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Investors Stranded As MMM Reopens - Investment (5) - Nairaland

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Anxiety As MMM Again Removes GH Of Mavrodians / Before You Go Ahead To Provide Help As MMM Returns, Take Note! / Shock As MMM Participant Commits Suicide In Enugu (2) (3) (4)

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Re: Investors Stranded As MMM Reopens by Nobody: 10:42am On Jan 14, 2017
Brugo:
See Nigerians. They never learn. MMM deep freezer part 2 is loading.

Simple questions:
Did the first people to GH "invest" anything?

If yes, who did they PH to?

Since the matching process is not transparent to participants, what stops the Nigerian admin from matching themselves to GH without providing any help?

Ever wondered how the early guides became massively rich is so short a time?

Many Nigerians claim to be smart, sharp people. MMM has proved them wrong.

And this lame write up makes you wiser?

Did the first people to GH "invest" anything?

If yes, who did they PH to?


This just blew your ignorance as to how MMM operates. And a whole lot of you castigating the system, belong to this category.

3 Likes

Re: Investors Stranded As MMM Reopens by eph12(m): 10:42am On Jan 14, 2017
kenonze:
Mavrodi have breached agreement.
He should revive the system by investing his spare money. Just N1b... he will get his 30%.

He shouldn't be afraid to invest in the system he belong

They tell us use ur "spare" money
Spare money is like spare tyre.
If u are using ur spare tyre, u won't be comfortable until you get to ur destination
It wasn't a get rich quick scheme either. The scheme was not made so you can be so comfortable hence the spare money.
Re: Investors Stranded As MMM Reopens by gemale(m): 10:46am On Jan 14, 2017
priscaoge:


undecided undecided




Shout Out to these greedy ones! Standing Ovation for Y'all that used ur life savings because of greed! MMM clearly told u to PH with ur spare money, you were told about d risks so why the rants? Abeg Y'all should have several seats in d gutter. MMM is finally back with conditions, you still have to wait for a while!

And for those that laughed and mocked MMM participants, the joke is on u! I don't see them flooding MMM post with their weak senseless propaganda! No more stories and history of Ponzi! No more prophetic messages about MMM! The Federal Government and their paid online propagandists are mute! The Comedians are hiding! The Faceless Nairalanders that only know how to insult are hiding their faces in shame! All these Ominiknowest has gone into Exile. undecided undecided undecided
B4 u start gyrating 2 self-composed songs of victory over d return of mmm, kindly note dt so far, no 1 had come 2 say dey hv got their money back. MMM has only promised bt r yet 2 fulfill their promise so we who r strongly against d blatant greed fest & fraud dt is mmm hv nt yet bn proven wrong. Who do u tnk wld pay 4 d 5 billion chuddy ugorji allegedly made 4rm d scam? Pple mentioned in d article above. Som1 has 2 bear d brunt of D 30% interest & d numerous bonuses d guiders hv pocketed. Wt dey dnt tell u is dt it cld b u paying dt huge bill. Dey make it sound lyk wt mmm, evry participant walks out smiling 2 D bank. Until evry1 who has has money stranded in mmm gets his/her money back (dey dnt hv 2 add d interest), mmm is a scam.

1 Like

Re: Investors Stranded As MMM Reopens by Brugo(m): 10:49am On Jan 14, 2017
fifty:


And this lame write up makes you wiser?

Did the first people to GH "invest" anything?

If yes, who did they PH to?


This just blew your ignorance as to how MMM operates. And a whole lot of you castigating the system, belong to this category.

Lol. I understand MMM better than you. You are only promoting the scheme to get your money back.

Wise people never put money in ponzi schemes. Go and pray that another ignoramus would lose his money to you so you can be paid. grin

6 Likes

Re: Investors Stranded As MMM Reopens by gemale(m): 10:49am On Jan 14, 2017
Brugo:
See Nigerians. They never learn. MMM deep freezer part 2 is loading.

Simple questions:
Did the first people to GH "invest" anything?

If yes, who did they PH to?

Since the matching process is not transparent to participants, what stops the Nigerian admin from matching themselves to GH without providing any help?

Ever wondered how the top guiders became massively rich is so short a time?

Many Nigerians claim to be smart, sharp people. MMM has proved them wrong.
U wld live long my frnd.

1 Like

Re: Investors Stranded As MMM Reopens by Sketch007(m): 10:50am On Jan 14, 2017
gemale:

B4 u start gyrating 2 self-composed songs of victory over d return of mmm, kindly note dt so far, no 1 had come 2 say dey hv got their money back. MMM has only promised bt r yet 2 fulfill their promise so we who r strongly against d blatant greed fest & fraud dt is mmm hv nt yet bn proven wrong. Who do u tnk wld pay 4 d 5 billion chuddy ugorji allegedly made 4rm d scam? Pple mentioned in d article above. Som1 has 2 bear d brunt of D 30% interest & d numerous bonuses d guiders hv pocketed. Wt dey dnt tell u is dt it cld b u paying dt huge bill. Dey make it sound lyk wt mmm, evry participants walks out smiling 2 D bank. Until evry1 who has has money stranded in mmm gets his/her money back (dey dnt hv 2 add d interest), mmm is a scam.


