MMM Ponzi Scheme Crashes The Third Time

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No doubt that MMM Nigeria has always been  a ticking time. Just two days ago, their top Guider Andrew Marc opened up that there was no more PH in the system. This will make it the third time that MMM would crash in Nigeria and the second time this year.  The first crash was in December 2016 and left so many Nigerians stranded, second was in August and now another in October. The question is this, will Nigerians learn from this? Even with the previous red flags many still went ahead to put their money there.  Nothing seemed right when MMM came up with the plan to inflate the interest from 30% to 100%. It was a well thought plan to exploit Nigerians with a final blow.

This inflation only fueled the greed in many who had the intention of getting rich very quickly. According to a nairalander who was probably a victim, here are some of the other tactics deployed by MMM in other to defraud people of their hard earned money:

  • They matched people with small amount to pH and GH
  • People with big PH, weren’t allowed to provide help, their money kept growing to more than twice the amount they pledged.
  • When the time was right, eventually they were matched to make payment so that they can cash out their huge sums.
  • As expected they all trooped to make payment
  • But before they could begin cashing out their fortunes. The game was over.

The MMM system is weak already, let them open up to Nigerians so they can accept their fate rather than giving people false hope.  It’s no news that all get rich quick schemes will always crash sooner or later.The pains of Ponzi schemes are definitely more than the gains.

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Adekemi is a Pastor by calling and Dentist by profession. She is the Co-founder of ‘Komplete Woman’ an organization whose aim is to inspire and mentor young women to discover their purpose early. She is an associate fellow of the Royal commonwealth society. She is passionate about God, writing, poetry and influencing the younger generation to fan the flame of their potential.