Nigerians lose N18 billion as MMM “silently” crashes
With agency report…
Mavrodi Mundial Movement (MMM) is gone. So is N18 billion formerly owned by about three million ponzi-crazy Nigerians.
The figures came from the Nigerian Deposit Insurance Corporation (NDIC).
NDIC managing director lhaji Umaru Ibrahim said it was unfortunate Nigerians didn’t listen to repeated warnings on the dangers of participating in MMM, a ponzi scheme.
Ibrahim made the comments Thursday at the 38th Kaduna International Trade Fair organised by the Kaduna Chambers of Commerce, Mines and Agriculture (KADCCIMA).
He was represented by Hadi Suleiman, the corporation’s spokesperson.
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“The Ponzi scheme is the phenomenon of illegal fund managers, popularly called Wonder Bank’ which has continued to defraud unsuspecting members of the public of their hard earned money,” Suleiman said.
“This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public have continued to fall victims of their fraudulent practices.
“We will like to reiterate the fact that these fund managers are illegal as they are neither licenced by the CBN to take deposits from members of the public nor are those who patronise them covered by the NDIC deposit insurance scheme.
“I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members, as cooperative societies are only recognised to mobilise savings from their members”.
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The collapsed MMM last week announced it will freeze some Mavros of its participants, NAN reports.
It said it has also introduced new measures to ‘serve them better’.
The information was forwarded on Wednesday to members of the ponzi scheme.
MMM said it planned to launch the new rules which will “stop the growth of confirmed Mavros acquired before the 1st of January 2017’’.
It will also freeze the bonuses received before the 1st of January 2017 so that limited withdrawal of Mavro-2016 will include only contributions, not bonuses.
The message is posted on the Personal Office (PO), the site’s environment displayed for every member to participate in its activities.
Mavros are virtual money-equivalent access to cashing returns on funds invested in the scheme.
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“You constantly reproach us stating we don’t listen to your opinions however we really do. We try to carry out the most reasonable and efficient suggestions immediately,’’ the statement said.
Particularly, in accordance with your suggestions, we will soon take the following measures:
We will stop the growth of confirmed Mavros acquired before the 1st of January 2017.
We will freeze the bonuses received before the 1st of January 2017 (so that limited withdrawal of Mavro-2016 will include only contributions, not bonuses).
We will introduce a new rule according to which the withdrawal amount cannot exceed triple amount of the provided help (so, GH cannot exceed PH more than in 3 times).”
The more than three million Nigerians, who invested in the scheme with the hope of getting 30 per cent in return were thrown into distress since MMM folded up.
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Mr. Chuddy Ugorji, the initiator of the Nigerian faction of MMM has fled the country with his wife, Amaka.
Unconfirmed report says the MMM Number one Guider has absconded and relocated to Philippines.
He fled the country when many investors were waiting anxiously to be paid back their money with the agreed interest.
Chuddy’s relocation came barely 24 hours after he released condition for the payment of some three million Nigerian investors.