For christ's sake ! Do well to write better.. cool

2 Likes

Re: Investors Stranded As MMM Reopens by priscaoge(f): 10:52am On Jan 14, 2017
[s]
gemale:

B4 u start gyrating 2 self-composed songs of victory over d return of mmm, kindly note dt so far, no 1 had come 2 say dey hv got their money back. MMM has only promised bt r yet 2 fulfill their promise so we who r strongly against d blatant greed fest & fraud dt is mmm hv nt yet bn proven wrong. Who do u tnk wld pay 4 d 5 billion chuddy ugorji allegedly made 4rm d scam? Pple mentioned in d article above. Som1 has 2 bear d brunt of D 30% interest & d numerous bonuses d guiders hv pocketed. Wt dey dnt tell u is dt it cld b u paying dt huge bill. Dey make it sound lyk wt mmm, evry participants walks out smiling 2 D bank. Until evry1 who has has money stranded in mmm gets his/her money back (dey dnt hv 2 add d interest), mmm is a scam.
[/s]

undecided undecided undecided

1 Like

Re: Investors Stranded As MMM Reopens by JeffreyJamez(m): 10:53am On Jan 14, 2017
If the MMMites believe so much in this system,let the Guilders gather money and Ph to people na... grin.. After all they've made millions

3 Likes

Re: Investors Stranded As MMM Reopens by sylvo: 10:57am On Jan 14, 2017
please i want to Get help but after clicking the get help button its still saying mavro not available for withdrawal....the mavro has been confirmed since 13th december 2016 and someone that ph at a later time has been able to gh and get it processing. is there anyone experiencing the same ......the money in question is just 180k, dont think its among the rich class as specialized in the mmm website, so if there is anyone like that please specify so i can know if i have to be worried or not.....thanks



Sketch007:



For christ's sake ! Do well to write better.. cool
Re: Investors Stranded As MMM Reopens by gemale(m): 11:03am On Jan 14, 2017
idris4r83:
People have long forgotten that mmm is not a bank, they don't have a central account. Pls allow them to do their work. Mmm have never lied to us, they said they will resume January and pessimist said mba mmm has finally gone. mmm kept to their promise, they bounced back and now the same bad beles are changing their tactics again. To d bad beles, keep on wailing while mmm members keep smiling to d bank. The inscription is clear on mmm page. PARTICIPATE ONLY WITH SPARE MONEY. all these people saying they have used their life savings and now crying foul to the media are the real mmm enemies. Mmm is still alive and has come to stay.
Dey r enemies of mmm bt their monies weren't enemies ryt? SMH. I used 2 think dere was hope 4 Nigeria, dt all we had was a problem of bad leaders & all we had 2 do was chase those bad leaders away. Alas!!! D scales hv fallen 4rm my eyes & I c dt we d followers r just as evil & myopic as our leaders. Even if we do chase d present crop away, D 1s who wld take their place wld be as bad if nt worse. Pple hv sold their souls, conscience & reasoning 2 mammon. 4 d 1st tym, I dare 2 say "Nigeria is dead".
Re: Investors Stranded As MMM Reopens by Sketch007(m): 11:09am On Jan 14, 2017
sylvo:

please i want to Get help but after clicking the get help button its still saying mavro not available for withdrawal....the mavro has been confirmed since 13th december 2016 and someone that ph at a later time has been able to gh and get it processing. is there anyone experiencing the same ......the money in question is just 180k, dont think its among the rich class as specialized in the mmm website, so if there is anyone like that please specify so i can know if i have to be worried or not.....thanks





Sorry about that. At the moment not all accounts were allowed to GH. Kindly be aware that from the last message on your PO, it says ' released in batches'. If you were able to wait this long, then i beleive you still can till the system bounces back full time. All participants will definitely be allowed to GH. Thanks
Re: Investors Stranded As MMM Reopens by okezed: 11:12am On Jan 14, 2017
these method of fraud were used to defraud some traders at Alaba Int.mkt some years back. many business men and women lost their hard earned money. let me say it emphatically that coming back of MMM is not the coming back of Messiah but destruction of the remnant.

