“MMM Nigeria participants are greedy thieves” – entrepreneur declares
Are you into MMM Nigeria?
You’re a thief, says Nigerian network marking entrepreneur Victor Yoma.
Yoma then issued a major take down of the scheme, a scheme the Nigerian Stock Exchange (NEC) already warns against, in an opinion published on Wednesday.
“Why do scams find their way here? Nigeria is such a high energy entrepreneurial country, and over the last few years, lots of network marketing companies have invaded our space.
“While that is a good thing, we must however not forget that the bad and the ugly always accompanies the good. Today our country is undergoing a slow but grinding change.
“Our developing economic space is struggling with itself how to get out of its own mess, also the propensity for people to want money without work and Nigeria’s reputation for corruption, and you find a breeding ground for those wonder banks that aim to take advantage of the lack of financial intelligence of millions of Nigerians.
“The latest craze is MMM, if you haven’t been approached personally, you may have run into it online or on broadcasts, etc. Funny enough, MMM clearly says you may not make money, yet because testimonies abound, people ignore that disclaimer. See below. It even bans people from countries where it has crashed from participating.
“It clearly says it is not a network marketing company, yet asks for referrals on the same page. Brethren, how it makes any educated sense to expect 30% monthly return on an investment of any amount is beyond me. You went to school over a 12 – 16 year period, and even graduated from an institution of higher learning yet you cannot decipher what a scam is? The worst part of it is that MMM is not a complicated scam, it is a low level poorly thought out cheat, hence a lot of people are falling for it i guess.
“I put up a post about my thoughts on MMM and loads of educated individuals were so vehemently defending what is clearly food without work, earnings without work, dividends without business, cheating Peter to pay Paul. It irks me to the bone. But truly, when emotions are high, intelligence is low. Easy money has the reputation for creating high emotions.
“Just google and see loads of terrible information about MMM. The founder is in prison or just got out for MMM scam-related issues. It started in Russia but presently does not operate there. China has refused it in their space. It has crashed in a number of countries. When they destroy one market, they enter the next to take advantage of gullible people.
“If you want to eat, work. If you don’t know how money works, ask and be taught. N1 million won’t do you any good if you are not financially intelligent.
“Solve your financial problems from the correct perspective,” he advised.
MMM Nigeria calls itself a “social financial network” that pays members 30% interested on “donations” made to other members.
When the scheme crashed in Russia, media reports say at least 50 investors committed suicide.
