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Nigeria's MMM Ponzi scheme: Will investors get their money?
Source: BBC
Nigeria's MMM Ponzi scheme: Will investors get their money?
By Stephanie Hegarty
BBC World Service
16 December 2016 Africa
The MMM financial scheme caught on like wildfire in Nigeria but it has frozen its transactions, leaving many investors unsure what will happen to their savings. The BBC's Stephanie Hegarty explains how the Ponzi scheme found its way to the most populous nation in Africa and how it managed to survive.
What is MMM?
Well, that depends on who you speak to. According to MMM itself, it is a "social financial network of people providing help and getting help from each other".
Members are supposed to receive 30% back on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, has three million members.
But it has a murky history. It started in Russia in the 1990s and collapsed a few years later losing an estimated $100m (£80.3m) belonging to its members.
[font size=1]-snip-[/font]
It made its way to China where it was also banned. But in the past two years, the scheme has appeared in South Africa, Zimbabwe, Kenya, Uganda and Nigeria.
[font size=1]-snip-[/font]
By Stephanie Hegarty
BBC World Service
16 December 2016 Africa
The MMM financial scheme caught on like wildfire in Nigeria but it has frozen its transactions, leaving many investors unsure what will happen to their savings. The BBC's Stephanie Hegarty explains how the Ponzi scheme found its way to the most populous nation in Africa and how it managed to survive.
What is MMM?
Well, that depends on who you speak to. According to MMM itself, it is a "social financial network of people providing help and getting help from each other".
Members are supposed to receive 30% back on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, has three million members.
But it has a murky history. It started in Russia in the 1990s and collapsed a few years later losing an estimated $100m (£80.3m) belonging to its members.
[font size=1]-snip-[/font]
It made its way to China where it was also banned. But in the past two years, the scheme has appeared in South Africa, Zimbabwe, Kenya, Uganda and Nigeria.
[font size=1]-snip-[/font]
Read more: http://www.bbc.com/news/world-africa-38340457
[font size=1]The MMM Nigeria website advertises its benefits[/font]
2 replies
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= new reply since forum marked as read
I am a Nigerian prince who needs to reclaim my royal heritage.
Of course, it always starts with something like I crave your indulgence which should be a rather large trigger point right there.
Regardless, some people still fall for this shit.
Of course, it always starts with something like I crave your indulgence which should be a rather large trigger point right there.
Regardless, some people still fall for this shit.