Some
participants of MMM, the most popular Ponzi scheme in Nigeria have
finally gotten a reason to rejoice upon the return of the suspended
scheme, while some are crying out that they are yet to access their
funds.
MMM
Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on
Friday, opened for business after one month of break, but investors in
the scheme have remained stranded as they still cannot access their
funds.
MMM had announced the resumption on its Twitter handle, saying it
was “now open” even though it had initially promised to reopen today,
Saturday, January 14.
In the message, the scheme’s founder, Sergey Mavrodi, said because
of the likely deluge of requests from participants, payments would be
gradual and have limits.
He also said it would prioritise payments to participants with
small amounts, which were not specified, and that big investors would
have to wait longer.
“Please, be prepared to wait for a couple of days. We are
certain things will then calm down, and the system operation will return
to normal.
“We’re the ones setting limits, so it’s completely under our
control, and we are not expecting any emergencies in principle. Have no
fear and go on about your business as usual.
“As the system is socially oriented, we will make paybacks to
the poor and the economically disadvantaged in the first place; it means
to the members with small PH (Provide Help) amounts. The richer can
wait. Moreover, we’ve warned you repeatedly to only provide help with
amounts that are not critical for you.”
Meanwhile, some investors have expressed their frustrations as they
might have to wait much longer to recover their much needed money from
the scheme.
Speaking with Saturday Punch, some of the participants said that
their funds that were tied down in MMM were meant for various uses
including purchase of goods, payment of tuition, debts, rent and others.
The fears and frustrations are further heightened by MMM’s
declaration that it would introduce bitcoins as the new mode of payment
ahead of its comeback, which some participants of the scheme have
described as confusing.
For example, Frank Bunna who deals in computer accessories at
Olugbede market in Idimu, Lagos, said he was stranded as he had invested
all the money for his goods in MMM.
The Igbo trader, who was looking dejected when our correspondent
visited the market, said his future was dashed as he expressed
disappointment that he would not be able to get his money back today
(Saturday).
He said, “This is my life! How will I live? I invested N2m!
Look at my shop, it is totally empty. I invested the whole money for my
business on this MMM; I even borrowed N300,000 that I added to it. I
spent six days in the hospital as soon as I heard the account was
frozen. I am hypertensive so my blood pressure shot up when I heard the
news. To hear that I would not be paid immediately means that I am
dead.”
Another Lagos resident simply identified as Korede, who invested over N500,000 in the scheme, said, “There
is going to be crisis in my home. I borrowed my wife’s N300, 000 to
invest in the scheme. I didn’t tell her, but I guess she’s suspicious
now.
“I promised to return the money December ending, but couldn’t.
That was when MMM froze our accounts. It appears that there is going to
be some delay before I can get the money. I just hope my wife will
forgive me in case this thing fails. To be sincere, I am afraid.”
An undergraduate of the University of Benin, Benin City, Edo State,
who identified himself as Chiboy because he did not want his parents to
know he invested his tuition and money meant for his dissertation in
MMM, said he had been left stranded since December 2016, when MMM was
suspended and desperately needed his money back.
“I had thought that I would be able to get my money back
immediately MMM reopened but from what I heard, it would not be
possible. My mother will kill me. I don’t even know what to do,” he said.
A teacher in a private secondary school in Egbeda, Lagos, who spoke
on condition of anonymity, said the bursar of the school had invested
N1.5m belonging to the institution in the scheme before the scheme was
suspended last month.
According to the teacher, when the bursar could not provide the
money, he was sacked by the school management and asked to sign an
undertaking to return the money when MMM reopened on Saturday, January
14.
“The bursar has since been arrested and in his undertaking, he
had said he would get the money back immediately MMM resumed operations.
But with this development, it will take some time before he can get
paid, and that is if he gets paid at all,” the teacher said.
A travel agent in Lagos, who identified himself as Mr. Oduntan,
lamented that he has been going through difficulty after investing N900,
000 meant for paying his rent in MMM with the hope that he would get
about N1.2m in return.
Oduntan said he was desperate to recover his funds as his landlord had been on his neck since then.
Also, a banker in a new generation bank in Ikeja, Lagos, told a
correspondents on condition of anonymity that three of her colleagues
were sacked for introducing some customers to MMM.
According to the banker, his colleagues were sacked after the
aggrieved customers officially complained to the bank manager that they
were stranded because they had invested in MMM, which was introduced to
them by some employees of the bank.
The source said, “The customers said they needed their money
back. They blamed some of my colleagues for introducing them to MMM and
the bank had to sack them.
“One of the customers complained that the money he had put in
MMM was meant to roof his house and that his planned relocation to the
house has had to be delayed because of that. Another one said the money
he had invested in MMM was meant to pay his debts while another said the
money was meant for his wife’s business.”
Another banker working in a commercial bank in Akute, Ogun State,
also said one of her colleagues was sacked for investing N2m he had
loaned from the bank in MMM and was unable to pay back the loan.
A barbing salon operator in Ilorin, Kwara State, Adejare Lawal, who
spoke with one of our correspondents on Thursday, said he had invested
money belonging to some of his colleagues, which was from their
contributory scheme, in the investment.
According to him, he invested around N350,000 in November, hoping
to get a profit of at least N80, 000 by the second week of December
before accounts were frozen.
“This is the biggest risk I have taken in my life and at the
moment all I can think about is how to get the money back. I was the one
coordinating the barbers’ association’s contribution in my area and I
invested it in MMM.”
In Oyo State, an estate agent, Mr. Funso Ogungbade, said he had
invested the sum of N3.5m, part of which was from the rents he had
collected from tenants on behalf of some landlords, in MMM. “My
target was that by Saturday, everything would be sorted out but as it is
now, I cannot get the money back soon. MMM is saying that it will start
by paying the people with small funds and that it will also put a peg
on how much we can get,” he said.
A student at the Ladoke Akintola University of Technology, simply
identified as Wole, said he had invested N50,000 into the scheme a week
before it froze all accounts.
Another MMM investor, who simply identified himself as Olayinka, said, “I’m desperate to recover my money. All my investment has gone into it,” he added.
Olayinka, who lost his job over a year ago, said he had invested
N700,000 that was paid to him as entitlement in MMM, given how
profitable the scheme was before it collapsed.
He said, “I have been counting down since the day MMM announced the closure. Everything I had went into it so I am seriously stranded.”
Another MMM investor, Miss Janet (surname withheld), said, “I lied
to my brother to lend me money to pursue my Master’s programme. I’ve not
been working for some time, and he was the one who advised me to go for
a postgraduate degree. So, when I asked for money, he gave me N150,
000.
“With the way it was booming, I invested my N600, 000 in it,
including the money I had saved from my previous workplace. So, I’m in a
fix as I’m talking to you.”
Source: Punch
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