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6 Nov 2017

Criticisms and Mixed Reactions Trail MMM After Announcing Its "Restart" in Nigeria

The management of controversial ponzi scheme, MMM, which had left numerous Nigerian participants loosing their millions of Naira, has been blasted after it announced of a restart of the scheme.

The announcement that the controversial ponzi scheme, MMM, by the management that the organisation has officially commenced a “RESTART” of the system, has been trailed with criticisms and mixed reactions.

According to Premium Times, in a message posted on the home page of participants on Saturday morning, the scheme said that it had struggled to stay afloat after going on a break in December 2016; but had been forced to do a system restart.

Recall that the controversial scheme had left numerous Nigerian participants lamenting with millions of Naira trapped in the scheme, prior to its announcement on Saturday.

The message revealed that the scheme also blamed the media and government for its failure, saying the problems accumulated and it had to announce a “restart”.

The message reads; “Unfortunately, we were unable to overcome the consequences of the crisis triggered by the authorities and mass media incautious actions at the beginning of this year.

“Despite all our efforts…the problems have been accumulating and, as a result, we have to announce a restart.

"So, there is a restart: All old Mavros (acquired before this announcement is posted) are frozen. We will gradually buy them back as the System develops.

“All transactions with new Mavros (acquired after this announcement is posted) will be carried out on the usual terms with no restrictions. Some amendments have been made to the rules: Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously).”

The scheme explained that, consequently, bonuses will start growing at the moment when the main contribution is confirmed, upon which bonuses have been rewarded on, adding that its new measure will significantly reduce the load on the System while also significantly improving its stability.

“As a matter of fact, a restart is not the end of the world, it’s just a restart of the System and nothing more. Continue to provide help and you’ll get it all back (even if you’ve lost something now). It all starts from the beginning.

“It’s the most opportune time for participating. We would also like to remind you (just for form’s sake) that everyone had been fully aware of all the risks and had read the WARNING which they had also confirmed by checking the relevant box in the process of registration.”

Just as we all expected, the announcement was met with criticism among many participants who lamented their loss in 2016 and warned others of falling victim.

“Truth is, Nigerians have short circuit memory. If MMM comes back tomorrow, some will still put their money inside,”wrote a commenter with the username FxWarrior on Nairaland.

Another commentator, NLearn wrote, “It is time we put an end to this MMM scam. The money they are scamming our people are not even in the country. 70% of the money is leaving the country.”

A commentator with the username TopCruise, questioned the timing of the purported comeback.

“Last year November when Christmas was close it crashed and many trade blames against each other. This November MMM still want to capitalize on the method they use on hoodwinking gullible people,” he wrote.

“It is not about panic. A Ponzi scheme can never last… you are yet to learn your lessons. If you don’t realise this, you will fall into the trap again,” a Nairaland commentator with the username Activa replied to another commentator who described the scathing remarks made by many Nigerians as “scare mongering”.

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