MMM Return: Only “poor” members to receive payment, huge investors will take cuts
Despite MMM’s return, participants who invested huge sums of money in the scheme might have to wait several more days to receive payment or, even worse, take huge cuts on the money invested.
While announcing its return to operation early Friday, MMM said it was “going to make gradual paybacks by setting internal output limits.”
It said it has repeatedly warned members to only invest money “that are not critical for you” in the scheme.
Consequently, members who have invested huge sums of money will have to wait till the scheme can “afford” to pay them. Only participants with little amounts of money invested will be able to receive payment.
Part of MMM’s statement reads: “As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH amounts. The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days. No need to be tragic about it.”
A member told PageOne that MMM Nigeria “will not likely pay anyone who has invested up to NGN100,000 above in the scheme,” while investors of N1million and above “might be asked to take serious cuts in their Mavros which would have grown more than necessary over the last one month.”
Also, the scheme’s proposition that participants can invest through Bitcoins (a digital cryptocurrency) in lieu of Naira for more than 50% interest per month, will lure unsuspecting members who are not knowledgeable about Bitcoin’s instability.
All of these point to analysts’ prediction that the scheme is ponzi and has no sustenance basis, and participants will lose money along the line.