3 Likes

Re: Investors Stranded As MMM Reopens by gemale(m): 11:13am On Jan 14, 2017
Sketch007:



For christ's sake ! Do well to write better.. cool
Obviously, I wrote in a form of shorthand that can be easily understood by the average social media user as this is an informal forum. It is not as if I am applying for a job or writing an article in a national daily so therefore, I believe I am allowed to answer informally. So do not attempt to wriggle away from the topic at hand by attempting to cast aspersions or derision to my conduit of expression.
Re: Investors Stranded As MMM Reopens by FreeSpirited: 11:14am On Jan 14, 2017
gemale:

Obviously, I wrote in a form of shorthand that can be easily understood by the average social media user as this is an informal forum. It is not as if I am applying for a job or writing an article in a national daily so therefore, I believe I am allowed to answer informally. So do not attempt to wriggle away from the topic at hand by attempting to cast aspersions or derision to my conduit of expression.
shut up....your content has no sense. So are you
Re: Investors Stranded As MMM Reopens by gemale(m): 11:15am On Jan 14, 2017
JeffreyJamez:
If the MMMites believe so much in this system,let the Guilders gather money and Ph to people na... grin.. After all they've made millions
Hear hear!!!
Re: Investors Stranded As MMM Reopens by Sketch007(m): 11:16am On Jan 14, 2017
gemale:

Obviously, I wrote in a form of shorthand that can be easily understood by the average social media user as this is an informal forum. It is not as if I am applying for a job or writing an article in a national daily so therefore, I believe I am allowed to answer informally. So do not attempt to wriggle away from the topic at hand by attempting to cast aspersions or derision to my conduit of expression.

Lol.. Now.. This looks much more better than your previous post. But to all other stuffs you wrote , i 'am sorry you got it all wrong. I am happy you did write better. Thats all that matters now !. Thanks
Re: Investors Stranded As MMM Reopens by cosade(m): 11:18am On Jan 14, 2017
OEPHIUS:
Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on Friday opened for business after one month of break, but investors in the scheme have remained stranded as they still cannot access their funds.

MMM had announced the resumption on its Twitter handle, saying it was “now open” even though it had initially promised to reopen today, Saturday, January 14.

In the message, the scheme’s founder, Sergey Mavrodi, said because of the likely deluge of requests from participants, payments would be gradual and have limits.

He also said it would prioritise payments to participants with small amounts, which were not specified, and that big investors would have to wait longer.

“Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the system operation will return to normal.

“We’re the ones setting limits, so it’s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on about your business as usual.

"As the system is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place; it means to the members with small PH (Provide Help) amounts. The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you.”

With about three million Nigerians involved in the scheme and huge investments at stake, the freezing of the MMM’s accounts a month ago had sparked fears that the ponzi scheme had crashed.

Meanwhile, some investors have expressed their frustrations as they might have to wait much longer to recover their much needed money from the scheme.

Some of the participants told Saturday PUNCH that their funds that were tied down in MMM were meant for various uses including purchase of goods, payment of tuition, debts, rent and others.

The fears and frustrations are further heightened by MMM’s declaration that it would introduce bitcoins as the new mode of payment ahead of its comeback, which some participants of the scheme have described as confusing.

For example, Frank Bunna who deals in computer accessories at Olugbede market in Idimu, Lagos, said he was stranded as he had invested all the money for his goods in MMM.

The Igbo trader, who was looking dejected when our correspondent visited the market, said his future was dashed as he expressed disappointment that he would not be able to get his money back today (Saturday).

He said, “This is my life! How will I live? I invested N2m! Look at my shop, it is totally empty. I invested the whole money for my business on this MMM; I even borrowed N300, 000 that I added to it. I spent six days in the hospital as soon as I heard the account was frozen. I am hypertensive so my blood pressure shot up when I heard the news. To hear that I would not be paid immediately means that I am dead.”

Another Lagos resident simply identified as Korede, who invested over N500, 000 in the scheme, said, “There is going to be crisis in my home. I borrowed my wife’s N300, 000 to invest in the scheme. I didn’t tell her, but I guess she’s suspicious now.

“I promised to return the money December ending, but couldn’t. That was when MMM froze our accounts. It appears that there is going to be some delay before I can get the money. I just hope my wife will forgive me in case this thing fails. To be sincere, I am afraid.”

An undergraduate of the University of Benin, Benin City, Edo State, who identified himself as Chiboy because he did not want his parents to know he invested his tuition and money meant for his dissertation in MMM, said he had been left stranded since December 2016, when MMM was suspended and desperately needed his money back.

“I had thought that I would be able to get my money back immediately MMM reopened but from what I heard, it would not be possible. My mother will kill me. I don’t even know what to do,” he said.

A teacher in a private secondary school in Egbeda, Lagos, who spoke on condition of anonymity, said the bursar of the school had invested N1.5m belonging to the institution in the scheme before the scheme was suspended last month.

According to the teacher, when the bursar could not provide the money, he was sacked by the school management and asked to sign an undertaking to return the money when MMM reopened on Saturday, January 14.

“The bursar has since been arrested and in his undertaking, he had said he would get the money back immediately MMM resumed operations. But with this development, it will take some time before he can get paid, and that is if he gets paid at all,” the teacher said.

A travel agent in Lagos, who identified himself as Mr. Oduntan, lamented that he has been going through difficulty after investing N900, 000 meant for paying his rent in MMM with the hope that he would get about N1.2m in return.

Oduntan said he was desperate to recover his funds as his landlord had been on his neck since then.

