MMM Nigeria suspension of operations causes panic

Nigerians woke up today to social media agog with the news that Mavrodi Mondial Moneybox (MMM) Nigeria had suspended operations till next year January.

Members got the following message when they logged into their accounts today.

One-Month Freezing of Confirmed Mavros 
Dear members! 

As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. 

The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.) 

Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month. 

The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))

 We hope for your understanding, Administration

Because there was no prior notice of this suspension, a lot of the members were confused.

First of all, "What is MMM? MMM is a Russian Ponzi scheme  established in 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders' surnames.

MMM perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.

However with all the information online about the Ponzi scheme, many people were still lured by the 30% per month interest rate. Even the Central Bank of Nigeria and the Economic and Financial Crimes Commission (EFCC), Nigeria’s chief anti-corruption agency, warned people about the scheme’s operations.

MMM Nigeria presented itself as community of people providing each other financial help on the principle of gratuitousness, reciprocity and benevolence.

Some people think the scheme will not come back in January.

While some people believe that the scheme will be back in January.

Interesting that this scheme does not even have a physical address. 

Wonder what will happen in January

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