Too many educated illiterates on this page. A little research on the internet overwhelmingly supports the fact that this is clearly a Ponzi scheme. The CBN has now decided to do this research for you, and they have advised you accordingly. Yet, some people are still insisting that they are right, and the CBN and other regulatory bodies who have outlawed this scam worldwide are all wrong.

I don't really blame the people who get scammed on this, the present state of the Nigerian economy has led to people investing in snake oil schemes that would always lead to tears in the end.

Some people no go still hear word, every body wants to double money without hard work, till greed makes them lose all. Toh, you have been warned.

Mailthaddeus:
Useless people, with all their expertise they watched stock market crashed, watched d naira crashed badly and even watched d economy slide into recession. Yet they ridicle the only thing working for we Nigerians at the moment .

Shameless govt!

Mmm is "plan well" phase 2, I can remember a relative lost her money to plan well that year,now they have coined another name for it,yes people will get lucky and others will still have their money trapped in it when it collapses, let he that has ear, hear!

nanaman:



That's the same question that run through my mind anytime I read comments about the scheme. A whopping 30% as interest ? Am baffled.

My answer remains,awoof dey run belle oo...!

We can only watch and see how it ends. What I know is,some people would pay hard when it crumbles.

my dear daz what baffles me but 1 idiot quoted me to insult me cause i asked a question that threatens his Easy money scheme.

Shameless CBN. When are you going to talk about the secret recruitment you made. Go to hell CBN. Youths are broke and unemployed.

[color=#990000][/color]

jamesy212:
MMM is not a bank.
They don't have access to people's money, rather they are only trying to reduce the way bank is scamming us.
I received alert every two weeks from MMM.
To find out more about the platform, call or WhatsApp 08178607019

jamesy212:
MMM is not a bank.
They don't have access to people's money, rather they are only trying to reduce the way bank is scamming us.
I received alert every two weeks from MMM.
To find out more about the platform, call or WhatsApp 08178607019

jamesy212:
MMM is not a bank.
They don't have access to people's money, rather they are only trying to reduce the way bank is scamming us.
I received alert every two weeks from MMM.
To find out more about the platform, call or WhatsApp 08178607019

PLS KINDLY EXPLAIN HOW THE 30% INTEREST COME ABOUT. WHO IS PAYING THE INTEREST? HOW DOES MMM PAY THEIR STAFF AND OTHER EXPENSES? AS ACCORDING TO YOU THERE IS NO CENTRAL ACCT WITH MMM. PLS KINDLY CLARIFY THESE

madridguy:
God bless you my brother for taking your time to do this insightful analysis. I was introduced to MMM 2 months ago but since I don't have anyone to give me orientation but my friends took the risk with 50K and I was like the gamble is too much now the guy is smiling to the bank while I have spent all I'm having on food. So painful

Madridguy you too don join. From the analysis of all the MMM posters I can authoritatively say most of them failed Maths 101. What they have all failed to clarify is where is the 30% coming from.

Boleyndynasty2:
I wonder when it became a crime to ask questions, and mind you I never asked you and your generations yet unborn not to go for MMM.And trying to insult me to make yourself feel good about d crap you're doing is plainly stupid. Cause i don't remember quoting you when I posted. Have a great day and learn to be matured in your approach to people.

you know what pains me much?

to see unintelligent people talking.

can't you do your research?

is your hand paining you to google it?

even if your hand is paining you try and scroll up and read.

****ABEG NA WHO CARRY MY PREMIER SOAP WEY I KEEP FOR TOILET WINDOW NAAA....I WAN BAFF OOO****

You call it scam, I get paid You call it ponzi, I get paid You say it's too good to be true, I still get paid You join me, we both get paid

dmostcheerful:
Come on! Give me a break! The truth is conventional financial institutions have grossly failed us in Nigeria and the regulatory bodies have merely given them a slap on the wrist.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted? YOUR COMMENT

When banks went under due to Board/Management unwholesome practises what punitive measures did CBN et all take? Innocent bank customers lost huge sums of money without remedyYOUR

Long live MMM

YOUR COMMENT MAKE SENSE DIE,the government is just out to protect the bank because of the taxes accrued to it LONG LIVE MMM

Boleyndynasty2:
One thing i still don't understand about this MMM is how they make the 30% they give everyone. Cause even people who ask for help don't pay back with interest so how do they make profit and also get 30% to pay everyone?

