Nigerians on social media have knocked the alleged return of MMM, a Ponzi scheme that existed for years before it was shut down.
The initial scheme – Mavrodi Mundial Moneybox generated a lot of controversy on social media when those who had invested in it discovered they had been duped.
It came into existence in 2011 but crashed in December 2016. However, in 2017, MMM announced its return but failed to launch the operation.
MMM did not only operate in Nigeria at that time but also operated across many other cities of the world.
On March 26, 2018, the founder of the scheme, Mavrodi, who was also an ex-convict, died of a heart attack and this led to the shutdown of the scheme in April 2018.
However, on December 4, 2023, and also in the early hours of today (Tuesday) social media went into uproar on the alleged return of the scheme. On the X (Formerly Twitter) platform, ‘MMM is back’ became a trending topic.
It was reported that MMM has been renamed as MMMkrypto with claims that the sponsors are determined to ensure that the scheme “accomplishes its mission.”
This was seven years after the initial scheme had crashed in December 2016.
In a viral image posted online, the said rebranded scheme allows users to “earn up to 36 per cent referral bonus,” amongst other tempting benefits.
Reacting, an X user with the handle and author, Osinakachi Kalu, with the handle @OsinakachiAkuma, shared he and other persons had spoken and debated other similar Ponzi Schemes invoked at that moment.
He wrote “Imagine MMM in this present administration?” when there is a hash economy. He, however, warned people to stay away from it as people are already lining up for it.
He regretted his family fell into the crashed scheme, saying, “That’s how I shouted initially and my own family ended up falling for it.”
While @ChuksEricE wrote that “it is unwise to invest in it” and @scholarbanty also wrote sarcastically saying “MMM is back! Invest now & cry later! Invest at your risk!”
For @geoffreydpr, he advised it shouldn’t be tried. He shared that he lost his two years the savings to the previous one that crashed.
“The MMM where I lost my hard-earned money. The money I worked for two years. MMM na God go punish you people I’m ready to spend my last money to spoil you people don’t even try it,” he tweeted.
@Dajibawo1 on the other hand wrote: “I Just pity the many that would fall victim out of greed”
For @Sochi_Simba, wrote, “December don reach, if you be the person to buy bags of rice for another person. Go ahead.” And@ChequerSpell believed “anyone who falls victim to this scheme should be the one jailed.”
While reacting to the said scheme, the spokesperson for the Economic Financial Crimes Commission, Dele Oyewale, in a text message sent to our correspondent urged Nigerians to adhere to extant banking rules and regulations and stay away from transactions that have any hint or colouration of criminalities.
“Nigerians should always conduct due diligence on any investment move. They should adhere to extant banking rules and regulations and stay away from transactions that have any hint or colouration of criminalities,” Oyewale said.
Efforts by our correspondent to speak with the Nigeria Police Force Public Relations Officer, Muyiwa Adejobi, to confirm if the Force is aware and taking action against the sponsors of the fraudulent scheme were unsuccessful as of this time of filing this report. He did not pick up phone calls nor respond to a text message sent to him.