Also, a banker in a new generation bank in Ikeja, Lagos, told one of our correspondents on condition of anonymity that three of her colleagues were sacked for introducing some customers to MMM.

According to the banker, his colleagues were sacked after the aggrieved customers officially complained to the bank manager that they were stranded because they had invested in MMM, which was introduced to them by some employees of the bank.

The source said, “The customers said they needed their money back. They blamed some of my colleagues for introducing them to MMM and the bank had to sack them.

“One of the customers complained that the money he had put in MMM was meant to roof his house and that his planned relocation to the house has had to be delayed because of that. Another one said the money he had invested in MMM was meant to pay his debts while another said the money was meant for his wife’s business.”

Another banker working in a commercial bank in Akute, Ogun State, also said one of her colleagues was sacked for investing N2m he had loaned from the bank in MMM and was unable to pay back the loan.

A barbing salon operator in Ilorin, Kwara State, Adejare Lawal, who spoke with one of our correspondents on Thursday, said he had invested money belonging to some of his colleagues, which was from their contributory scheme, in the investment.

According to him, he invested around N350, 000 in November, hoping to get a profit of at least N80, 000 by the second week of December before accounts were frozen.

“This is the biggest risk I have taken in my life and at the moment all I can think about is how to get the money back. I was the one coordinating the barbers’ association’s contribution in my area and I invested it in MMM.”

In Oyo State, an estate agent, Mr. Funso Ogungbade, said he had invested the sum of N3.5m, part of which was from the rents he had collected from tenants on behalf of some landlords, in MMM. “My target was that by Saturday, everything would be sorted out but as it is now, I cannot get the money back soon. MMM is saying that it will start by paying the people with small funds and that it will also put a peg on how much we can get,” he said.

A student at the Ladoke Akintola University of Technology, simply identified as Wole, said he had invested N50, 000 into the scheme a week before it froze all accounts.

Another MMM investor, who simply identified himself as Olayinka, said, “I’m desperate to recover my money. All my investment has gone into it,” he added.

Olayinka, who lost his job over a year ago, said he had invested N700,000 that was paid to him as entitlement in MMM, given how profitable the scheme was before it collapsed.

He said, “I have been counting down since the day MMM announced the closure. Everything I had went into it so I am seriously stranded.”

Another MMM investor, Miss Janet (surname withheld), said, “I lied to my brother to lend me money to pursue my Master’s programme. I’ve not been working for some time, and he was the one who advised me to go for a postgraduate degree. So, when I asked for money, he gave me N150, 000.

“With the way it was booming, I invested my N600, 000 in it, including the money I had saved from my previous workplace. So, I’m in a fix as I’m talking to you.”

Our students invested school fees in MMM –VC


On January 11, 2017, the Vice-Chancellor of Osun State University, Prof. Labode Popoola, told journalists that the school’s authorities would publish in national newspapers names of students who owe tuition, claiming that some of them had invested the money in the MMM scheme.

Noting that the affected students had owed since their enrolment, Popoola said it had come to the knowledge of the school that most of them were enrolled in MMM.

He disclosed that the cumulative debt being owed the school by the students was N2bn.

He said, “We are aware that parents of most defaulting students had given them their school fees and it was revealed that the students had diverted the monies into the MMM scheme.”

Confusion mounts over bitcoin


Findings by Saturday PUNCH showed that more Nigerians have been searching for information about bitcoin on the popular search engine- Google.

For instance, between Thursday and Friday, search for “where to buy bitcoin in Nigeria” on Google Nigeria rose by 200 per cent, according to Google Trends.

Search for “MMM bitcoin” rose by 150 per cent; “What is bitcoin all about?” rose by 160 per cent; while “meaning of bitcoin” rose by 60 per cent.

One of the participants who spoke with Saturday PUNCH, Bunna, said he had no idea of what bitcoin meant and that the more he asked questions about it, the more confused he got.

“I don’t know what bitcoin means. Don’t even bother explaining how it works to me because many people have tried and they left me more confused,” he said.

“Once I get paid, I don’t even want to be part of any MMM again. God knows that nothing in this world will make me do this nonsense again. While other people were celebrating Christmas, I was in the hospital. Even now, I have yet to recover, so why do you think I would want to do this kind of thing again?”

Wole, a LAUTECH student, said, “Another problem now is the introduction of bitcoin to the platform. I have yet to fully understand how it operates. I will read more about it so as to know how to go about withdrawing my money. I just hope the system wouldn’t crash.”

Speaking about the bitcoin option recently introduced, Janet said, “Whether bitcoin or no bitcoin, I want my money, possibly today (Friday).”

Chiboy said he had only heard of bitcoins and was not interested in “such things.”

Olayinka said, “They wouldn’t dare introduce bitcoin at this time. But if they do, we are at their mercy. I just want my money back

http://punchng.com/investors-stranded-mmm-reopens/

This Punch newspaper reporter did a poor job. I can't understand why he kept using the word "investor" in his write-up.

