Revealed: The Secret Behind MMM-A Must Read for Nigerians

For instance, the number of Nigerians that now patronize the popular lottery games is on the increase. Some youths are also deeply involved in sport betting through such platforms as Nairabet, Merrybet and Bet9ja, among others.

It is against this backdrop that the MMM Federal Republic of Nigeria made a grand entrance into the Nigerian investment market in 2016. MMM stands for Mavrodi Mondial Moneybox and takes its name from its founders, Sergei Panteleevich Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.

The outfit was established in 1989 by these three Russian nationals, and promises its clients 30 per cent return on investment (ROI) for money put into the system for 30 days. The scheme prides itself as a mutual aid fund through which recruited members contribute money to assist others.

The founders claimed they are not into banking, online business, investment company or a multi level marketing (MLM) program. The scheme structure, however, indicates otherwise. For instance, members can have multi-level structures under them and receive bonus from each donation of every participant in their structures.

The company has been able to persuade many Nigerians to buy into its idea. Many Nigerian big online Business coaches and entrepreneurs with vast subscriber base are encouraging their followers to key in to the MMM opportunity. Thus, some Nigerians have invested millions of Naira into this scheme and are enjoying their newfound wealth.

This reporter has seen screenshots of money many claimed to have earned from the scheme.
According to one such subscriber, Babajide Abayomi, MMM ensures a level playing ground for all. And with it, people don’t have to be under the yoke of the banking system, which demands that huge interest be paid on loans. He said MMM is real and safe.

However, the question some have asked is: How long would it take to sustain the profits? Many still remember vividly the mad days of the Wonder banks in the early 2000s. Then, many lost their hard-earned money to the likes of Pennywise and such other scammers.

To really grasp the risk involved in investing in this type of scheme, a study of the founders’ backgrounds provides good insights into the viability of their outfit. According to Wikileak, the online information library, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes in the 1990s.

By different estimates, between five and 40 million people lost up to $10b. The website said the exact figures of money lost are not known, even to the founders. The site described Sergie Mavrodi as a Russian criminal and a former deputy of the State Duma in Russia. According to it, he is the founder of the МММ series of pyramid schemes. Wikileak reported that in 2007, Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110m rubles ($4.3m).

Wikileak reported: “In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding, “It is a Unclad scheme, nothing more … People interact with each other and give each other money. For no reason!” Mavrodi said his goal for launching MMM-2011 is to destroy the current financial system, which he considers unfair, and form something new to take its place.

“In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid. He has also launched MMM in China. He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America.

“In 2015, MMM began operating in South Africa with the same business model as MMM-2011, claiming a “30 percent per month” returns through a “social financial network.”

“The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.”

Guardian