Cash - doubling trouble: Nigerians fight over MMM

High blood pressure awaits you when Ponzi scheme crashes—Antagonist You’ll grow vintage awaiting it to crash — Supporter A special report
with the aid of Sunday vanguard  on the popularity of well-known cash-doubling scheme, Mavrodi Mundial Moneybox, MMM, amongst Nigerians, sparked a social media fight, thereby heating up   the controversy over the problem. It became a state of affairs that saw the ones  sympathetic to the scheme and antagonists locked in a warfare of phrases. apparently, the recent verbal interface, which took place on Nigeria’s best news internet site, saw Nigerians speaking approximately MMM from highbrow, traditional, mundane or even ignorant standpoints. certainly, there have been such a lot of profound classes to be drawn from the interplay which noticed commentators unusually deviating from tribal positions that define such conversations on the social media. Of all the problems raised, Sunday vanguard found some kind of unanimity on the widely held notion to the effect that   the worry in Nigeria introduced to the growing recognition of the scheme in spite of the stark dangers of taking part in it. The conversation additionally offered greater perception into the facts, the myths and the fallacies surrounding what serves as succour for Nigerians at this period of monetary crisis, while many think government isn't always providing the proper response.

 Now, deal with pick no-holds-barred feedback as gathered from Sunday leading edge on-line community. ‘Robbing Peter, paying Paul’ A commentator, who recognized himself as Yankee, said: “If what is written right here is how the so-called MMM works then Nigerians are playing with fire. this is simply robbing Peter, paying Paul and at ultimate Paul will now not see who to rob. I thought the scheme had directors and control team of workers who make investments the money gathered from participants. a person in his proper senses will ask himself this query earlier than collaborating: where do the returns on `investment come from? They take from Okonkwo give Okafor, whilst there's no man or woman to offer Okafor,Okafor will begin crying and nobody to complain to and case closed.” ‘Who pays the deficit?’ Iroko said: “but you refused to ask your self, where did the hobby of 30 percentage given to you come back from? The 30 percentage interest given to you is the main capital of Okafor and the deficit maintain piling up in billions. Who pays the deficit? A query you will not want to answer.” in addition, The OneNigeria introduced: ‘’Even the best crime or commercial enterprise, whichever are drug and prostitution do not pay forty percent returns. it's far all fraud . Nigerians will cry in 3 months time mark my words . “No, you don’t understand the way it works. I advocate you to go study Ponzi scheme. He robs Paul, Peter, and John. He can pay Peter with Paul’s money then continues John’s   20 percentage understanding there are more Paul and Peter who need to be just like the unique Peter and Paul. Later he pays John his whole money plus hobby the use of the new Peter and Paul. Later he runs with Peter , Paul and John’s cash and this time he is hiding his fingers so you don’t even realize who responsible.” Lending a voice,

The President, said: “I examine through your remark and noticed which you want some financial enlightenment. First,   banks make the cash you store with them paintings to advantage fee. they are into actual estate, car loan, currency exchange(foreign exchange trading) they also mortgage out the cash to people who do business in a bid to pay interest from their profit. ‘facilitates to damage the economy’ ‘’via these, the banks create jobs for the ones they rent, help the economy via adding value to depositors money. MMM facilitates to ruin the cost of our foreign money via illegal circulate of the forex amongst individuals of which 90 percentage of individuals who get the money via MMM do no longer have a clear commercial enterprise or financial plan for the money. hence, they spend the cash to shop for automobiles, telephones laptops garments and so forth. which can be more of a liability than asset thereby exerting more stress on our naira bringing approximately inflation? due to MMM, what you'll buy for N100 is now N150 because a whole lot of cash now get to folks who do not understand the actual fee of sure items and offerings. The everyday cash regulatory coverage has a way of preserving extra cash from such humans which MMM has not finished.” ‘Trusting god of fraud’ mmm dropping a bombshell, Blame Your Nigeria queried: ‘’Are you trusting god of fraud? That isn't always actual God. The Bible says “Who does now not paintings must not devour” MMM is not a activity but fraudulent Ponzi scheme. research from Zimbabwe and South Africa. You'll have a stroke if MMM crashes.” Every other commentator, who goes by means of the name, Adaku, requested: ‘’however come, what's the government saying about this.

This can't manifest in an organised country. The government have to recognize the unique supply and realize if the residents are at threat, also the pastimes given to people, are they paying tax on it? I wager no longer. What a silly lazy government.” nonetheless on the   perplexities surrounding the cash-doubling scheme, Osegun additionally queried: “Which sane monetary system could tolerate a Ponzi scheme? wonder banks aren't new to Nigeria. but that it would nevertheless sell among us once more, makes the heart ill. Why are we so gullible? however you should blame the regulators for having executed nothing about it. Cry, my loved country!” through the equal token, Ikenna Adikwu located: ‘’all of the banks which have collapsed are not real ventures. you're too stupid for my liking. yes, I do have a degree in international Finance with know-how on how the worldwide monetary system works which certainly is a pyramid scheme with the Federal Reserve bank being on the top of that pyramid. prevent being a dullard and purpose in another way for once in your life.” persevering with, Ifetrac, introduced: ‘’If the money Making device (MMM)is actual then the Federal government does no longer want to worry about borrowing 30 billion bucks. All it desires to do is to make investments a few billions and in one month Nigeria becomes a amazing-rich united states of america. people who hold to spend money on this fraud will don't have any one to whinge to after ignoring some of these warnings.” however, the remarks beneath, constitute the view of the supporters of the scheme, who spared nothing as they defended what become termed because the correctness of MMM in times like those. ‘Liar Mohammed, media live faraway from MMM’ fortunate Nwaosibe stated: ‘’Liar Mohammed and the media, please stay far from MMM and its blessings and misfortune no one seeks on your advice. all of the while that problem has been there you've got by no means helped all people, so, why pretending to care when you humans are naturally merciless.” in addition, King David, argued: “


