2:08 am - Wednesday October 18, 2017

MMM; The Much Dreaded Has Happened

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MMM (Mavrodi Mondial Moneybox)

The famous MMM (Mavrodi Mondial Moneybox) that has been making waves for the past one year in Nigeria through its manager officially announced it has frozen the accounts of its Nigerian participants for 1month, halting payment of benefits to participants for the festive period.

This development the group -MMM (Mavrodi Mondial Moneybox) explained in a message sent to all participants is as a result of heavy workload in the coming year. During this 1month period which is from December the 12th 2016 to January 12th 2017, none of the participants will be able to get help, be it withdrawals or receiving the said 30% interest. It is however unclear if the authorities of MMM (Mavrodi Mondial Moneybox) will be on ground to provide any other help.

While this news has agitated the people and stirred tension, the scheme is blaming the Nigerian government and the media in particular for creating fear in the minds of the people. according to the scheme’s manager Sergey Mavrodi, it is part of what has caused the action stating that they have to address the frenzy provoked in the media by the Nigerian government.

In his defense, the scheme’s head argued that MMM (Mavrodi Mondial Moneybox) may not be producing anything, but it also takes nothing out of the country. Simply put, the scheme takes money from those who have more and gives to those who have less. He calls it restoring social justice.

In an open letter addressed to the Nigerian government, it questioned her understanding of how the scheme works and then advice that instead of killing the scheme, the government should strengthen it to help Nigerians thrive and redistribute wealth. He specifically made references to the 3 government institutions that had in the past poked it and questioned its activities (House of Representatives, Central Bank of Nigeria and Security and exchange Commission).

“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either,” Mavrodi said. “The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What’s wrong with that?

He continued: “You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.”

He asks what is wrong with that. But of course there is something wrong with that in Nigeria. It’s simply not the way our government work. The more reason they can’t let it thrive. The rich keep getting reaching while the poor keep getting poor. It’s how it works here and any system attempting to change that will have to fight tooth and nail to succeed.

That is assuming MM is actually doing what it says it is doing (wealth redistribution)

One statement in the open letter written by MMM authorities to the Nigerian government stood out to me and it should have to all participants if they were actually told same;

“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.”

In the meantime, those affected have long done a separation between themselves and sleep.

guardian.ng, www.nigeriatoday.ng

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