MMM participants are not "investors" but "Donors". The scheme is about donating money you can spare to others within the MMM community, by providing help (PH). The scheme made participants to sign an undertaking that the scheme is not an investment but donation platform by providing help and there is no guarantee that the participant would in turn get help (GH) when he requires it.

So how can the participants now be saying "they invested so much in MMM?". Rather they should be saying "they donated so much". Of course when you donate something, do you expect it would returned to you?

Only a fool will make donation and call it investment.

In the report, some participants said they are expecting MMM to pay them back.

How?

From which bank account?

MMM told you it does not operate a centralised bank account. So there is no pot of money anywhere to be dished out. Further payments is expected to come from new gullible participants!

Where are the gullible ones?

5 Likes

Re: Investors Stranded As MMM Reopens by nery4u(m): 11:20am On Jan 14, 2017
OEPHIUS:
Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on Friday opened for business after one month of break, but investors in the scheme have remained stranded as they still cannot access their funds.

MMM had announced the resumption on its Twitter handle, saying it was “now open” even though it had initially promised to reopen today, Saturday, January 14.

In the message, the scheme’s founder, Sergey Mavrodi, said because of the likely deluge of requests from participants, payments would be gradual and have limits.

He also said it would prioritise payments to participants with small amounts, which were not specified, and that big investors would have to wait longer.

“Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the system operation will return to normal.

“We’re the ones setting limits, so it’s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on about your business as usual.

“As the system is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place; it means to the members with small PH (Provide Help) amounts. The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you.”

With about three million Nigerians involved in the scheme and huge investments at stake, the freezing of the MMM’s accounts a month ago had sparked fears that the ponzi scheme had crashed.

Meanwhile, some investors have expressed their frustrations as they might have to wait much longer to recover their much needed money from the scheme.

Some of the participants told Saturday PUNCH that their funds that were tied down in MMM were meant for various uses including purchase of goods, payment of tuition, debts, rent and others.

The fears and frustrations are further heightened by MMM’s declaration that it would introduce bitcoins as the new mode of payment ahead of its comeback, which some participants of the scheme have described as confusing.

For example, Frank Bunna who deals in computer accessories at Olugbede market in Idimu, Lagos, said he was stranded as he had invested all the money for his goods in MMM.

The Igbo trader, who was looking dejected when our correspondent visited the market, said his future was dashed as he expressed disappointment that he would not be able to get his money back today (Saturday).

He said, “This is my life! How will I live? I invested N2m! Look at my shop, it is totally empty. I invested the whole money for my business on this MMM; I even borrowed N300, 000 that I added to it. I spent six days in the hospital as soon as I heard the account was frozen. I am hypertensive so my blood pressure shot up when I heard the news. To hear that I would not be paid immediately means that I am dead.”

Another Lagos resident simply identified as Korede, who invested over N500, 000 in the scheme, said, “There is going to be crisis in my home. I borrowed my wife’s N300, 000 to invest in the scheme. I didn’t tell her, but I guess she’s suspicious now.

“I promised to return the money December ending, but couldn’t. That was when MMM froze our accounts. It appears that there is going to be some delay before I can get the money. I just hope my wife will forgive me in case this thing fails. To be sincere, I am afraid.”

An undergraduate of the University of Benin, Benin City, Edo State, who identified himself as Chiboy because he did not want his parents to know he invested his tuition and money meant for his dissertation in MMM, said he had been left stranded since December 2016, when MMM was suspended and desperately needed his money back.

“I had thought that I would be able to get my money back immediately MMM reopened but from what I heard, it would not be possible. My mother will kill me. I don’t even know what to do,” he said.

A teacher in a private secondary school in Egbeda, Lagos, who spoke on condition of anonymity, said the bursar of the school had invested N1.5m belonging to the institution in the scheme before the scheme was suspended last month.

According to the teacher, when the bursar could not provide the money, he was sacked by the school management and asked to sign an undertaking to return the money when MMM reopened on Saturday, January 14.

“The bursar has since been arrested and in his undertaking, he had said he would get the money back immediately MMM resumed operations. But with this development, it will take some time before he can get paid, and that is if he gets paid at all,” the teacher said.

A travel agent in Lagos, who identified himself as Mr. Oduntan, lamented that he has been going through difficulty after investing N900, 000 meant for paying his rent in MMM with the hope that he would get about N1.2m in return.

Oduntan said he was desperate to recover his funds as his landlord had been on his neck since then.

Also, a banker in a new generation bank in Ikeja, Lagos, told one of our correspondents on condition of anonymity that three of her colleagues were sacked for introducing some customers to MMM.

According to the banker, his colleagues were sacked after the aggrieved customers officially complained to the bank manager that they were stranded because they had invested in MMM, which was introduced to them by some employees of the bank.

The source said, “The customers said they needed their money back. They blamed some of my colleagues for introducing them to MMM and the bank had to sack them.

