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Sunday, 4 December 2016

Mystery, Confusion as Pastor Mbanefo Denies Ownership of MMM Nigeria...See New Details

Following widespread reports that one Pastor Mbanefo owns the controversial financial scheme, MMM Nigeria, a new statement has contradicted the popular belief.

Reports went wild recently that Pastor Ernest Mbanefo is the the alleged brain behind the ponzi scheme making waves in Nigeria.

However the man in question has denied ownership of the scheme.

It will be recalled that several online platforms in Nigeria had on Friday reported that the South Africa-based pastor was the owner of MMM Nigeria, a ponzi scheme  that promised its members  30 per cent return on investments

But speaking to Concise News, Mbanefo slammed the media for not verifying with him despite the fact that his contact details were available on the internet.

He explained that he used his website,,  to tutor interested investors on the workings of the scheme and thereafter direct them to register on the official website.

He said, “I do not own MMM Nigeria. The original website of MMM Nigeria is

“All I’ve done is to use my knowledge of web designing to launch”

On his affiliation with Sergei Mavrodi, the promoter of MMM Global,  Mbanefo said, ”I have never met Sergei Mavrodi before. Mavrodi does not not even know about my activities in the MMM programme. “

Why We Prefer Importing ‘Fake Products’ From China – Igbo Traders

Igbo traders known for their specialty in trading have explained why they prefer going to China to import products.

The traders told Telegraph that they go to the Asian country to import cheaper products and not fake.

They said in separate interviews at the weekend that their effort is to ensure that they import goods that are affordable to the millions of poor Nigerians, while the expensive ones are always there for the rich.

Most of the traders stated that before they discovered the Chinese market, most products imported to Nigeria were made in Great Britain and other European countries, “but unknown to many of us, most of the goods were produced in Asia, including China; but the final packaging was normally done in Britain before exporting to Nigeria with added cost.

Chief Hyacinth Uzoeshi, electronics appliances importer based in Alaba International Market, Lagos, said unlike what people think, “Our discovery of the Chinese manufacturers brought down the cost of goods in the market and made it affordable to millions of Nigerians.

There is high level of poverty in the country, so as a trader, I look for products majority of the middle and low income people can afford. If you enter the market today to buy umbrella, you will find the ones sold at N500 as well as those that go for N2500.

If you are a businessman, you will find out that the turnover on the N500 umbrella is higher and profit margin is equally higher.” He stated that the N500 umbrella is not fake, but not of the same quality with one of N2500.

What we are doing is to ensure that it is not only the rich that can afford everything, we look for things that are affordable. Standard is the business of SON, ours is to comply with the set standard,” he said.

The Chairman of the Fancy and Furniture Dealers Association (FFDA), Emeka Mozoba, who is also the President, Alaba International Amalgamated Traders Association, admitted that, Nigerian market is flooded with fake and substandard goods, but noted that no genuine trader worth his onion will go to China and tell them to make fake or substandard products for him to sell in the Nigerian market.
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