Nigerians Weep As Ponzi Scheme, MMM Shuts Down & Announces “RESTART"

Let me start by saying "if your money is still in this good for nothing MMM, you got what you deserve". Popular ponzi scheme MMM has officially announced a “RESTART” of the system, leaving many Nigerian participants wailing with thousands and millions on Naira trapped in the scheme.

In a message posted on the home page of participants Saturday morning, the scheme said that it had struggled to stay afloat after going on a break in Dec. 2016 but had been forced to do a system restart. Many of the participants who commented in various MMM Whatsapp groups recounted sadly how they and family members had lost millions to the scheme.

MMM is a ponzi scheme which gained popularity in Nigeria in 2016. It promised to pay participants 30 per cent return on investment every 30 days. Despite various warnings by the Federal Government and its financial regulators, many Nigerians adamantly went on to participate in MMM.

Read the full text of the message: - RESTART

Unfortunately, we were unable to overcome the consequences of the crisis triggered by the authorities and mass media incautious actions at the beginning of this year. Despite all our efforts. The problems have been accumulating and, as a result, we have to announce a restart.

So, there is a restart:

All old Mavros (acquired before this announcement is posted) are frozen. We will gradually buy them back as the System develops. All transactions with new Mavros (acquired after this announcement is posted) will be carried out on the usual terms with no restrictions.

Some amendments have been made to the rules:

Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously). Consequently, bonuses will start growing at the moment when the main contribution is confirmed (upon which bonuses have been rewarded on).

Mavro-50% for the first contribution will not be available. We launch three-month contributions of two types: 40% and 50% (see more details in WHAT IS MMM). We’re confident that this measure (especially paragraphs 1 and 2) will significantly reduce the load on the System while also significantly improving its stability.

As a matter of fact, a restart is not the end of the world, it’s just a restart of the System and nothing more. Continue to provide help and you’ll get it all back (even if you’ve lost something now). It all starts from the beginning. It’s the most opportune time for participating.

We would also like to remind you (just for form’s sake) that everyone had been fully aware of all the risks and had read the WARNING which they had also confirmed by checking the relevant box in the process of registration.

Hoping for your understanding, - MMM Administration

Some of the participants of the scheme expressed regrets for ever joining MMM. One of the participants (names with held) said that if he had known he would have used his money fro something better rather than investing on the scheme.

“This MMM people are very useless, they just came to dupe us,” he said.

On the promise by the scheme to buy back the debts it owed Nigerians when it restarts, he said: “Restart? who are they restarting with? Nobody will join MMM in Nigeria again”.

“MMM is gone and gone for good,” he said.