“One of the customers complained that the money he had put in MMM was meant to roof his house and that his planned relocation to the house has had to be delayed because of that. Another one said the money he had invested in MMM was meant to pay his debts while another said the money was meant for his wife’s business.”

Another banker working in a commercial bank in Akute, Ogun State, also said one of her colleagues was sacked for investing N2m he had loaned from the bank in MMM and was unable to pay back the loan.

A barbing salon operator in Ilorin, Kwara State, Adejare Lawal, who spoke with one of our correspondents on Thursday, said he had invested money belonging to some of his colleagues, which was from their contributory scheme, in the investment.

According to him, he invested around N350, 000 in November, hoping to get a profit of at least N80, 000 by the second week of December before accounts were frozen.

“This is the biggest risk I have taken in my life and at the moment all I can think about is how to get the money back. I was the one coordinating the barbers’ association’s contribution in my area and I invested it in MMM.”

In Oyo State, an estate agent, Mr. Funso Ogungbade, said he had invested the sum of N3.5m, part of which was from the rents he had collected from tenants on behalf of some landlords, in MMM. “My target was that by Saturday, everything would be sorted out but as it is now, I cannot get the money back soon. MMM is saying that it will start by paying the people with small funds and that it will also put a peg on how much we can get,” he said.

A student at the Ladoke Akintola University of Technology, simply identified as Wole, said he had invested N50, 000 into the scheme a week before it froze all accounts.

Another MMM investor, who simply identified himself as Olayinka, said, “I’m desperate to recover my money. All my investment has gone into it,” he added.

Olayinka, who lost his job over a year ago, said he had invested N700,000 that was paid to him as entitlement in MMM, given how profitable the scheme was before it collapsed.

He said, “I have been counting down since the day MMM announced the closure. Everything I had went into it so I am seriously stranded.”

Another MMM investor, Miss Janet (surname withheld), said, “I lied to my brother to lend me money to pursue my Master’s programme. I’ve not been working for some time, and he was the one who advised me to go for a postgraduate degree. So, when I asked for money, he gave me N150, 000.

“With the way it was booming, I invested my N600, 000 in it, including the money I had saved from my previous workplace. So, I’m in a fix as I’m talking to you.”

Our students invested school fees in MMM –VC


On January 11, 2017, the Vice-Chancellor of Osun State University, Prof. Labode Popoola, told journalists that the school’s authorities would publish in national newspapers names of students who owe tuition, claiming that some of them had invested the money in the MMM scheme.

Noting that the affected students had owed since their enrolment, Popoola said it had come to the knowledge of the school that most of them were enrolled in MMM.

He disclosed that the cumulative debt being owed the school by the students was N2bn.

He said, “We are aware that parents of most defaulting students had given them their school fees and it was revealed that the students had diverted the monies into the MMM scheme.”

Confusion mounts over bitcoin


Findings by Saturday PUNCH showed that more Nigerians have been searching for information about bitcoin on the popular search engine- Google.

For instance, between Thursday and Friday, search for “where to buy bitcoin in Nigeria” on Google Nigeria rose by 200 per cent, according to Google Trends.

Search for “MMM bitcoin” rose by 150 per cent; “What is bitcoin all about?” rose by 160 per cent; while “meaning of bitcoin” rose by 60 per cent.

One of the participants who spoke with Saturday PUNCH, Bunna, said he had no idea of what bitcoin meant and that the more he asked questions about it, the more confused he got.

“I don’t know what bitcoin means. Don’t even bother explaining how it works to me because many people have tried and they left me more confused,” he said.

“Once I get paid, I don’t even want to be part of any MMM again. God knows that nothing in this world will make me do this nonsense again. While other people were celebrating Christmas, I was in the hospital. Even now, I have yet to recover, so why do you think I would want to do this kind of thing again?”

Wole, a LAUTECH student, said, “Another problem now is the introduction of bitcoin to the platform. I have yet to fully understand how it operates. I will read more about it so as to know how to go about withdrawing my money. I just hope the system wouldn’t crash.”

Speaking about the bitcoin option recently introduced, Janet said, “Whether bitcoin or no bitcoin, I want my money, possibly today (Friday).”

Chiboy said he had only heard of bitcoins and was not interested in “such things.”

Olayinka said, “They wouldn’t dare introduce bitcoin at this time. But if they do, we are at their mercy. I just want my money back

http://punchng.com/investors-stranded-mmm-reopens/

Re: Investors Stranded As MMM Reopens by unmask: 11:30am On Jan 14, 2017
This mavrodi should rank as one of the wisest men ever to grace the earth.....it happened in Russia. The same people he scammed still voted him into parliament...

Same thing happening in Nigeria already......they have successfully planted the seed of the government being their major bane

Now I am in siddon look mode

3 Likes

Re: Investors Stranded As MMM Reopens by lumydee44: 11:40am On Jan 14, 2017
cosade:


This Punch newspaper reporter did a poor job. I can't understand why he kept using the word "investor" in his write-up.

