Monday, 6 February 2017

The Fall Of MMM Nigeria : 4 Major Contributors

The Ponzi scheme, Mavrodi Mondial Movement popularly known as MMN opened its operation in Nigeria, 2015 and grew larger and larger with several of Nigerian youths participating in the scheme. The Ponzi scheme was highly publicised and many youths and even older people began to see it as an escape route from the recession that had struck the country, all of them wanted to reap a harvest of 30℅ monthly from their "investments". Despite several warnings from the government and non participants of the scheme, the number of participants continued to increase until December 2016 when MMM announced a freezing of their system.



Many people had different opinions about it(the freezing) while MMM participants who had so much money in it had no choice than to hope it will return. It finally returned a day before the promised day and released some new terms to guide their system. Since then, it has not been able to stand strong like it was before and most participants have lost their hopes in the system.

Even though it was inevitable for the system to crash, there are some major parties who actually contributed greatly to the plight being faced by the system now.

Below are the contributors to the plight and what they did.

  • Nairaland.com
 
Nairaland is the largest social forum in Nigeria and even in Africa, it has been rated based on research as the third largest in Africa. Nairaland contributed largely to the fall of MMM, it probably is the largest contributor to the inevitable plight.

Seun Osewa who is the owner of the forum is known for his criticism of the system, he always describes it as "Robbing Peter to pay Paul". In addition to this, topics which talk against MMM are always seen making headlines on the forum thereby exposing such articles to millions of Nigerians and Africans and this caused fear in the heart of the participants.

  • Bloggers

Bloggers and their blogs were also one of the major threats to the system. Several bloggers capitalized on the fact that the MMM discussion was a trending one which drew a lot of traffic. They made many posts concerning the system which gave the system bad publicity especially during the time it was frozen, this increased the fear in the hearts of many participants who had their money frozen.

Bloggers till today like TalkEverytime have continued to educate people and give information about the system. Many participants are still hoping that it gets back on its feet regardless of what bloggers or social forums say.

  • Nigerian Government and the CBN

In 2016, a public warning was issued to the participants of the Ponzi scheme but it fell on deaf ears. Instead of Nigerian youths considering the warnings, they insulted the government for being wicked and not sensitive to the plight of suffering Nigerians. They blamed the government for trying to stop an Angel who had come to take Nigerians out of poverty.

Even though this warning did not discourage the participants immediately, they eventually began to consider it during the period the system was frozen.

  • "The Fearful Nigerians"

I put this in quote because this is what participants labelled non participants. They say we've got no strong heart to take risks, but why should you take risk in a system that you know will eventually crash and take more than it has given?

However, convinced non participants continued to warn the participants about the dangers of Ponzi ignoring the label the participants gave. As usual, participants turned a deaf ear until the freezing came in December. Then they began to fear but refused to voice out their fear, pretending to be confident of the system.


  • Conclusion

These parties mentioned did not cause the fall of MMM Nigeria, they only contributed by hastening it. MMM like every other Ponzi scheme was bound to fail but I believe that they really tried to come back strong as promised. It had to be that the bad publicity of the Nigerian media had spurred them to wanting to come back so as not to disturb them when they try to implement the fraud in other African countries but Alas! They failed at it, these parties had already filled up participants hearts with fear of the inevitable end and no one was willing to PH (provide help) anymore, all they wanted to do was cash out their frozen money.

1 comment:

  1. MMM itself is a ponzi scheme even without all the reasons it will eventually fail.

    ReplyDelete

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