The Nigerian Deposit Insurance Corporation has revealed that an estimated three million Nigerians lost over $57 million USD in the MMM Nigeria collapse. Speaking at an International Trade Fair on Thursday, Hadi Suleiman, NDIC’s Deputy Director of Corporate Affairs
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The collapsed MMM Nigeria Ponzi scheme has claimed another victim, following a young man’s passing last Monday. Adakole, as the young man was known, was due to be wed last December. On December 14th, MMM Nigeria suspended all affiliate withdrawals and effectively collapsed. This prompted Adakole to drink insecticide, in an apparent bid to end [Continue reading…]
The MMM Returns website brands the opportunity as a “Sergey Mavrodi venture”. I am Sergey Panteleevich Mavrodi, legal professor and administrator for an [sic] self sustaining owned global social financial revolution system called MMM Returns. Mavrodi is a convicted felon who first popped up on BehindMLM’s radar in 2015. Through MMM Global, Mavrodi (right) scammed [Continue reading…]
When a Ponzi scheme finds itself unable to meet its ROI obligations, a less popular option going forward is to just simply wipe the slate clean. A minority of early investors keep what they stole, everybody else loses money. In an attempt to generate new investment into the scheme, MMM Nigeria has wiped the 2016 ROI [Continue reading…]
The collapse of MMM Nigeria in as many months continues to wreak havoc in the lives of those who invested. The latest casualty is a mother of two from Benue, a state in Nigeria’s south-east. On the eve of December 28th, Gloria Samson bade her children bye and apologised for any wrongdoing she might have committed [Continue reading…]
Despite promises to return earlier this month after MMM Nigeria collapsed in December, widespread reports suggest most affiliates in the cash gifting scheme are not getting paid. In addition to withdrawal restrictions put in place in the hope affiliate recruitment will pick up again, now it appears MMM Nigeria’s top affiliate has fled the country.
With more and more MMM Nigeria affiliates realizing they’re not going to get paid each day, emotions are running high. Now one particular investor has dropped an ultimatum: “Give me back my money within two weeks or else”.
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 [Continue reading…]
Following its collapse last month, MMM Nigeria suspended affiliate withdrawals and announced they’d reopen on January 14th. On January 13th MMM Nigeria did in fact reopen. Sergei Mavrodi purportedly boasted they’d done so because of the ‘hysteria raised by the authorities and the mass media around MMM‘. Funny how according to MMM Nigeria authorities and media [Continue reading…]
The MLM underbelly in Nigeria is set to get even more bizarre, with local scammers lobbying the government to legalize Ponzi schemes. Investors who lost money after MMM Nigeria collapsed last month seem to be under the impression that, if legalized, Ponzi schemes won’t collapse.