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Nairaland Forum / Nairaland / General / Investment / CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank (82267 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)
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Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by unite4real: 4:34pm On Sep 18, 2016 |
RealProfit01: This is not true. In China, Facebook doesn't work because the government won't allow any traffic relating to it. All telecommunications companies by law were required to implement this enforcement. So if government is ready, they will block the site. What you see SEC and CBN doing now is due diligence and disclaimer. They want it to be on record that they have warned Nigerians against the scheme because if they don't, warn and they shut down, people will besiege their offices and there could be class action. If I were you, I will begin to GH until I clear all my money. What will happen soon is a low PH and more GH. this is enough to bring down the scheme without government interference. But if government were to use the hammer suddenly, na cry me a river song people go dey sing o. 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by shogat(m): 5:04pm On Sep 18, 2016 |
RealProfit01: i don't really think u know how the Internet works...u are naive |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Oyemyketosin(m): 9:45pm On Sep 18, 2016 |
Nigeria government encourages their citizens to play pool,Gambling, casino, lottery and even betting. Why? There knew it will lead to more poverty since the government benefited by way of collecting taxes from the operators of this so called registered companies own by them and their cronies. How much are the elites stealing now? Billions of naira & dollars of citizens taxes. Go to pool & betting shops or stands all over Nigeria, the majority queuing to playing and throwing away their hard earned monies are strugglers and the poor. MMM has opened my eyes to financial secrecy. MMM is an ideology and movement that can not be washed away or imprisoned by any agency or government of any nations. 1989 till date the ideology & movement is alive. Shine your eyes my friends. I am angry that the hard working citizens of all nations are the poor and strugglers including NIGERIANS. You may not like my post, but Hard Truth must be told. Bank went distressed, stock exchange crashed. No refund, but owners are now governors, senate President & ministers. Who and who is fooling who? World financial system is built on secrecy. MMM has given you and I the secrets Together we change the world of financial system to the benefits of the majority by the grace of God 4 Likes |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by ShareTheMoney(m): 10:37pm On Sep 18, 2016 |
I noticed with chagrin that those who are crucifying, criticizing and condeming MMM are pretty much those who know little or nothing about it,especially because they have not tried it. I was actually thinking i would read of people who reported to cbn about being scammed by mmm... But that has not been the case, rather i see cbn being threatened by the success rate (and stories) gotten by MMM. IT'S easy to criticize/condemn something you don't know about, something you don't believe in, or something that's against what you stand for... I honestly think this is what CBN is doing. MMM rocks because MMM works.!!! 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 11:27pm On Sep 18, 2016 |
Kennydoc: Still finding it hard to take the dumb advice of a self-proclaimed born-again who makes his money from looking for girls who will sell their eggs to other women......Egg-scout or agent(whichever you prefer).....Please,I will pass on your false MMM painted scenario..... |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by toluxa1(m): 12:18am On Sep 19, 2016 |
A CHALLENGE TO EXAMINE THE EVIDENCE AGAINST MMM – AN OPEN RESPONSE TO THE WARNING OF THE SECURITIES & EXCHANGE COMMISSION OF NIGERIA In the news recently Securities & Exchange Commission in pursuance of their statutory duties issued a well-intentioned but I dare say misinformed warning to the general public about MMM being a Ponzi scheme and most recently making the news rounds is the purported report of the warning of Central Bank of Nigeria against the activities of MMM which was penned by one Obinna Chima of ThisDay newspaper on the 14th September 2016 edition. First as an aside, the CBN never issued a categorical statement against MMM. In fact, the quoted statement of its acting Director of Corporate Communications, Mr. Isaac Okoroafor never referred to MMM. The only mention of MMM was the subjective and unsubstantiated opinion of ThisDay newspaper’s reporter. CBN’s warning was against “wonder banks” and “deposit money institution” in other words CBN was warning against patronizing institutions that physically seek deposit of funds in a central account (or any account subject to their control) on the promise of high yield interest rates nothing more ( Here is the link to the original report at http://www.thisdaylive.com/index.php/2016/09/14/cbn-warns-nigeriansagainst-investing-in-wonder-banks/ for you to read it for clarity). Consequently, I will not burn intellectual fuel in analysing the ostensible false warning attributed to CBN. Now to the SEC warning. As a legal practitioner