

aminho:
oga take it or leave it i lost 500k naira on mmm its a fraud

Lies!!! How did u loose the money, do u have up to N20k in ur entire life?

vedaxcool:
see ole wey follow chop for arms money dey complain about the effects of stealing govt money making noise ... he is sure wailing zombies will come out and cheer his statement despite stealing from them... Wailing zombies born foolish

Hunger is bad. See what it has done to ur brain. I am sure your hungry family is not aware u still support Buhari because if they do I know you will be in Rehab centre now.

ddippset:
Obviously one of her crimes was budget padding, a crime which the PDP legalized for 16 years.

We were told by the members of the house that Dogara and Jibrin padded the budget and he said it was legal. How come it was PDP?
Buhari is next on the line for impeachment.

Emusan:
One thing I keep telling people prior to 2015 election was that Ex-President Jonathan was not as bad the way APC portraits him neither President Buhari was as good the way APC sold him.

One thing is very sure Nigerian will still never learn their lesson.

God has made it clear now and He's about to intervene!

God should intervene o because things have gone so bad in this country. I knew things will go bad, people will suffer under this govt but I never knew it would be this bad. God pls help Nigeria now.

Themind:
Amen. The monarch saw development under APC led government in Edo against 16 years of PDP embezzlement

Go and eat, you are hungry. After then come and comment.

Progressive01:
Avoid ke!! Are you kidding me?? They'd swarm the thread and start screaming any of the following like robots:

1. Lagos-Ibadan expressway journalism.

2. APC government and lies.

3. Failed government trying to distract Nigerians from the state of the economy.

4. Who takes TheNation newspaper seriously?

5. When will Aishaliburton be probed?

6. EFCC is a disgrace.

7. And the blame game continues.

8. Jonathan is no longer the president- leave him alone!

9. The most useless of them with nothing upstairs would simply come in and scream "Buhari is a ddullard!!"

These would be their defence over the damning report, which isn't the first and neither would it be the last, of the last administration. There was so much money Jonathan was simply living the life only the Sheikhs in UAE can dream of. This and many more were how the monies were blown, reason why we couldn't shore up our forex reserves in an era when the country witnessed such unprecedented inflow of revenue.

So damn unfortunate having that man not fit to be a Local Government Chairman, become the president of an intricate establishment such as Nigeria. Pity.

See dead brains talking. EFCC has been a disgrace till now. It's only people like you who do not have common sense, believed all Buhari's promises and voted him that will believe this forged story by EFCC. I guess you were still in JSS when this scandal happened.

searchiing4love:
people should stop criticizing the highest office in the country. Not every president will be a mumu like GEJ. God bless Buhari for clamping down on press freedom

So monkeys also post comments on nairaland too. Nawaa o....

GMBuhari:
Wow , a whole paragraph of facts is what you have written here !!!


Your stewpydity level must be Genius ranked

Who determines exchange rate and how ? the president ??

Shame on you

Hahahahaha.... Who fixes exchange rate is not the subject of discussion. Even a jss1 student knows President does not fix exchange rate so you hammering on it like this shows that's d only thing u know at ur age. So shameful.

GMBuhari:
You think the president determines the exchange rate? So that's why he can buy at 197 and sell at 400?

Exchange rate is determines by stock, reserves and world market price indexes


Please learn to understand before typing nonsense

Hahahaha... Children will always talk like children. Don't disgrace yourself here trying to defend Buhari because you don't have one single fact to do that so go do what you are paid for on another thread.

GMBuhari:
So tell me , how many $$$ in cash will they take on their holy pilgrimage ?


Do you think they load sacks full of money and board flights with it ?


Subsidy or not , if they were to sell USD , Buhari does not control CBN and as such they'll be selling at the parallel rate

Perhaps i am wrong , try to enlighten me how they will profit from this ??

Buhari and his friends, relations and other govt officials are the ones benefiting from this forex stuff. Everybody knows Buhari's forex policy is not helping the economy and Nigerians but due to the kind of billions they rake from the forex policy, he turns deaf ears to yearnings and calls from experienced economists to change and retrace the policy.
Buhari and his people still get forex @ the rate of N197 per dollar and they sell to BDCs at N300, N350 per dollar. They are making billions of naira from this while Nigerians are suffering for it. Buhari does not care what this does to our economy and Nigerians. Is this not corruption?

If @N180 per dollar GEJ finished Nigeria, what is Buhari doing to Nigeria now @ N400 per dollar.

bigiyaro:
Big lie. Punch continue bt u can't fool all the people

Shatap! Ewu! Shey na una voted APC, una sufferings never start.