Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,199,543 members, 7,972,064 topics. Date: Thursday, 10 October 2024 at 10:11 PM |
Nairaland Forum / Nairaland / General / Investment / CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank (82263 Views)
11 Reverend Fathers Defrauded Of N42 Million In Edo By 2 Men Via Wonder Bank / "Stop Investing In MMM" - CBN Warns Nigerians Again / SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud (2) (3) (4)
(1) (2) (3) ... (10) (11) (12) (13) (14) (15) (16) (Reply) (Go Down)
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by hassanAde(m): 3:00pm On Sep 17, 2016 |
Everything we do in life is a risk, every member of MMM read knows the risk involve and mmm never said bring all ur life savings, neither is it collecting even the spare from anyone, as I've stated earlier, no old or new member, u must always gv to get, and the only threat on MMM has been govt, we all know that, not even a pause mode or a restart has ever happened, and those media writing people lose money, I wonder where the central account is, and when the creator actually asked participants to pay into his account, banks, media and govt has ever been the threat to St he sweet system. Of I could afford a big RAM despite the recession in the state due to mmm, leave me and my fellow participants, we know the risk CBN ain't to warn us, it's all written all over the site. MMM is open and plain, all u need to know is there, so u still taking that bold step to participate, is nobody's business, if u can't take the risk, then remain where u r, and stop criticizing, we r happy with the system, thanks for all ur contribution. I remain mmm participant 2 Likes
|
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by fexyrich(m): 3:04pm On Sep 17, 2016 |
Mmadu111:bros pls am interested but na ur money I go use test the system first...At the end I will take the 30percent that comes out of ur mony to start mine while u eat the referral bonus and the 20percent initial start up bonus..agreedmy Whatsapp line is 08130149333 |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by unite4real: 4:03pm On Sep 17, 2016 |
[quote author=batero post=49437266][/quote] Here Is What Happened When Money Stopped Flowing Into MMM South Africa Nigerians have recently been introduced to the popular MMM scheme. The controversial scheme who most “savvy investors” refer to as either a ponzi or pyramid scheme has garnered a lot of support from those who participate in it. Operators of the scheme in Nigeria have also not been ashamed to defend it vehemently despite the warning of the Security and Exchange Commission (SEC) that it did not recognize such a scheme. It’s quite easy to understand why a lot of people defend this scheme. Firstly, it is highly profitable and very easy to understand. All you need to do is deposit money into someone’s account and then wait patiently for one more for someone else to deposit money into yours with an interest of about 30% in one month. No investment or business out there can beat such return. The second reason of course is the fear that it could actually blow up if the media and critics in the social media continue to write negatively about it. This is because the scheme relies heavily on new incomers to sustain so the more circumspect people are to invest, the higher the rate of failure for the scheme which could mean millions of naira lost for early investors. So what does it look like if this scheme fails? Luckily it is easy to find out. MMM is new in Nigeria but not new in Africa or indeed the world. A trip down to South Africa provides us an idea of what could happen if things go bad and early investors stop coming. Just a few months ago (March 2016), MMM crashed in South Africa, forcing the scheme to reset. As such, members of the scheme who had invested and were awaiting their returns lost millions of rands. According to this article from a South African Website Fin24. Here is the full article as culled from the website including comments from frustrated investors. MMM resets system causing panic among members Cape Town – MMM SA members stand to lose thousands of rands after their accounts were frozen and the mavros points system was reset due to a lack of new money entering the alleged pyramid scheme. Anonymous leaders of the South African wing of the alleged Russian pyramid scheme blamed “media panic” for the reboot on April 30. MMM SA told members: “We have to declare a restart and start all over again. We have no choice.” MMM members have voiced their concern on social media, with one claiming he is set to lose R30 000. Facebook user BM Abinet said the last time he checked he had 35 798 mavros (which is equivalent to the rand currency), “but now the system says my old mavros is 5 798, so where’s my R30 000?” MMM SA told members that all mavros from before April 30 were frozen and were now called “old mavros” and that “any operations with them are impossible”. “With the development of the system, we will send 10% of total input to pay back the ‘old’ mavros. “According to the experience of other countries, we can definitely say that in the normal course of events all the old mavros debts will be paid off in about six months.” It said “new mavros (mavros bought from the moment of this announcement) are introduced. You can use them on a common basis to ‘acquire’ and ‘withdraw’ them at any time.” “We will