of many years standing and as a prudent ordinary citizen like any other reasonably informed person my curiosity was pricked by SEC’s warning against MMM and that has led me to seek to understand the facts that will aid a reasonable conclusion. In my view the pertinent questions begging for answers are Who or what is MMM? Why are its activities illegal? And the what are the evidence proffered by SEC to support their allegation and disclaimer? Permit me I shall proceed in the manner of my training to examine the relevant facts. To arrive at a just determination of the issues raised it is pertinent to examine the statement of SEC and their supporting evidence or proof of culpability and then deconstruct the activities of MMM to see if it is guilty as charged. I will quote SEC’s statement: “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 percent. “The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission. “The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”(underlining mine for emphasis) What is noteworthy is that MMM the subject is described as an online investment scheme, a mutual aid financial network which promises a monthly investment return of 30 percent. Note the reason SEC declares it illegal is that the unlicensed online investment scheme has not tangible business model hence it is a Ponzi scheme where returns are paid from other people’s investment. First it important to state that a monthly return of 30 percent on an investment is not illegal. So what makes the activities of MMM illegal under SEC’s regulatory purview? Simple. It is operating an unlicensed investment scheme with no tangible business model. So the question is, is MMM an investment scheme subject to registration with SEC? only an examination of the activities of MMM can reveal the answer so let’s examine MMM. MMM describes itself as a voluntary union or association of persons voluntarily providing financial aid or donating their spare money to one another with no obligation on the receiver’s part to pay back. Participation in the community does not give rise to a lender and borrower obligation. As an incentive to encourage the “voluntary giving or donation” the community rewards the giver with a 1 percent daily interest which accumulates or grows for 30 days hence the promise of 30% return. MMM operates no central structure or bank account to collect money. In fact, money is never paid to MMM, participating members directly pay the money to one another. MMM merely provides the platform and rules for such engagement and gets nothing in return because it is an ideologically based “people movement” organization which leverages on the power of freewill community giving as a gateway to financial freedom from the established financial institutions which propensity is to favour only the rich. Of significant note is that MMM clearly and explicitly warn participants on its site to only participate with their spare money (money they can afford to lose) as they stand the risk of losing all. and that there are no guarantees whatsoever as no member is under the obligation to repay any donation and MMM fully discloses that the expected 30 percent reward for donations is gotten from old satisfied members who continue to give or donate and also from the donations of new members joining the community nothing else. It states clearly that there no investment or any relationship with the capital market, no goods or products to sell, no obligation to refer or bring anyone to join and no requirement to make any number of donation. Nothing, just people giving each other money with no guarantees. SEC’s charge that MMM pays returns “from other people’s invested sum” with respect is ignorant and stems from a lack of understanding the workings of MMM. No participant is under any illusion as to how the 30 percent is obtained. It is from participants. Take it or leave it. I will now address the pertinent issues sequentially as they arose in SEC’s statement. First, it is important to note that the word “investment” has a technical meaning apart from the everyday ordinary meaning. Though under Investments & Securities Act 2007 the term “investment” was never defined the Second Schedule, Section 304 of the Investments & Securities Act 2007 however it stipulated broad categories and registrable activities like shares, stock, bonds, government and public securities etc. that constitute investment business in Nigeria. On the allegation of operating an “online investment scheme” I do not see how any of the activities of MMM which is essentially freewill giving described above fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I must say no matter how broadly interpreted this section cannot co-opt or designate “freewill or voluntary donation or giving” as an investment. It will be most absurd and illogical. For academic postulation sake, assuming without conceding the least that MMM activities can be described as an investment under Investments & Securities Act 2007 it is even doubtful if SEC’s has the powers to regulate an “online investment scheme” whose computer server or origin is based outside Nigeria. It will be a legal nightmare and a complex watery grave of conflict of laws to navigate even for the best legal team. Secondly, on the charge that its operation is not registered by SEC, I must say that SEC lacks the power to registered