Are you aware of how mark Zuckerberg makes thru facebook? you're posting in this discussion board; are you conscious that leading edge is becoming a millionaire thru you and me? How do you think ordinary bloggers get rich? Sergie Mavrodi   is a mathematician and software developer going for walks one of the finest monetised internet site systems inside the global. thoughts you,   it isn't even about the 30 percent. It’s approximately financial revolution, breaching the economic gap between the wealthy and the   poor. you have got been Facebooking for years and by no means benefited financially from it however fb benefits financially from you.   MMM is based totally on 2 Corinthians eight:13-14 – Of route, I don’t suggest your giving ought to make existence smooth for others and difficult for yourselves. I only suggest that there need to be some equality. proper now you've got lots and can help those who are in want. Later, they may have lots and might percentage with you when you want it. on this manner, matters might be same.” also raising critical questions, Iroko stated: ‘’Did the Russian obtain all of us’s cash? Dullard can’t you understand that the device is a revolving gadget, as long as every member will not withdraw their cash the same day and new individuals preserve joining, the gadget will not disintegrate. Which financial institution or coverage agency can continue to exist if all depositors want their cash at the identical day and no new price range deposited? those guys have created a gadget which banks can by some means copy from and enhance liquidity   in place of being envious.” ‘i am watching for N390,000 earlier than yule’ Expatiating, Ikenna Adikwu maintained: “MMM has no proprietors for god’s sake. MMM is a computer machine which clearly is managed with the aid of human beings qualified to do that, but they do no longer have any get right of entry to to participants’ finances which stay of their financial institution debts. Jesus Christ! go and find out about MMM by typing peer2peer Lending in Google.”


Also, accept as true with most effective God, submitted therefore: ‘’I had the same mindset until final month. I invested N200,000 and became paid almost N284,000. I delivered M16,000 to   make it N300,000   and reinvested. i am watching for N390,000 before xmas. Take a hazard and be a millionaire. If it crashes so be it. it is only a game. N 214,000 approach not anything to me by using the grace of God. i've passed that degree long in the past. i am making an investment N2 million in January and will coins out 2.6m.” ‘I waited 10 months for it to crash’ further, King David stated: ‘’My brother I waited 10 months for it to crash considering I started out listening to about it, however it didn’t. I common the d fact and took part. i am two months in it now and i have recorded financial boom and i've been able to develop my business. the tough rules of the federal government aren’t a great deal of a strain on me anymore. You’ll develop vintage expecting it to crash and it gained’t. So I propose you  and Nigeria to take part.” MaryHilll similarly brought: ‘’The most silly issue on the planet is one seeking to provide an explanation for what he does no longer recognize. these fools nevertheless don’t understand the precept in the back of MMM.


No one offers you any bonus. Your cash earns what you take. let this fools mind their enterprise. we like MMM, we quite apprehend the chance. we're taking the risk. no person is keeping your money in MMM. You freely supply it to get hold of back. let the fools wallow in ignorance. This man that designed the scheme deserves to be respected; as an alternative they're calling him names. foolish satisfaction! He has shown the arena a new way cash can work. it's miles a strength. I commenced MMM once I individually found the name of the game at the back of MMM. no one gives you an advantage. it's miles an progressive form of making money. MMM is electricity. The handiest element that could crash MMM is the choice made through the individuals. That’s when they selected to stop.


 And that is what these fools need to reap. They want to lie to the susceptible-minded into quitting the scheme. For people like us, MMM is electricity. i have never been in worried in pool, gambling or making a bet, however  i like MMM because I understand the precept at the back of it. it works based on the consider of the participants and influenced with the aid of the reward.   With MMM, wicked employers will crash, not MMM. Demonic politicians will not get mindless boys to kill and rig elections for them.” ‘wicked employers will crash’ Reginals Dandeson stated: ‘’Why don’t you just leave Jonathan and politics out of this? Am not an MMM subscriber, but it sounds unreasonable to hyperlink the whole thing happening in Nigeria to Jonathan. There have been a long way worse Nigerian leaders than Jonathan and they're nonetheless alive. it's far disappointing that Nigeria’s cutting-edge situation that has been watered over the decades isn't being connected to those rulers and political leaders.   it's far just too unlucky.”


Corroborating the aforesaid, Ezekben said: ‘’there may be no manner MMM can crash in as tons as humans retain to patronize it and those which might be giving terrible thoughts approximately it prevent specially the media. supplied there may be lifestyles MMM will continue to be. My advice to all individuals is that they have to not give up that allows you to give course to new entrants.” maintaining the slant, Mary Hill declared: ‘’You  can manage excess money with the aid of making the actual region to be productive. permit the policy makers do their process. however if I may additionally ask: why select on MMM? i am hearing of other schemes like Icharity and others. Why is MMM singled out for persecution? permit the CBN go to paintings to manage the effects of the recession. The coins the thieving politicians have of their farms and GP tanks do not purpose inflation, it is the negative guys In MMM that’s now your hassle.”