MMM participants are not "investors" but "Donors". The scheme is about donating money you can spare to others within the MMM community, by providing help (PH). The scheme made participants to sign an undertaking that the scheme is not an investment but donation platform by providing help and there is no guarantee that the participant would in turn get help (GH) when he requires it.

So how can the participants now be saying "they invested so much in MMM?". Rather they should be saying "they donated so much". Of course when you donate something, do you expect it would returned to you?

Only a fool will make donation and call it investment.

In the report, some participants said they are expecting MMM to pay them back.

How?

From which bank account?

MMM told you it does not operate a centralised bank account. So there is no pot of money anywhere to be dished out. Further payments is expected to come from new gullible participants!

Where are the gullible ones?
They are gearing up to go to the bank...oops I forgot today is Saturday and let's give them hope, quicktelller is not working this weekend. This mmm case is "eni ori yò" my afonja brothers understand. Whoever gets his money should borrow a pair of usain bolt's sneakers.

1 Like

Re: Investors Stranded As MMM Reopens by Angrymode: 11:41am On Jan 14, 2017
I believe most Nigerians lack the ability to understand the maths involved in calculating the risk involved in such ponzi schemes. So as long the system works, they don't give a maths damn.

I don't know what to say anymore to condole all those that have their money stuck in MMM lipsrsealed

I guess for those with funds in MMM, hope is blind cry

3 Likes

Re: Investors Stranded As MMM Reopens by gemale(m): 11:50am On Jan 14, 2017
FreeSpirited:
shut up....your content has no sense. So are you
Hurling insults at my person does not gift you an upper hand in this conversation. Rather, it depicts you as uncouth and severely lacking in civility. As to my initial content you accused as not having sense, kindly provide help (no pun intended) and give it some sense by answering the simple questions I raised before and I shall repeat them to avoid ambiguity "who pays for the 5 billion naira chuddy ugorji (mmm nigeria's number 1 guider) allegedly made from MMM?", "who pays for the 30% interest every participant is promised at the duration of 1 month? "," who pays for the numerous bonuses guiders earn from the scheme (or calling it by its true name, scam)? ". The laws of economics, accounts, arithmetic and commonsense points to that immutable fact. Someone or a group of people must foot the bill. MMM is not telling us who. Is it mavrodi (a convicted serial fraudster by the way)? Is he so benevolent that he is doling out such amounts of money? I think not. I said it before and I would say it again. MMM operates on the principle of robbing Peter to pay Paul by convincing that Peter they would rob another Peter to pay him (with interest) and he would soon become Paul. It operates on the fallacious notion that there would always be Peters to rob and this is not so. At the end of this mmm debacle, average Nigerians like you and me would be stuck with the hefty bill mmm has racked up. The problem with most mmm participants is that they do not see this or even if they do, look away because they feel it does not concern them as long as they get paid. This is what baffles me the most;the cold-blooded greed, insensitivity and avarice it evokes in millions of my countrymen.

4 Likes

Re: Investors Stranded As MMM Reopens by FreeSpirited: 11:55am On Jan 14, 2017
gemale:

Hurling insults at my person does not gift you an upper hand in this conversation. Rather, it depicts you as uncouth and severely lacking in civility. As to my initial content you accused as not having sense, kindly provide help (no pun intended) and give it some sense by answering the simple questions I raised before and I shall repeat them to avoid ambiguity "who pays for the 5 billion naira chuddy ugorji (mmm nigeria's number 1 guider) allegedly made from MMM?", "who pays for the 30% interest every participant is promised at the duration of 1 month? "," who pays for the numerous bonuses guiders earn from the scheme (or calling it by its true name, scam)? ". The laws of economics, accounts, arithmetic and commonsense points to that immutable fact. Someone or a group of people must foot the bill. MMM is not telling us who. Is it mavrodi (a convicted serial fraudster by the way)? Is he so benevolent that he is doling out such amounts of money? I think not. I said it before and I would say it again. MMM operates on the principle of robbing Peter to pay Paul by convincing that Peter they would rob another Peter to pay him (with interest) and he would soon become Paul. It operates on the fallacious notion that there would always be Peters to rob and this is not so. At the end of this mmm debacle, average Nigerians like you and me would be stuck with the hefty bill mmm has racked up. The problem with most mmm participants is that they do not see this or even if they do, look away because they feel it does not concern them as long as they get paid. This is what baffles me the most;the cold-blooded greed, insensitivity and avarice it evokes in millions of my countrymen.
Ode, So u think I will read this poo u wrote...well , I stopped at the first sentence....I know you have nothing to contribute to humanity....just get lost with your wailing..ode
Re: Investors Stranded As MMM Reopens by brightalo17: 12:00pm On Jan 14, 2017
lady2lady:
Wetin lah ..
MMM
MMM
MMM

Haba!
undecided

Your Moniker though shocked shocked
Re: Investors Stranded As MMM Reopens by omohayek: 12:01pm On Jan 14, 2017
shinarambo1:

he is no genius. have you ever wondered why such wonder bank schemes are not allowed in good countries
the dude was actually jailed and served his term in russia, his home country.lol
Yes, the scam itself is a pretty elementary one, so that's not what I'm referring to when I call him a "genius". The "genius" bit comes from the fact that both in Russia and now in Nigeria, he has managed to psychologically manipulate his victims into becoming his biggest defenders!