or regulated online investment schemes. However, MMM as a voluntary association of whatever complexion whether as a mutual aid society or a social network of financial aid (call it whatever you like) is guaranteed the freedom of association under the 1999 Constitution of the Federal Republic of Nigeria (as amended) thus the requirement to register with Sec is non-sequitur, it’s a none starter. It is irrelevant where MMM engages in a non-regulated activity like voluntary donation among members. Members of MMM also have the freedom and indeed the right to own and dispose of their property which include their money in whatever manner they deem fit. This is a right to private property guaranteed by the 1999 Constitution (as amended). And to the best of my knowledge it is not illegal under Nigerian Law to give or make a donation of your money to a charitable cause or to any cause not explicitly declared illegal and you don’t need a license for that, thusit will be futile to label the freewill giving in MMM illegal. Thirdly, on the charge of MMM being a Ponzischeme, let juxtapose the features of a Ponzi scheme and the activities of MMM. A Ponzi scheme in essence is a clever investment scheme which lure people to invest in a supposedly legitimate business with a promises a high yield interest rate for the investment. In a Ponzi scheme the scam artiste relies on the inflow of cash to its central account from new members to satisfy old members and to maintain a façade of prosperity in order to continue entice new members. This in the long run is unsustainable and he disappear with the cash leaving people broken. Note that in a Ponzi scheme members trust and give their money to “investment guru” to make them more money from opaque transactions. In all instances of Ponzi schemes there is a central account where money is paid to (show me one that does not have a central account?). This makes it easy for the scam artiste to bail with the money of members. In MMM members are told clearly that there is no investment or any relationship with the capital market, no goods or products to sell, no business to invest in, no obligation to refer or bring anyone to join MMM. Nothing, just people giving each other money with no guarantees. There is no central account to pay money to. Members directly share their money with each other. Members understand that money is gotten from but old and new members donating. Nothing more. Nothing less. What can be more transparent? Member of MMM knowingly and willingly accept he associated risks of their participation. Now I ask how is this a Ponzi scheme? It is not. Yes, MMM defies logic but that does not make it a Ponzi scheme. If it is, SEC failed to provide the damming proof. A mere wishy-washy warning statement does not cut it for a serious minded regulatory agency like SEC. Another important consideration is who is complaining? It is hard not to notice the comments online which typifies the wave of support MMM enjoys from millions of Nigerians who are benefitting from it. SEC’s perception of the organization is fundamentally flawed as it erroneously describes MMM as an investment which it is not. The activities of MMM described above does not fit under any of the categories or activities under the Second Schedule of Investments & Securities Act 2007. I vaguely suspect SEC never carried out any proper investigation of the activities of MMM before rushing out a warning statement. It must have been manipulated by some overbearing interests whose jobs are being threatened by the ideology of MMM which is catching on like wildfire. I know that in this discourse only time and superior proof can be the final arbiter but before then SEC don’t sell me your baseless accusations on the platter of your reputation. I am a man of full intellect. Take it from me MMM is not a scam. It is a revolution. I stand to be counted me as a member. 8 Likes |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by jamesy212(m): 10:06pm On Sep 19, 2016 |
zikter:The real truth about the 30% is that it is coming from the new members. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by youngzeal1: 11:25am On Sep 20, 2016 |
kceewhyte:Boss, u know me |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Bambizzle4k4556: 7:02pm On Sep 20, 2016 |
Folksyharry: Keep it nah. Na ur money |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by ccollins(m): 10:34am On Sep 22, 2016 |
onair:can't open the site on my phone,what I mean is can't login into the page on my phone |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by eay(m): 8:09am On Sep 23, 2016 |
ccollins: Use a chrome browser...it's user friendly |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Elizabethoni(f): 8:35pm On Sep 23, 2016 |
NnaaGuy: No mind am...me that registered and pH of (50k) on 24th Aug...paid the 50k last Thurs 15th sept....got 72k paid into my acct today...the game is real...its so cool that u even get 10% bonus when u refer people.... I hope I've been able to convince some people...with the screen shots...oya go and register... Use me as referral..Elizabethjawolusi@gmail.com
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Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by temi2008: 5:29pm On Sep 26, 2016 |
