Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,263 members, 7,780,587 topics. Date: Thursday, 28 March 2024 at 05:02 PM

'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" - Business (7) - Nairaland

Nairaland Forum / Nairaland / General / Business / 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" (76480 Views)

It Is A Criminal Act To Deface Naira – CBN Warns Nigerians / ‘Anyone Caught Abusing The Naira Will Face Jail Terms’ – CBN Warns Nigerians / Wonder Bank Operator In Ogun Absconds With Customers' N2m (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (14) (Reply) (Go Down)

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by beadaholic(f): 12:09pm On Nov 01, 2016
yorke1:
I think is time for me to join the train of MMM. I have read so much about it. I think people should withdraw their money from nigerian Banks because they are all thieves.


Abeg come and reg under me

3 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:10pm On Nov 01, 2016
They just need to ask for help to make more money and they can keep putting money on and asking for help as long as they want to make more money. You are just speaking out of fear. If that's the case even the regulated banks are not safe no matter how you defend them.
jabolo:


It is not an innocent pyramid at all too as the proponents continue to say.

Think. What's in it for the MMM insiders? The ones who designed and control the computer program that allocates providers to helpers? Who wrote this program? Who audits this program?

With one line of code, they can discreetly send a lot of 'help' to their shill accounts and progressively skim the system. This will not kill the system instantly since thay are only re-routing a small percentage but it will surely hasten the day of reckoning.

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by uyicos: 12:11pm On Nov 01, 2016
Let's keep the system moving, the community ideology is great, no CBN
Propaganda can distort the system.

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mrchuckz: 12:14pm On Nov 01, 2016
BANKS ARE NOT LOSING.
MANY DORMANT ACCOUNTS HAVE BEEN REACTIVATED.
TRANSFERS ONGOING GIVING BANKS 105 NAIRA STEADY
ATM 65 NAIRA FROM WITHDRAWALS TO MAKE DONATIONS
SEE CROWD FOR BANKS THESE DAYS.

4 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Austeenite(m): 12:14pm On Nov 01, 2016
All because MMM is not regulated by the CBN doesn't make it a scam. The world is going bank-less especially with the introduction of BitCoin.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:14pm On Nov 01, 2016
If cbn is wise, it should create it's own competition for mmm.
Nigerians need help and they found a way to help one another with benefit. You have no better alternative and you are trying to scare them from a much needed help.
What a foolish way to respond to competition.

4 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by hardyDboss: 12:14pm On Nov 01, 2016
anthony533:
GOD bless the brain that develop MMM, GOD bless MMM participant because they hate poverty which nigeria has subjected us into. Happy new month. May God enlarge your mavro...

Long life Mmm. I pray it last forever

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by hardyDboss: 12:14pm On Nov 01, 2016
PMIcon:
If cbn is wise, it should create it's own competition for mmm.
Nigerians need help and they found a way to help one another with benefit. You have no better alternative and you are trying to scare them from a much needed help.
What a foolish way to respond to competition.
True talk!
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by lanre316: 12:16pm On Nov 01, 2016
ademasta:
Up MMM!




My money, my business, my life!
Be reminded, not yours.

They say it is a scam, yet people always converge to know about it cheesy


And I see no reason why you should quote me unreasonably.


See people reading this post!

At the sound of MMM, all nairalanders must converge cheesy

Please what's the model of your phone. It looks cool.

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by expensive007(m): 12:17pm On Nov 01, 2016
slimany:
Every mmm participant goes through the following stages
1. U think its a scam
2. U register because of ur friend
3. U are afraid ur money is going to disappear
4. Ectasy !!! u got help
5. U can't shut up u tell ur family and friends
6. You get scared again because of rumour mongers
7. You get desperate for referral bonus
8. You increase ur pledge.
9. When people say mmm is a scam u tell them that u like it, that mmm should keep scamming u.
10. You spend money like your father owns

Criticizing MMM fans is like throwing sachets of pure water in to the ocean. It wont make any difference to them. instead, they (MMM fans) will gather in one accord and face you like soldier ants. It will soon be dawn on them. Just keep watching. Work to get your money.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by windeal: 12:19pm On Nov 01, 2016
Mmm ..my life my money my risk none of CBN business.. Long live mmm [color=#006600][/color] grin

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mrchuckz: 12:20pm On Nov 01, 2016
WHERE I STAY.

NO GOVERNMENT ELECTRICITY I PROVIDED SOLAR POWER FOR MYSELF
NO WATER I PROVIDED BOREHOLE FOR MYSELF
NO STREET ROAD. RESIDENTS CONTRIBUTED TO SANFILL AND GRADE REGULARLY
NO SECURITY. WE ARRANGED VIGILANTE.
NO SALARY NO MONEY I DECIDED TO HELP MYSELF WITH MMM

CASE CLOSED.

