This
is an interesting piece on four classes of Nigerians that contributed
immensely to the collapse of the popular Ponzi Scheme - MMM.
It is no longer news that the Russian wonder bank Mavrodi Mundial
Moneybox in Nigeria has 'crashed' but what had eluded the news is the
people whose actions actually led to the crash of the popular Ponzi
scheme.
Every participant who put their funds into the Ponzi scheme has
been calling for the head of Mavrodi, however, as an observer I sat
down, analyzed and finally was able to fish out the real major culprits
who should be blamed for the crash of MMM Nigeria.
1 The MMM Nigeria Guiders:
Chuddy Ugorji during his talk-of-the-town wedding ceremony
As a guider in MMM Nigeria, you get 10% of the help provided from
every downline or referral that are duly registered. This means that if
you as a participant is to provide help of N100,000 your guider will get
N10,000 richer. Now, a guider that has about let’s say 100 downline for
example and each of the downlines are providing help of N100,000 that
means that the guider will get N10,000 X 100= N1Million each month for
doing nothing. So cool right? Wrong!! Pulling out such huge amount will
lead to a major financial strain on the system, that’s why a lot of
people couldn't get help anymore.
A perfect example is the Number 1 guider Chuddy Ugorji. If MMM has a
participant of over 3Million people and each of the people provide an
average help of about N10,000 monthly, this means that Chuddy the number
1 guider will be cruising with N10,000X 3M= N3Billion monthly. This
amount alone is enough to crash the system as one man eats virtually
almost all the cake.
Now, add all the guiders (over 12,000 guiders) to this equation and
you will see that the guiders were eating the lion’s share of the cake
without giving help back. All what a guider do is to log in, check how
many people have provided help and then cash out. Most do not even
provide help at all that’s why the system crash.
Honestly, these guiders don hammer on top participants head.
2 Greedy Nigerian participants:
Yep, most participants that took part of the Ponzi schemes were
very greedy, whether we like it or not that is the bitter truth. Greedy
in the sense that you were advised on the MMM Nigeria website to invest
only your spare cash in the program but did Nigerians listen? No.
After the crash of MMM Nigeria, you will start hearing people
confessing that they put their life savings into the scheme, some put in
their children school fees into the Ponzi scheme while others went as
far as using their house rent in order to get a higher return. Of recent
we have seen how a husband beat the living daylight out of his wife for
using their savings to invest in the Ponzi scheme, infact I know of a
sales girl who stole her employers half a million Nigeria to invest in
MMM. Now that the money is gone, who is to be blamed?
3 Participants that upload fake proof of payment:
If you really took part in MMM Nigeria, you will know that fake
proof of payment was so rampant, many participants were getting
frustrated and no longer interested. Uploading fake POP is another form
of scamming your fellow participant and this is how it works; the
scammer uploads a fake POP without providing help or paying money to
your bank account and expects you to confirm payment. If you don’t check
your account balance regularly, you will confirm receiving payment
without a single naira entering your account.
This was the initial scope of the fake POP uploads. However, others
took the fake POP upload to another level in order to extend the hours
to make payment while putting the receiver in frustration and anguish.
Such participant with that kind of experience will not want to
participant in the scheme any more. One question I always ask
participants of this Ponzi scheme is why offer to provide help when you
don’t have the cash to do so? I am yet to get a valid answer.
4 CBN, SEC, banks and the media:
We are all aware that the CBN and several banks were against the
MMM scheme because it actually poses a major threat to their existence.
Imagine an individual getting a whopping 30% on his finance monthly
without lifting a finger. Honestly, the offer is tempting and a lot of
people were pulling their monies from the banks. This in turn will
affect the banks from making huge returns of customer’s money.
Several people pulled out their funds majorly because the Nigerian
banks offered almost nothing in terms of returns or interest for leaving
your money in their bank for several months. A friend complained to me
that after leaving several hundreds of thousands of naira in a Nigeria
Bank, all he got at the end of each month was deductions for service
charge. This is what propelled Nigerians to participate in the Ponzi
scheme offer.
Now threatened by MMM Nigeria, the CBN, SEC and some banks had to
use the media to kick against the scheme. Advert telling people not to
participate in the scheme was seen in newspapers, social media and even
on radio/TV.
The actions and steps taken by the CBN and banks really shook the
MMM Nigeria community to the extent that a letter was written on 11th of
December 17, 2016 which was addressed to the Federal government, CBN
and banks. The next day, MMM Nigeria crashed.
Credit: Career Crew Blog
No need to visit Tonygists just use the android application click for more info Tonygists android application
Visit some of the website built by tonygists
1. south south penpushers : south south pen pushers
2. kingdom builders : Kingdom builders
Tonygists bro: honest zone
Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist
Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world
Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists
Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists
Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose
Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions
Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest
Are You On Twitter? Follow Us Now For Latest Updates - @tonygists
Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists
Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists
© 2024 Tonygists | Portions are © 2024 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.
