Weeks after the Nigerian Security and Exchange Commission (SEC) warned the general public against falling prey to an online investment scheme tagged, “MMM Federal Republic of Nigeria,” many people remain immovable in their quest for its breadth-taking gains.

In a survey by The Guardian, most of the respondents, who were mostly students of tertiary institutions, described the scheme as a less-risky venture, which if successful, leaves participants smiling.

The MMM, according to information on its website, is a trending financial scheme which promises to create a community of people providing financial help to one another on the principle of gratuitousness, reciprocity and benevolence. Registered members help each other by providing a certain sum of money (as ordered by the operators of the scheme) and such paid amount is expected to yield a 30 per cent increase at the end of the month.

At any month end, members could withdraw their invested amount as well as the added interest through a similar means of being paid by another participant. By operation, the scheme, which platform is Nigeria., has no central system or account.
However, SEC, in a recent statement on its website, disclosed that the system was a ponzi scheme, alleging that the facilitators were online fraudsters who promise high rates of return with little risk to investors.

It added: “The platform has embarked on aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid and financial network’ with a monthly investment return of 30 per cent.

“The operation of this investment scheme has no tangible business model, hence it is a ponzi scheme where returns are paid from other people’s invested sum. Its operation is not registered by the commission.”

It advised the public to shun the scheme.

But The Guardian survey revealed that virtually all participants in the scheme have benefited from it, thus making it very difficult for them to quit despite the red alert of SEC.

One of the participants, Ata Efe, who was apparently marketing the scheme, told The Guardian that she reaped N73,000 (30 per cent interest and extra membership bonus) having invested N50,000 in her trial month. She said many of her friends had been participating in it, adding that one of them recently acquired a N1.2 million plot of land through the scheme.

Maryjane Okojie, another resident in Asaba, acknowledged the warning of SEC but dispelled any possibility of quitting the scheme, which has given her a cumulative gain of N200,000.

She said: “I suspect that this may turn out to be a scam someday, but with the current economic situation, I cannot stop investing until the system crashes.”

The gains of the scheme may not be the only reason for participants not heeding the fraud alert of SEC, as some religious leaders are allegedly canvassing support for it.

One of the respondents in the survey, a fresh Mass Communication graduate of Delta State Polytechnic, Ogwashi-uku, disclosed that a clergyman in one of the orthodox churches in the town (names withheld), advises youths in the church to make savings and invest them in the MMM scheme.


Personally speaking, if you check the ideology of how MMM works, then you wont still stay there and rubbish it's genuity... Do a deep research just like I did before joining. And please it's not by force...

Source: http://t.guardian.ng/news/nigerians-ignore-secs-warning-on-online-financial-investment-scheme/

More comments on reactions by Nigerians

Yeye dey smell

This is obviously a pyramid scheme feeding off new entrants. If they are not lending at an interest, then where is the 30% coming from? It's just the money being brought in by members.

Those at the top of the scheme are fleecing the people. It's going to collapse because at some point, it will get too huge to sustain and the architects will have made their billions.

Muafrika2:
This is obviously a pyramid scheme feeding off new entrants. If they are not lending at an interest, then where is the 30% coming from? It's just the moment ney being brought in by members.

Those at the top of the scheme are fleecing the people. It's going to collapse because at some point, it will get too huge to sustain and the architects will have made their billions.

I laff at your ignorance

Just become a loan shark if you want to make money that fast.

Muafrika2:
Just become a loan shark if you want to make money that fast.

why discredit mmm to advertise your own, anyway non of my biz

Mmm rocks, holla @ me for help I just gat paidddd

One thing with MMM is that it cant last for long, presently, i have very close friends making money from it, but i keep telling them not to invest more than they can afford to lose.

[quote author=modelmike7 post=49291479]One thing with MMM is that it cant last for long, presently, i have very close friends making money from it, but i keep telling them not to invest more than they can afford to lose.[/quote) continue watching them . But na you go kill am ba

SEC Failed from the start and only ended up doing Free publicity for MMM. I can see my comment there already - Tolulade Adebayo
I am an MMM Guider and will be glad to guide anyone interested to join the train and make money.

