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.
MMM Global @ BehindMLM
There is no information on the MMM BTC website indicating who owns or runs the business. The MMM BTC website domain (“mmmbtc.online”) was privately registered on November 27th, 2016. As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over [Continue reading…]
The disaster that is the Nigerian MLM underbelly scene continues, with news today MMM Nigeria has suspended withdrawals. Yes, you’re reading that right. The same week Sergey Mavrodi purportedly goaded the Nigerian government about an MMM Nigeria collapse, it appears MMM Nigeria has… well, collapsed.
MLM in Nigeria is a bit of a mess at the moment. The MLM underbelly has completely taken over and scamming is rampant. On any given day of late BehindMLM’s filters are nuking spammy comments pushing the latest scam sweeping Nigeria. Sure enough the next day though there’s a new set of budding Nigerian marketers [Continue reading…]
One by one MMM Global’s local chapters in Africa have collapsed. At the time of publication Nigeria the last major African nation MMM Global maintains a foothold in. Rather than let the scheme collapse and investors lose all their money, as happened in Zimbabwe and South Africa, the Nigerian government has called for the arrest [Continue reading…]
One by one would-be scammers in African countries are learning they can’t beat basic mathematics. MMM Zimbabwe initially collapsed back in early August. Affiliate withdrawals were suspended and the company strung people along by promising to come up with a solution. The eventual solution proved to be shortsighted, with withdrawals were set to resume on [Continue reading…]
In an effort to stave off an inevitable collapse, MMM Global’s Zimbabwe chapter froze investor withdrawals a few weeks ago. Deposits were still permitted, with the intention being to collect money without withdrawals draining the system and unfreeze existing accounts on September 15th. That plan has now been cancelled, with MMM Global Zimbabwe prematurely unfreezing investor [Continue reading…]
Nigeria has a Securities and Exchange Commission? Who knew? Following the collapse of MMM Global, local chapters of the Ponzi scheme have been sweeping across Africa. The South African and Zimbabwean chapters have already collapsed, however Nigeria is still chugging along. In an effort to combat an “aggressive online media campaign” promoting the scam, the [Continue reading…]
Econet Wireless is the largest mobile network operator, second largest company by market capitalisation, and one of the largest employers in Zimbabwe. For local MMM Global investors EcoCash, Econet’s payment processor platform, is ‘the primary way for people to deposit into‘ the Ponzi scheme. While that itself isn’t significant (plenty of legitimate payment processors unknowingly get caught up [Continue reading…]
Such is the pulling power of Ponzi schemes in Africa at the moment that even after MMM Global collapsed, local chapters of the scheme in some countries continue to lure victims in. One of those countries is Zimbabwe, where regulators have admitted they are powerless to stop the scam.