Just look at how many of the suckers call themselves "Mavrodians", and talk about MMM being a "help platform", as if all it took to turn a criminal enterprise into a charity was to give it a good name; one might as well rename armed robbery and 419 as means of "self help", that's how silly it all is, but the mugus have fallen for it completely. Then there's the attempt to shift blame for the inevitable collapse from the MMM scam operators themselves onto the Nigerian government, as if politicians in Abuja could magically make 1 + 1 = 4 if they really wanted to; again, the MMM dupes have fallen completely for it.

Anyone can set up a pyramid scam, but only a few people are clever enough to get people to keep falling for the same old trick in spite of a public record of failure going back 2 decades!

4 Likes 1 Share

Re: Investors Stranded As MMM Reopens by gemale(m): 12:05pm On Jan 14, 2017
FreeSpirited:
Ode, So u think I will read this poo u wrote...well , I stopped at the first sentence....I know you have nothing to contribute to humanity....just get lost with your wailing..ode
I now understand that saying I heard before "if you want to hide anything valuable from a black man, put it in a book". I used to think it was racist and stereotypical but I now see that there was an atom of truth in it.

2 Likes

Re: Investors Stranded As MMM Reopens by obstead200(m): 12:08pm On Jan 14, 2017
adonbilivit:
every one is just hopeful that MMM will resurrect and shame the haters. OK let's see. how many of us are willing to make it work? the last time we did this it showed people were willing to provide help. let's see if the people are still willing to provide help when matched or not.

if you are matched to pay someone on Monday will you pay the person? if you will pay click like, if you won't click share.

let's be honest please
[size=13pt]
So u really expect to hear the truth here? U must be high on weed.
This pple clicking "like" are only doing it to bolster confidence in the system, becos their money is trapped in MMM and they need it to come out.
Trust me, non of them is ready to PH one kobo if they are called upon to do so.
[/size]

1 Like

Re: Investors Stranded As MMM Reopens by obstead200(m): 12:09pm On Jan 14, 2017
adonbilivit:
every one is just hopeful that MMM will resurrect and shame the haters. OK let's see. how many of us are willing to make it work? the last time we did this it showed people were willing to provide help. let's see if the people are still willing to provide help when matched or not.

if you are matched to pay someone on Monday will you pay the person? if you will pay click like, if you won't click share.

let's be honest please
[size=13pt]So u really expect to hear the truth here? U must be high on weed.
This pple clicking "like" are only doing it to bolster confidence in the system, becos their money is trapped in MMM and they need it to come out.
Trust me, non of them is ready to PH one kobo if they are called upon to do so[/size]

3 Likes

Re: Investors Stranded As MMM Reopens by Girlbestfriend(f): 12:10pm On Jan 14, 2017
anigbajumo:


Die in shame...

Omo this guy is a guider, how can u PH 3k and GH 4hundred and something thousand,,,, you guys are the ones killing the system......450k is nothing compared to what u have GHed sire!!!!!
Re: Investors Stranded As MMM Reopens by gemale(m): 12:10pm On Jan 14, 2017
omohayek:

Yes, the scam itself is a pretty elementary one, so that's not what I'm referring to when I call him a "genius". The "genius" bit comes from the fact that both in Russia and now in Nigeria, he has managed to psychologically manipulate his victims into becoming his biggest defenders!

Just look at how many of the suckers call themselves "Mavrodians", and talk about MMM being a "help platform", as if all it took to turn a criminal enterprise into a charity was to give it a good name; one might as well rename armed robbery and 419 as means of "self help", that's how silly it all is, but the mugus have fallen for it completely. Then there's the attempt to shift blame for the inevitable collapse from the MMM scam operators themselves onto the Nigerian government, as if politicians in Abuja could magically make 1 + 1 = 4 if they really wanted to; again, the MMM dupes have fallen completely for it.

Anyone can set up a pyramid scam, but only a few people are clever enough to get people to keep falling for the same old trick in spite of a public record of failure going back 2 decades!
My brother! I almost feel like worshipping you now. You are blessed wherever you are. Please grant me permission to copy your comment.
Re: Investors Stranded As MMM Reopens by FreeSpirited: 12:11pm On Jan 14, 2017
gemale:

I now understand that saying I heard before "if you want to hide anything valuable from a black man, put it in a book". I used to think it was racist and stereotypical but I now see that there was an atom of truth in it.
You write like a kid you are......Stop dumping shits u think up from your mind here. Your reasoning is like a primary school kid

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