quickly pay off ‘old’ mavro debts, no doubt about it. You just have to wait.” The same message was given to another alleged SA pyramid scheme Kipi, which last paid out “dreams” to its members in 2015. The system is very similar to MMM, but instead of “donations”, it uses “dreams”. Kipi, also known as Mydeposit241, is one of several schemes under investigation by the National Consumer Commission. Others include WorldVentures, Make Believe, NMT Investments, Instant Wealth Club, Sikhese (Pty) Ltd and Wealth Creation Club. Facebook user NK Njokweni wrote in April 2016: “Talk about Kipi because people are waiting for their money since December.” MMM SA members are promised between 30% and 40% in returns for paying other people money on request. This donation model has been described as a pyramid scheme by most financial experts and is being investigated by the Directorate for Priority Crime Investigation (Hawks) as such. It has also being described as a stokvel, which it is not, according to the National Stokvel Association of SA. It is not regulated by the SA Reserve Bank or any other regulator, so members who lose money won’t be able to seek justice. However, the Hawks has requested the public to report the scheme to the police should they have a complaint. This will assist them in their investigation. Facebook user EN Zamadlomo said: “What’s up with MMM with inability to pay our money, but want us to provide help how? Is MMM going down?” Facebook user IO Oluhle said: “Something is not right. What’s going on? Where is our money? My dashboard is wiped clean.” Facebook user I Maja said: “Mine too is wiped out. MMM systems have been frozen. Is it the end of MMM?” Facebook user DM Luzitu said: “How am I going to take back my money, what am I going to tell people who get in behind me? Please help me.” Responding to users querying what had happened to their promised future “donations”, a MMM member said: “To all members who requested ph (provide help) and they did not make any payment, your orders will be automatically cancelled because they are restarting from old mavros to new. So please if your request to ph is cancelled kindly make new ph with same amount or more again. “We will not gh (get help) for two weeks because of we still updating the system. If you requested any gh and your order is not out yet, may you kindly cancel the requests because you will not be given any order for the next two weeks. “All this is because of the long queue of gh that was requested after the panic pause caused by media … so now the system is restarting again for the better of our people. “MMM is not crashing, but we are fixing the system to recover and operate as normal as before.” In a line that reveals the potential pyramid scheme nature of MMM, the user said: “please recruit, recruit, recruit and ph, ph, ph to help the system to recover quickly”. http://nairametrics.com/mmm-members-lose-millions-of-rands-as-scheme-crashes/ 1 Like 1 Share |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Compliant(m): 4:03pm On Sep 17, 2016 |
. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Compliant(m): 4:04pm On Sep 17, 2016 |
batero: You have not answered my question bro , you are just busy writing and writing. You guys always said mmm is not a bank right ? There is no central account right ? PLS WHERE IS THE 30% COMING FROM ? FUNNY PEOPLE Bank are into forex and lots of business where they generate money so don't compare bank to mmm |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by RealProfit01: 4:15pm On Sep 17, 2016 |
Basalt: FG can not tamper or go near MMM server because it's servers (name servers) are not any where near Nigeria neither can they block our IP access from reaching MMM servers. Stopping us from using MMM is FAR beyond them because it's too late. Who tested HONEY can never accept to test AROMO BETTERS again. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Codes151(m): 5:14pm On Sep 17, 2016 |
At least the offer better deals than u have ever offered in 50 years!!! |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Codes151(m): 5:17pm On Sep 17, 2016 |
RealProfit01:oboi! If Fg wan block am he fit! What are u telling me! It's all about telling them we don't want their service and using location mapping or sth they won't operate! Just like some website that ain't available here! 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by kaleeto: 5:48pm On Sep 17, 2016 |
dmostcheerful: How it works: I get invited, I deposit my hard earned money.70% the money I deposited goes to the person that invited me and the remaining 30% vanishes. I am asked to invite people so that I can get back the money I invested with interest. umm.... but there's just one question I would like to ask [what if I don't invite anybody, how do I get my money back and with the interest I was promised] & [what if the people I invited invested a minute amount of money, how do I make my money back?] 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by tempem: 6:24pm On Sep 17, 2016 |
uckennety:You are technically mad... I'm kidding though.. But you shot him big... Trust me! |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by dmostcheerful(f): 7:37pm On Sep 17, 2016 |
kaleeto:Sir/ma, mmm don't work that way, it's not compulsory to refer people in mmm, you don't pay the person that invited you. I don't know why you people are so bent in spoiling anything mmm. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by kenazuu(m): 8:05pm On Sep 17, 2016 |