Best post ever...thank u for ur wisdom and power of reason.

Boleyndynasty2:
One thing i still don't understand about this MMM is how they make the 30% they give everyone. Cause even people who ask for help don't pay back with interest so how do they make profit and also get 30% to pay everyone?

another registered customers money is what is given as the 30%.... they use another person's money to pay them... the mmm is banned in China, was banned in south Africa too... it's a good scheme while it last.. but wwhen it burst you will see the devil with your eyes

It's obvious that when poverty is eminent people tends not to think with their head but BELLY.

The funniest and selfish part is that you keep bringing people into a scheme that you are FULLY AWARE will crash someday, meaning you don't CARE if these SET of PEOPLE bites their fingers latter when the whole thing packs up.

Finally, I believe millions are attracted due to the 30% involved and when it comes to money, you will keep returning to put your money irrespective of your earnings.

its like CBN, SEC etc are even doing for publicity for MMM, no wonder more Nigerians have joined since that SEC advert and more will join after this CBN advert

can someone who is sensible explains how the 30% interest in a month comes abt? from the comments there is no central acct with mmm, so who is paying the interest as mmm will not trade with the money for profits. mmm proponents should explain this to the house. are the mmm coordinators not incurring any expenses? where do they get money to pay their workers? something is not just adding up here.

cooldudeng:
Another Ponzi scheme

What the adocates have failed to explain is how the system generate the 30% that it pays out.

Even the economy isn't growing 30%

On this, I will gladly pass!

Am not a big fan of mmm.

But its clear how they get the 30% interest.. Ordinary people pay the 30% not the mmm per say

cekhoe:
Mmm is "plan well" phase 2, I can remember a relative lost her money to plan well that year,now they have coined another name for it,yes people will get lucky and others will still have their money trapped in it when it collapses, let he that has ear, hear!

whatsapp me lemme tell you how it works. I was once in your shoes till I reasoned the whole stuff out...07030681936

I should come and fixed my money in the bank so that you can give me 10% as profit by end of the year and you will give same money to dangote and collect 80% and keep the 70% by end of the year abi?

You could not say a thing when people are stealing money.

God is watching you. Keep on with your lie and keep enslaving people.

Keep fooling those who do insurance and trust your paper work

kceewhyte:
Is high time I joined this MmM

my broda just give me a call 08032916720, I will help u out

Bankers are the greatest scammers. You save your money with them, they go ahead to loan your money to business owners who are charged with interest after they've collected collateral from them. The business owners thereafter come back to remit the funds and its interest to the bankers on an agreed date. Mind you, the interest belongs to the bankers and not you. When you come to withdraw your money if you are fortunate you might just be given a meager interest of 2% annually or get your savings reduced by some alert debit. This is what Sergey took his time to study and called it a slavery world. MMM runs just like banks, without deposits you cannot withdraw from any banks. but only that we only give help based on gratuitousness and reciprocity, of course that's why we are not investment or business so we don't need to be registered. Members are quite aware of the risk involved before joining. We don't need SEC OR CBN warnings.

Even mmm will tell u to help with your spare money, life is a risk on its own.. The cbn even helped us with the creation of bvn, so I don't see any way mmm will create multiple accounts to defraud Nigerians. Mmm is just a scheme to help us in this times of recession and instability..

shogat:
The Central Bank of Nigeria (CBN) has warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC) especially the trending MMM Nigeria community.

The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, made this known yesterday against the proliferation of wonder banks in the country in recent times.

Okoroafor said such deposit money institutions were dubious present Ponzi schemes.

“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.

He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.

Okoroafor said the CBN could not guarantee the unregistered institutions, insisting that when depositors lose money to them, the bank would not be able to help them.

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur,” the CBN said.

He said the CBN was intensifying efforts and liaising with the various security agencies to identify the promoters of these schemes and have such persons arrested and prosecuted, adding that anyone caught with them would also be made to face the law.