WHO GOVERNMENT HELP?
WE ONLY HEAR BILLIONS AND TRILLIONS ON THE NPAGES OF THE DAILIES.
ABACHA LOOT
DANSUKI GATES
SINATORS ALLOWANCES

NO NIGERIAN STIPENDS IN THE LIST

7 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by MisterSleeky(m): 12:21pm On Nov 01, 2016
ewosk:


Unlike some of the scheme mentioned....MMM do not have a central account where you pay to... you pay directly to another participant and you are paid by others also...and honestly speaking your money do not stay up to 30 days away from your pocket...Is it risky yes...but it is worth it....-grin


Then how do they make their profits since they don't get the money directly from people offering help? I want to understand.


Anyone can help and explain to me please.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 12:25pm On Nov 01, 2016
ken2baba:
there is something u don't get.
.
Every mmm participant knows d risk involved because it is written all over d website.
.
Every business is about risk.
.
There would b no dangote without risk.
.
Some people have made 5times what dey r investing in mmm.
.
When d gethelp exceeds d providehelp, mmm will close down.
.
The new comers will lose but those dat has made a lot from it won't b affected except dey reinvested all they gained.

And the loss suffered by the new comers who are likely to be larger in size does not concern you. Remember that some of those newcomers' lives might depend upon n the money. That is nothing but pure selfishness.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by mecussey(m): 12:28pm On Nov 01, 2016
munas:


If you have a business,face it and leave MMM...its pure a pyramid scheme.
Thats why they give all sorts of incentives for people to bring in new memebers.
The live blood of MMM is new members...the day new people providing help is far less than the people requesting help,that is when it will collapse

Tell me one biz that will survive without new customers.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by folba(m): 12:28pm On Nov 01, 2016
It's a fraud, already crashed in SA but people still GH y.day in SA. grin grin http://m.rsa-mmm.co/testimonials/

1 Like

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by ademasta(m): 12:29pm On Nov 01, 2016
lanre316:


Please what's the model of your phone. It looks cool.
See below sir.

Infinix X510(Hot 2)

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by laprince(m): 12:29pm On Nov 01, 2016
coollabman:


Yes! the CBN is a reputable government agency!



you'd be surprised the kind of power at the disposal of the government. they can go as far as making the MMM website inaccessible in Nigeria (since they have no physical address). Something similar was done in China!



Common be real! How and when has the Nigerian government scammed you?! MMM is still in its nascent stage (barely one year) in Nigeria! It will eventually grow so big and will burst like a bubble! dragging all of you hooked up to the system down the drain. That's why a ponzi scheme (that has a pyramid structure embedded in it) is dangerous. A few people make money and it appears to be legitimate for a while. Eventually more unsuspecting people join and it grows to a stage where it collapses. Causing those that join late in the lifespan of the scheme to loose money! that's why its a scam! MMM is a scam!

I don't do mmm. But, I can tell you for sure that mmm has helped more Nigerians than the said government.

Ain't you talking about the same CBN that secretly employed the children of the elites in Nigeria. There's nothing reputable about the CBN.

4 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Smooyis(m): 12:29pm On Nov 01, 2016
This warning by the CBN will ultimately lead to panic withdrawal which will crash the MMM.

To before warned is to before armed.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:29pm On Nov 01, 2016
fratermathy:
I know some guys who are seriously planning on hacking MMM and creating a clone of this to swindle people and trust me, they are almost done! The website is not secure at all.


When they are done, nairaland will be the first point of contact to earn more cash.
If it is true, those guys lack common sense. If they can't hack Nigerian banks, is it the one that helps others- the one they will benefit from that they want to hack?
Even if they create a clone, those who follow the rules will not be hurt.

People should just make sure they register under someone they know.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by deebrain(m): 12:31pm On Nov 01, 2016
I'm not into this MMM thing but I think CBN must be really out against the scheme without concrete proof against the scheme.

And how come our very dependable CBN seem to know the things we should not do, but have no idea of the things we should do to come out of recession?

5 Likes 1 Share

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:33pm On Nov 01, 2016
expensive007:


Criticizing MMM fans is like throwing sachets of pure water in to the ocean. It wont make any difference to them. instead, they (MMM fans) will gather in one accord and face you like soldier ants. It will soon be dawn on them. Just keep watching. Work to get your money.
Do you have an idea of how many people are jobless or underemployed for lack of job, not because they don't want to work?

