MMM Nigeria relaunch trainwreck speeds towards second collapse
When it relaunched a day early a week ago, the narrative pushed was that things would go back to the way they were before the December collapse.
Those hopes were dashed soon after, following an announcement that affiliates with large sums invested would be denied withdrawals.
The situation has continued to deteriorate throughout the week, with MMM Nigeria admins desperately trying to encourage new investment.
The Daily Post report that MMM Nigeria affiliates who can apply for withdrawals have been limited to just ₦31,735 per withdrawal request ($104 USD). Affiliates can only have one active withdrawal request at a time.
Even with the withdrawal amount restriction in place, MMM Nigeria affiliates aren’t getting paid.
Many who tried to withdraw even the set limit have been frustrated and have continued to hope on getting help.
They say, errors response pops up each time they try to get help.
Another report by the Daily Post claims MMM Nigeria affiliates are now unable to make a withdrawal request unless they reinvest new funds into the scheme.
Purportedly over the past twenty-four hours, the following message has begun popping up for affiliates who attempt to withdraw:
Your MAVRO are Frozen or have “unconfirmed” status so you are not able to withdraw them.
To have your Mavro confirmed, you should provide help.
“Get help” and “provide help” of course being Ponzi speak for “withdraw” and “invest” respectively.
Other MMM Nigeria affiliates are claiming the withdrawal button has been removed from their backoffice entirely.
Some participants have been unable to do withdrawals and apply for help as the Get Help Order, GH, was missing from their dash board.
The scheme said the GH button was not cancelled but was only removed due to system upgrade.
Finally, there’s also talk of MMM Nigeria increasing the promised ROI rate from 30% a month to 40%.
Because y’know, promising more money out when you don’t have any makes sense.
At the end of the day MMM Nigeria, like any other Ponzi scheme, can’t beat basic mathematics. If there are no new suckers pumping money into the scam, those that have already invested can’t withdraw.
Restricting affiliate withdrawals is a band-aid solution that only prolongs the inevitable.
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