what has CBN do to NAIRABET and CO? MMM is a community of people helping one another. wake from all these politics from the rich to keep you as their slave. TELL ME ANY SUCCESSFUL MAN WHO IS NOT INTO RISK TAKING. IS A RISK NOT TO TAKE RISK IN LIFE. WHO TOLD YOU YOUR MONEY IN BANK IS SAFE? WHAT HAPPENED TO SAVANNAH BANK? PLEASE LETS FACE OUR BUSINESSES 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by mapist(m): 8:17pm On Sep 17, 2016 |
SMH..Ignorance and uninformed decisions..Well, i am glad we all have FUNDAMENTAL HUMAN RIGHTS..and that includes Freedom of association.. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by cybercares(m): 8:22pm On Sep 17, 2016 |
Efewestern: The way some people reason is Alarming... I imagine if you own Nairaland, I'm sure you will reserve it for just you and your family alone. I still don't understand why you will post something of this nature when you have not investigate how the system works.im sure you a broke arse. MMM has helped me in so many ways. Rent, children school fees, set up my business...name it. MMM is not a scam |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by cybercares(m): 8:24pm On Sep 17, 2016 |
Efewestern: The way some people reason is Alarming... I imagine if you own Nairaland, im sure you will reserve it for just you and your family alone. I still don't understand why you will post something of this nature when you have not investigate how the system works.im sure you a broke arse. MMM has helped me in so many ways. Rent, children school fees, set up my business...name it. MMM is not a scam...its so real! 2 Likes |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Seun(m): 8:24pm On Sep 17, 2016 |
Efewestern:dominique .. pls respond to this. this is your entire job. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by dominique(f): 8:30pm On Sep 17, 2016 |
Seun: Yes, they try to promote several schemes like MMM and the likes but I take down such posts and topics as soon as I get hold of them. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 9:08pm On Sep 17, 2016 |
Shegricho: How does all this help you? Keep dwelling on negative past, while people are turning their lives around. At least, they have the courage to take a risk that is paying. while you're there busy reading wilkepedia. keep reading. Who wilkepedia Don epp 5 Likes 1 Share |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 9:11pm On Sep 17, 2016 |
Seun:Something that's actually benefitting people. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Shegricho: 9:20pm On Sep 17, 2016 |
NnaaGuy: Am sorry bro/sis, you are finished. But if this ain't a scam, why are you all so quick to defend this MMM of a thing? Am perplexed right now. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Efewestern: 10:08pm On Sep 17, 2016 |
cybercares: @Bolded not Everybody you insult online, You really don't know who i am or what i do for a living. I dont have time to exchange words with you.. but if my earlier post offends you please Am sorry. Byeeeeeeee.. 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Efewestern: 10:10pm On Sep 17, 2016 |
Seun: Thanks for Response.. Appreciate.. #Peace |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by wealth123: 10:14pm On Sep 17, 2016 |
Stop telling stupid lies, MMM was never banned in South Africa. It is thriving and very much alive with more than 3 Million participants. ishiamu: 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by ishiamu(m): 12:08am On Sep 18, 2016 |
wealth123: In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a "30% per month" return through a "social financial network".[3] The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.[4] In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme staged a protest march in Johannesburg.[5] In 2016, MMM launched a website targeting the Nigerian audience.[6] In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered). source : wikipaedia |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by unclenna(m): 5:48am On Sep 18, 2016 |
jahsson:nope. MMM does not get a dime from you. so they dont trade any stock. is just a platform that brings two people to pay themselves. I believe the owners make their cash by charging commission per transaction. peace |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by naira0(m): 5:59am On Sep 18, 2016 |
Ask yourself how the bank gives u the interest rate they give out. The 30% is got from the Crowd funding from the MMM participants. The donation continues to go in a circular motion, and thus sustains the programme. NOTE: You must withdraw after 30days so as to profit from the system again.
|
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by KoldKash(m): 1:22pm On Sep 18, 2016 |
unclenna: 1,000 pips possibility in a week is dependent on market condition-in a ranging market you would expect that much to your own peril. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by oshyno(m): 3:05pm On Sep 18, 2016 |
emexchuks: bro please hit me up, want some info from u. |
(1) (2) (3) ... (10) (11) (12) (13) (14) (15) (16) (Reply)
MMM: Message From Amaka Who Just Married The Top Guider / Crowdfunding Investment Platforms And Options (non Agritech Categories) / MMM Releases 2017 Rules Ahead Jan. 14
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 75 |