THE MMM DEBACLE

mmm-nigeria

What do I think about the MMM situation? Well I’m kinda glad you asked. Welcome back to HowFana and I do hope you are loving these upgrades… oh well, back to this Mystery Money Mania which swept the country (in more ways than one) in 2016. Where do we begin?

When I first heard about MMM in June, I completely cast the thought out of my mind. A couple of people I knew told me it was real and that I should invest. I don’t know how to explain MMM now (it’s too late) but in case you do not know what it is…  where have you been?

Then the fateful day came when I was in so much debt I couldn’t breathe – I’m kidding – I could still breathe; then the GM of a company I used to work with came to me and said he was in MMM, this man is in no way young (okay fine he is young at heart and so full of life). He is a financial guy and I have great respect for him (despite rumors that he ruined a company financially a while back).

So I stole N20,000 and invested in MMM (despite the fact that MMM clearly said it was not an investment – I like to think it was an investment), and barely one month later, I collected N33,000. I was like ‘WHAAAAAAAAT?’’ this is Mad.

But I still had my brains with me and I did not introduce anybody to MMM neither did I ask anybody to sign up. I knew it was a risk and I am not the type to introduce people to opportunities that increase their bank account balances – I mean- introduce people to risks such as MMM (I gotta stop taking those prescription meds). So I got my stolen money back with gain and I wrote the letter of happiness, produced my very own Nollywood flick called MMM pays and put it on youtube – of course I have had to pull it down  for fear of the unknown (you know how it is).

Where was I? I decided I wasn’t going to do MMM again. Now mind  you, before I joined, I went online and I read all that Wikipedia had to say about the Mavrodi Brothers and even after all that, I decided to put someone’s money in (I am really sticking to this story aren’t I?). I put in N50,000 in two separate accounts and boy was it nice! The alerts came in like a Tsunami one month later and it was all good.

I live in Nigeria and I am not stupid 24/7, some few minutes once in a while I get smart and in one of those few moments, I said to myself: If the new members of this Ponzi scheme pay the old members, then the system will crash when there are no new members and knowing Nigeria, there will be no new members in December. Everybody will want to collect their money, I knew it would be difficult so I actually left MMM in September.

Those who registered under me of course kept on patronizing MMM and I got out my referral bonus as soon as they were confirmed. I tried to discourage a few people close to me from dropping any money which wouldn’t mature before December and some listened while others did not.

Then in December all accounts in MMM Nigeria became frozen like the Disney movie and while the accounts were doing their MMMannequin challenge, the tears rolled out, hypocrites who lied that they couldn’t afford a decent meal came out to say they had Six figures in MMM, I didn’t know whether to be happy at the news or sad.

There are house rents in there, school fees, investment monies – you can go online,  the news is all over the place but this is the main point here: People are still pledging money into MMM hoping that it will return in January. I do not know whether or not it will return but if history has shown me anything, then I can boldly say it will not return. Am I hoping for it to return? Yes I am but in the other countries where it crashed, this is exactly what happened, accounts were frozen, and were never unfrozen. The most recent case was in South Africa and up till now I am not sure it has returned fully.

MMM did say use your spare cash? MMM said it is not an investment and that you could lose anything you put in at any time. I saw all these warnings before I put in money and I got it back as did many others. In fact,  the Financial person I spoke of earlier had millions of Naira from referral bonuses alone, He made a lot of money from the system but for those whose monies are still in ‘Pause Mode’, I wish you the best and I hope we will not have to sing the frozen soundtrack (Let it go) for you come January 14th, or 15th, or 16th… Actually who knows?

 

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