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by ginggerxy: 12:33pm On Nov 01, 2016
coollabman:



I can't believe someone will type this rubbish on a public forum! You mean that after being warned about the dangers of something by a government official from a reputable government agency you still ask such stu.pid questions?! Now imagine if NAFDAC warns Nigerians about a particular product and tells them to desist from buying/consuming it, is it wise to ask NAFDAC is it their money? is it their own life at risk? imagine the nonsense! angry angry better heed the warning and stop fooling yourself.
There's no quick and easy way to make money #Word.
but I wonder why this MMM is itching you in your anus like this? this this money they are talking about is not your money, the money doesn't belong to federal government this money belongs to an individual they can choose to do anything they want with their money and it's non of your business or that of the federal government.
People spend their money the way that seem fit for them and you don't have to complain about its cause it doesn't stop you from breath neither does it stops you from making your own money. The federal government is more of a scam than the MMM it self just imaging if every body that pays task can reap 30% benefit of the task they pay as an individual or after school as your will be given the 30% of what you spent in school. And if the federal government can find away of making life easier for those doing the MMM I don't thing people will think of risking it the aim of this publication is to scare those intending to venture into it and make those already registered to withdraw their money and make the scheme to collapse and they will start saying we warned you people nonsense . The FG should fulfil and the lies told during election campaign or you permit me to say that MMM is much more trustworthy than the FG.

5 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Nobody: 12:34pm On Nov 01, 2016
CBN is crazy, why calling it fraud ,was it bcs pple r no more putting money in bank again, is it ur money, you can't help graduate out there,there are thousands of graduate roaming about no job,
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:34pm On Nov 01, 2016
Smooyis:
This warning by the CBN will ultimately lead to panic withdrawal which will crash the MMM.

To before warned is to before armed.
You must be kidding. Nigerians don't care anymore.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by omoyowa: 12:36pm On Nov 01, 2016
coollabman:



I can't believe someone will type this rubbish on a public forum! You mean that after being warned about the dangers of something by a government official from a reputable government agency you still ask such stu.pid questions?! Now imagine if NAFDAC warns Nigerians about a particular product and tells them to desist from buying/consuming it, is it wise to ask NAFDAC is it their money? is it their own life at risk? imagine the nonsense! angry angry better heed the warning and stop fooling yourself.
There's no quick and easy way to make money #Word.


Go and sit down...
who CBN Don help?
MMM have been helping people...,I bought a car last week from MMM and My friend bought a land..

3 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Dereformer(m): 12:36pm On Nov 01, 2016
coollabman:


Yes! the CBN is a reputable government agency!



you'd be surprised the kind of power at the disposal of the government. they can go as far as making the MMM website inaccessible in Nigeria (since they have no physical address). Something similar was done in China!



Common be real! How and when has the Nigerian government scammed you?! MMM is still in its nascent stage (barely one year) in Nigeria! It will eventually grow so big and will burst like a bubble! dragging all of you hooked up to the system down the drain. That's why a ponzi scheme (that has a pyramid structure embedded in it) is dangerous. A few people make money and it appears to be legitimate for a while. Eventually more unsuspecting people join and it grows to a stage where it collapses. Causing those that join late in the lifespan of the scheme to loose money! that's why its a scam! MMM is a scam!

This is an apt description of MMM. It is what it is 'a ponzi scheme'.
A friend has been disturbing me recently to invest through him,
I looked at him with all his education and enlightenment he does
not realise that sooner or later he's going to loose his money.

For those that have ears to hear, please hear that MMM is a scam.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by saudyarmani(m): 12:36pm On Nov 01, 2016
Yes,i call it wonder bank cos it's still showing me wonders...long live MMM nigeria...long live MMM africa...



Nb: let cbn Show us wonder too

Gimme some likes to Show some love for MMM

2 Likes

Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by Mayflowa(m): 12:37pm On Nov 01, 2016
wailing:
it will crash by January...quote me anywhere grin grin

Forget it. It gonna crash this year. Given free hand MMM can last up to 5 - 10 years. But no country government can allow this to thrive in her country where there is a banking system. Would you rather crash a guaranteed banking processes to favour MMM which circulate money without any product attached to it and which will of course fail eventually?

So the right thing government does is to close down the system in its earliest stage. Russia, America, brazil, China and most recently South Africa have had to close them MMM calling it a ponzi scheme. MMM has never crashe'd on their own!

So be sure, CBN is going to block MMM Web Access soon from naija Internet space. Be warned
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by PMIcon(m): 12:37pm On Nov 01, 2016
obasy09:


And the loss suffered by the new comers who are likely to be larger in size does not concern you. Remember that some of those newcomers' lives might depend upon n the money. That is nothing but pure selfishness.
MMM IS NOT AN INVESTMENT PLATFORM. GIVE AND IT SHALL BE GIVEN TO YOU... THAT'S THE PRINCIPLE IT WORKS BY. ANYONE WHO DECIDES TO MAKE MMM AN INVESTMENT DESPITE WARNINGS ON THE PLATFORM HAS HIMSELF/HERSELF TO BLAME.
Re: 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" by autonomous22: 12:38pm On Nov 01, 2016
CBN don dey envy us o......

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (14) (Reply)

How I Was Defrauded At Alaba International Market Today. / Okwudili Umenyiora 'Eric Manny' Parks 2018 Lexus Jeep In His Sitting Room / Yusuf Fatai 'Oko Oloyun' Buried In His Hometown (Photos)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 79
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.