It claimed to offer thirty percent per month return on all investments in addition to other bonuses. The entity was described by the founder as a mutual aid fund where people provide each registered member financial help on the principle of gratuitousness, reciprocity and benevolence.
Records show that about two point four million Nigerians have signed up for the scheme by late twenty sixteen with the country’s unemployed as primary targets.
Despite warnings by regulatory bodies in the country about the scheme on the grounds that it was not legally registered or recognized by the government and relevant authorities, MMM continued to expand as a large number of Nigerians invested in the scheme.
On the thirteenth of December last year, the Ponzi Scheme announced the freezing of all members accounts due to what it described as system overload.
The development created panic among the subscribers who invested huge amounts of money into the system. When on fourteenth of this month, the scheme re-opened, participants heaved asign of relief.
This raised great expectations of its subscribers.
The question now is have subscribers who were due for payment received their money?
One of them, Mr. Christopher Nwonye said he was yet to receive his money due to conditions placed on the scheme.
“Up till now I have not heard from them, if you apply to withdraw , they will say error, sometimes they will tell you that the Malbro is not available for withdrawal. People are saying that they say you must pledge another one before you can withdraw the one you have with them and nobody is ready to deposit a dime, you won’t kill yourself, as a man you endure, life goes on, that is business.“
Another subscriber who would not want his name mentioned noted that the platform had started paying but only to those who invested below half a million.
“If your money is up to a million they will not pay you.“
An Entrepreneur in Enugu state, Mr. ChukwumaOsuji maintained that he had benefited a lot from the scheme and wished to continue.
“I still have my investment in it and they are back again and it has given us the opportunity to start getting help which I have done mine and that of the people I registered. By God’s willing some of them have started getting their money, I paid somebody fifty thousand naira.“
Some Nigerians interviewed are of the view that the economic recession in the country contributed immensely to the high level of involvement of Nigerians in the Ponzi business.
“Many businessmen and women used this mmm as opportunity that came to Nigeria to make money because of economic problem that crashed to zero percent“
“The government is also encouraging MMM indirectly because people are getting tired of the way they are being treated in the system they believed in.“
They advised that people should be guided with proper information before indulging in on line businesses.
BY UZOAMAKA ONWU.