Promoters of wonder banks and other pyramid schemes in the country are currently taking advantage of the rising level of unemployment as well as the shrinking disposable income to attract unsuspecting prey.

From Lagos to Port Harcourt and some other big cities in the country, owners of these illegal businesses have been offering Nigerians mouth-watering interest rates, which cannot be found in the banking system, in a bid to attract large number of customers before they run away with huge cash.

For instance, at the Ojuelegba area of Lagos, THISDAY was recently given a small handbill advertising investment schemes that offers 30 per cent returns in 30 days.

Also, there is a new Ponzi scheme called ‘MMM’ that is spreading like wildfire. A lot of young school leavers have already signed on to this scheme, which the promoters are marketing as a “mutual fund.”

“MMM offers its participants 30 per cent growth rate per month for each and every donation they make into the system… MMM belongs to the community, its sustainability depends on the activities of the people that make up the MMM Nigeria community, that is me and you and other MMM Nigeria participants,” the promoters wrote in an online advertisement.

Typically, what promoters of such pyramid scheme do is that they offer rates far beyond what is obtainable in commercial banks. This would always attract a lot of people who would always rush in to stake their funds. But, those who join the scheme late would always be the ones to lose their shirts as they would have been convinced by those that joined earlier to invest huge amounts of money.

But experts have warned against falling for the bait of illegal deposit-taking institutions which are not licensed by the CBN, saying that their only intention is to defraud members of the public.

Recall that with the Nigerian economy is in recession, the National Bureau of Statistics (NBS) recently revealed that the country’s gross domestic product (GDP) contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016.

Also, national unemployment rate also rose to 13.3 per cent in the second quarter of 2016, from 12.1 in the first quarter of 2016.



http://www.financialwatchngr.com/2016/09/14/cbn-warns-nigerians-against-mmm-calls-it-wonder-bank/

Do u no the person u are paying the money into his or her account ?

Simple ponzi scheme,but there are desperate mugus who don't do background checks and love to waste money,even here on nl..

Boleyndynasty2:
my dear daz what baffles me but 1 idiot quoted me to insult me cause i asked a question that threatens his Easy money scheme.

No worries, just keep tabs on him. When the scheme finally crashes,you will refer him back to the post.

Am watching closely.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted?

That scam do alot of people strong something sha

dmostcheerful:
Come on! Give me a break! The truth is conventional financial institutions have grossly failed us in Nigeria and the regulatory bodies have merely given them a slap on the wrist.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted?

When banks went under due to Board/Management unwholesome practises what punitive measures did CBN et all take? Innocent bank customers lost huge sums of money without remedy

Long live MMM

bigtt76:
CBN be beefing since God knows when. They can't get our banks to give us more interest on our deposits yet be beefing the ones coming to give us let them leave us alone, na our money! #WatchYourBackTho .....this is NOT an endorsement of MMM

Have you ever sat down to realise how unsustainable the MMM model is? Where do you think banks get money to pay interest? After all, opening account is free, customer service is free, everything is free to use. Small duties like the 65 naira from ATM return, or interests paid on loans they give and other things add up to make the interest they can give. Fixed deposits provide more interests because the banks are sure you won't collect your money for a specific amount of time. If you actually take time and do the math behind the MMM model, you'll see that it is unsustainable and millions of people (the last to join) are going to suffer greatly from it. If you even look up the history of MMM, the founder of the concept was arrested after it collapsed in Russia and he went away with his proceeds. Even he did not know the actual number of people that suffered great loss when it collapsed to show you how complex it is. I can only hope that you won't regret when it eventually collapses in Nigeria.

DaPuncline:
Shameless CBN. When are you going to talk about the secret recruitment you made. Go to hell CBN. Youths are broke and unemployed.

dont be so bitter,they r still trying to help us out.. E go beta.

segebase:
when APC scamed us una no warn us say dem b scam.....now MMM come una talk say na scam..LLMMMw

HOW APC TAKE SCAM YOU? DID THE PARTY (APC) COLLECTED ANY MONEY FROM YOU? ABI U BORROW THEM UR MONEY DEM NO PAY U BACK? A WORD IS ENOUGH FOR THE.....................YOU KNOW THE REST