Call or Whatsapp me and i'll be more than happy to put you through.

[quote author=Jeffy1206 post=49291621][/quote]. . . Me ke? I have 'been there done that' when it comes to all these schemes. . . What do you know?! Just Enjoy it when it last!

Muafrika2:
This is obviously a pyramid scheme feeding off new entrants. If they are not lending at an interest, then where is the 30% coming from? It's just the moment ney being brought in by members.

Those at the top of the scheme are fleecing the people. It's going to collapse because at some point, it will get too huge to sustain and the architects will have made their billions.

Why criticise what you don't understand how it works.... Just look at the mess you made of yourself.

If you care to know... The 30% a participant earns is paid by another participant who earns 30% for paying that 30%.....this is the least way to describe it to a green horn.

@lalasticlala
Front Page ooo. When the heat was on, it fit FP, this thread should also

Bubewilson:
Why criticise what you don't understand how it works.... Just look at the mess you made of yourself.

If you care to know... The 30% a participant earns is paid by another participant who earns 30% for paying that 30%.....this is the least way to describe it to a green horn.

That's how pyramid scams work.

Muafrika2:

That's how pyramid scams work.

OK no problem. But Sir most nigs are actually surviving today through MMM and the survival of this system depends on the mutual decorum of participants in the system.
I can still go ahead to explain more.... MMM is not totally bad. Yes it is risk but what can one achieve in life without risking something?

The naira is steadily losing value and nothing is being done to help the common man. N100, 000 sitting in someone's bank account after 30 days won't worth up to 100k in terms of what it can buy in the market. But with MMM you earn 30% extra of that 100k making it N130,000 in same 30 days it would have been in the bank without interest.
Is the extra 30k a small amount? You know too well that it can buy a bag of rice currently with change left.

Muafrika2:
This is obviously a pyramid scheme feeding off new entrants. If they are not lending at an interest, then where is the 30% coming from? It's just the money being brought in by members.

Those at the top of the scheme are fleecing the people. It's going to collapse because at some point, it will get too huge to sustain and the architects will have made their billions.

Dey there Na. By the time your friends wey dey MMM go employ u then ur eye go clear.

Bubewilson:
OK no problem. But Sir most nigs are actually surviving today through MMM and the survival of this system depends on the mutual decorum of participants in the system.
I can still go ahead to explain more.... MMM is not totally bad. Yes it is risk but what can one achieve in life without risking something?

The naira is steadily losing value and nothing is being done to help the common man. N100, 000 sitting in someone's bank account after 30 days won't worth up to 100k in terms of what it can buy in the market. But with MMM you earn 30% extra of that 100k making it N130,000 in same 30 days it would have been in the bank without interest.
Is the extra 30k a small amount? You know too well that it can buy a bag of rice currently with change left.

I know people who have lost money through such schemes. Some people who took loans to participate just when the scheme was about to burst. Especially when it reaches a level of popularity.

Many people gain, but there will reach a point when those at the bottom who are the majority and there is no money from new members. The only way of the thing sustaining itself is new members. And even with that it's not sustainable because those who joined earlier will keep earning above their contribution. Run while you can.

Muafrika2:

I know people who have lost money through such schemes. Some people who took loans to participate just when the scheme was about to burst. Especially when it reaches a level of popularity.

Many people gain, but there will reach a point when those at the bottom who are the majority and there is no money from new members. The only way of the thing sustaining itself is new members. And even with that it's not sustainable because those who joined earlier will keep earning above their contribution. Run while you can.

now let me educate you, if you withdraw from mmm and you don't put in new money after two months you will be removed. So this rule guides to always put in back money for the benefit of new entrants

modelmike7:
. . . Me ke? I have 'been there done that' when it comes to all these schemes. . . What do you know?! Just Enjoy it when it last!

nothing

intbizoil:
now let me educate you, if you withdraw from mmm and you don't put in new money after two months you will be removed. So this rule guides to always put in back money for the benefit of new entrants

tell them o