Confusion as MMM Nigeria Suspends Members’ Accounts for One Month


Obinna Chima

Anxiety has gripped Nigerians that staked their funds in the MMM Nigeria Scheme following tuesday’s decision its promoters to suspend the accounts of members for one month.

With the development, a lot of Nigerians that had been lured into the scheme now face a bleak Yuletide celebration.

However, the promoters of MMM Nigeria, which has been widely referred to as a Ponzi scheme, in a note to its investors explained that of the decision to suspend the account for 30 days was “only practical measure to protect MMMNigeria from danger.”

They stated that a lot of news of MMM crash this December had been on the social media and other news and gossip, which according to them really affected the system.

“There were heavy conspiracy by financial institutions to collapse the system. What happened to the system last week would have been worse if Get Help (GH) is allowed today. Despite the holiday bonus, many participants were ready to GH today. The Provide Help (PH) is not commensurate to the GH and this is the fear created by sponsored fake news.

“The truth remains that the mavros in the system are safe until they are unfrozen. Those who have PH in the system shouldn’t cancel them because since all green mavro are frozen no PH will be paired. For those who understand the system, what has happened is a temporary measure to save the system and saving the system is saving our money. If we are allowed to GH, by next week there may be no enough PH to pair the GH then the worst will happen.

“This is a kind of caution taken to avert danger. So our mavros are safe. I encourage those who want to PH to still do their PH. The maturity is January and doesn’t change anything by then the system is back and stronger. Don’t loose hope, all of us have mavros in the system and let’s not use because of this little set back forget what MMM has done for us and will do more if the system is safeguarded. I personally feel the same way as you but it’s better to save the system than loose everything.

“Some people are complaining why the Guiders were not informed and my response is, if the Guiders were informed the system will crash in less than 10mins of the information. The way you received the news is the way we Guiders received the news but we have the training that such thing may happen if there is evidence of danger ahead. This shows how firm and protective MMM is structured. Let’s be optimistic and positive. This is our community, let’s protect it.”

Despite these explanation, findings by THISDAY showed that Nigerians may be skeptical about returning to the scheme.

Nigeria’s lawmakers, the Securities and Exchange Commission as well as the Central Bank of Nigeria had warned Nigerians against staking their funds in the scheme.

The acting Director of Corporate Communications, Mr. Isaac Okoroafor, CBN, had said: “At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise.”

He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.