More than seven months after its collapse, MMM Nigeria handlers are claiming they are now paying back ‘hostage’ funds. The popular Ponzi scheme which bled Nigerian investors and some its ‘unlucky’ affiliates up to NGN80 billion in losses has resumed its usual aggressive marketing.
In the latest message circulated on its website, MMM Nigeria claim (We choose to use the word ‘claim’ because several promises made by the scheme to its investors have often gone unfulfilled. MMM Nigeria like many other Ponzi schemes are also fond of using half-truths, online propaganda and sometimes outright lies to calm its investors) it is releasing ‘Mavro 2016 contributions’ for 20% of investors’ PH (provide help, it means invested capital). The claim looks more suspicious as the scheme had earlier announced that it was paying Mavro 2016 contributions for 10% of its investors’ PH amount.
See below the message:
From the moment of this news publication and during one week (it means until August 5 inclusive), the members of MMM Nigeria will have ‘Mavro-2016-Contributions’ released for 20% of their own PH amount (rather than for 10% as it was previously). At the same time, a 10% release of their referrals’ PH amount is cancelled.
The point is that the release of Mavro-2016 through referrals’ contributions led to the creation of multiple fake referral accounts. These fake accounts and those who created them got blocked by the CRO. But the ultimate goal is not only to punish those who abused the rules, but to prevent the abusive actions. Therefore, there was a decision to cancel a 10% release for a referral’s contribution and to increase the release of Mavro-2016 up to 20% through your own contribution. The load on the System will remain the same, but this will be more efficient.
The release of 20% by your own PH amount will be valid within a week, up to August 5. According to the results of the campaign, the decision about further ‘Mavro-2016-Contributions’ release rules will be taken. The main priority for the Community is to release all Mavro-2016 as soon as possible.
By our efforts, MMM Nigeria will overcome!
We are changing the world!
In case these Ponzi jargons terms sound confusing, here is what MMM Nigeria means. The scheme promised to pay its investors 20% of any new investment they put into to cover for their stranded funds since 2016. This means if an investor puts in another NGN40,000 for a four weeks period, MMM promises to pay back another NGN8,000 plus their 30% return on investment, an investor will be promised a mouth-watering RoI plus capital of NGN60,000. This is a very ‘compelling sales pitch that gets into the skin of its victims’, said a Ponzi scheme analyst.
Analysts are also suspicious of this moves as it seems to be a repacked strategy to wake up the scheme from the dead. About two months ago, MMM Nigeria had promised the same thing but with a lower rate 10% of investors’ PH. Analysts are worried that the low turn out of new investors into the scheme is forcing MMM Nigeria to give into more promises it will not be able to keep.
It would be recalled that between in September to November 2016 before the scheme collapsed in December of the same year, MMM Nigeria announced a special promotion for its members. To the amazement of many analysts who predicted a low turn out, the promo was a sell-out. MMM simply increased referral bonus to 20%. When you add this to investors’ 30% return on investment, the expected rate becomes about 50%. This was eventually the tipping-point for the scheme. Like bees swarm to a hive, the scheme attracted millions of investors to swell its roster to over 3 million people.
Analysts warn that MMM like any other Ponzi scheme are still dangerous and unsafe for any investor no matter how long or how many times they are rebranded. For many months after it collapsed in December 2016, there was a deafening quietness in the camp of its top affiliates and promoters who are have been reported to have fled to various countries or completely gone under the radar.