The Love of money is the root of evil.. Guess money being made by so called participant of the scheme has really darkened their mind not to think and look at the long run of robbing Peter to pay Paul scheme.. Many will always wail about the scheme cos money is rolling and forgetting not every thing that glitters is gold... contentment is the key here either their is economic recession or not.. Ask those who have benefited from the so called MMM program and ask them what they have done with the money or investment made so far?.... Let me send a bit religious here, the MMM is an end time gimmick from the pit of hell to lure people from God... (Anything that money is involved sweeps people away easily). Time will tell Godliness with contentment is great gain He that has ear, let him ear 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 7:03pm On Sep 26, 2016 |
temi2008:ok if mmm is luring people away from God then what is recession and hunger doing to us, drawing us to God abi |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Basalt(m): 8:10pm On Sep 26, 2016 |
temi2008: One question please. How does it turn people away from God? You obviously don't know what you are saying and you really need to research before talking |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by naira0(m): 8:21pm On Sep 26, 2016 |
madridguy: |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 8:38pm On Sep 26, 2016 |
[quote author=naira0 post=49696670][/quote]hahahah that would be the lot of most of this naysayers soon |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by toocoded: 9:31pm On Sep 26, 2016 |
bigtt76:Chic, do u know what happened to PENNYWISE, SOLID WEALTH and others back in 2005/6/7 back then Maybe u were still crawling then. Ask those around you to brief you. 1 Like |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by bigtt76(f): 10:58pm On Sep 26, 2016 |
2006 I was already a member of Nairaland. I won't if I were a crawler at that age. Anyway, my post is just me being sarcastic of CBN. I wouldn't advise anyone to do business with MMM or its other clones. I hope that sorts it out. toocoded: |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Basalt(m): 6:51am On Sep 28, 2016 |
I started with 25k around May, next month being October 18, I will be expecting over 300k. Once I receive it, I will put 200k in my pocket, and continue moving with over 100k They say MMM is a scam, chaii I love that kind of scam. They say MMM makes you depressed and poorer, please I need this kind of depression. They said MMM will crash, yet we are still moving financially and happily. They say mmm participants are foolish and dull, please that foolishness that will give me over 300k from 25k Start in May, I need. They Above all, being extremely jealous of mavrodians, they fabricated all sorts of false stories about South Africa and Zimbabwe hoping that it will make us shiver and panic, but the stories only ended up advertising MMM If someone still posts that fake stories about South Africa and Zimbabwe, Let him see this Good day Mavrodians. If anyone tells u MMM has collapsed in SA and Zimbabwe. Don't argue with them. No story. Just give dem these links to see whether MMM is alive or not. SA: http://rsa-mmm.co/testimonials/ ZIMBABWE: http://ea-/testimonials/ NIG: http:///testimonials
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Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by gafar: 1:08pm On Sep 28, 2016 |
Hello Am here to give free whatsapp tutorial/ daily mentorship on how to participate on MMM safely. I emphased on safely because I know sizeable number of people skeptical about the program are because of their fair. Yes, that is normal but I am assuring you that I will let you see that the fair is illusion. Afterall the risk is just for 1day to 3 week (depending on how lucky you are for the first match), if you keep with my rules and procedures. You can even test with any amount between #1000- 3.5milllion. To me MMM risk is even lower than some business, so far you are not greedy. First time is sufficient to gain your ground and continue participating with your earning. Earning after first PH is (1.30 X the amount) + $20 or $50 Benefit you will gain from the tutorial 1. Free guide on registration. I Can even register for you and you change password at your end (if wishes) 2. Guide on safe trading on it 3. Notification of your status (eg when your order is out), so far you are my downline 4. Guide on providing solution to issues (if any) Question and Answer section ***Please only those that are yet to register and are ready to register are welcome Just send me message with the statement “MMM + your name” Whatsapp/Telegram: “Zero” 8 “Zero” 34556519 |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Basalt(m): 6:43am On Sep 29, 2016 |
gafar: Earning is 0.30+amount not 1.30 + Amount. Please get your facts right. |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Nobody: 6:49am On Sep 29, 2016 |
Basalt: Your mathematics is very poor. It is not even 0.3+Amount. It is 0.3XAmount + amount which is the same as 1.3 X Amount |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by Basalt(m): 6:53am On Sep 29, 2016 |
AnalyticEngine: Hahahahahahahaha. You failed for my trick |
Re: CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank by kaleeto: 8:10am On Sep 29, 2016 |
dmostcheerful:then how would I make my money with the 50% interest I was promised |
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