As
Nigeria's most popular Ponzi Scheme, MMM freezes the accounts of its
millions of subscribers in Nigeria, some students of Nigeria
Universities has cried out over its effect on their lives/
Varsity students lamenting over MMM freeze
The amount I invested in the MMM scheme was N100,000. I was
expecting my 30 per cent profit when I got the news that our accounts
have been suspended. It was a bitter news. Being a student, the fund
was raised to pay my school fees and to meet other basic needs. It is a
great risk but many students enrolled in the scheme to make profit and
to live a better life. If MMM crashes, I would accept it as my fate. I
will have to look for other ways to source my school fees. There is
nothing I can do. I will only learn from it and not engage in such a
scheme again.
— Ozadhe Russell, Civil Engineering department, LAUTECH, Ogbomoso
A friend introduced me to participate in the MMM scheme. Being a
lucrative one, I decided to benefit too, having heard of the success
stories. I invested N40, 000 in the scheme. The money is for my final
year project and my feeding allowance. It will be very painful if MMM
crashes. Considering my investment, it will be a big loss for me. My
plan was to use the profits from the scheme to finance my final year
project and to meet other needs. I am seriously praying that the
suspension should be lifted so I can reclaim my funds.
— Faniyi Inumidun, Accounting department, AAUA
A friend in my department started talking about MMM excitedly. He
said MMM was a new online business platform that credits you with 30
percent interest of your payment in 30 days. I said waoh! I never took
interest in it until the need to tackle certain needs arose.
On Tuesday when the news that the MMM had been suspended came in, I
was expecting bank alert of roughly N500,000. I raised the fund to
participate in the scheme from my pocket money. If the scheme crashes,
it will be a big loss to me. Just last week, I lost to an online
business called ‘coin fever,’ it all happened within minutes. I have
always known that MMM would crash soon. If it crashes, it will hurt me
but life goes on. I participated in the scheme despite the risks to
upgrade my life and to beat the current economy recession. There are so
many financial needs to meet up with such as paying my school fees,
buying text books and other learning materials as well as other dues in
the school.
— Chukwunyere Chimobi, Electrical Electronics, FUTO
The latest investment I made in MMM was N100,000, but in total, I
invested over N250,000 in the scheme. I got money to invest in MMM from
other businesses that I run as a student. I didn’t have any special plan
for the money I would make from MMM. With the profit, I would upgrade
my lifestyle and improve my life. I had always known that it would crash
one day as it is not a sustainable scheme. But I always prayed that my
money doesn’t get stuck when it eventually crashes. I will feel the
impact of the loss if it crashes. MMM is not my only business. I do
other things that fetch me money.
— Martin Mundus Unakwe, Electrical and Electronics Engineering, FUTO, Owerri
A friend of mine told me to join MMM when I told him I needed some
money. I decided to try my luck with the money. When I saw many
students making money, I joined the trend. I actually participated in
the scheme because I needed to meet up with some basic school needs. For
example, when I offered to provide “help” of N50,000, in the following
month, I collected N75,000, with a gain of N25,000 without working or
stressing myself.
I basically invested in it because of the high return on
investment. In this period of recession, it became a way out. I will say
I belong to the lucky category of investors. I got all my money back
last month before the accounts were frozen; I decided not to participate
in it again because I was scared.
It is hard to believe that the money of other participants is going
to be paid back. I hope and pray they lift the ban in January as they
promised.
— Ifediora Sylvia, Federal Polytechnic, Bida, Niger State
Someone introduced me to MMM and he talked excitedly about it. I
invested N30,000 in the MMM business. The money was what I made from a
project I did for someone. Being a final year student, I am already
preparing for graduation. I figured out that before my NYSC, there are
things I could do if I have some cash. It will be painful if the scheme
crashes Against an imminent crash, which I have been praying against, I
will move on with life. This is because, from the outset, I understood
the risk involved.Life is all about risk.
— Tunde Afuwape, Biochemistry, LAUTECH, Ogbomoso
Credits: Punch
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