MMM Nigeria: A Friend or a Foe?

"Abiola come and see o"shouted my grandma who was surprised to have received an unusual text message.After a few minutes of wondering what could have happened,I decided to have a look at whatever she wanted me to see.Alas! She had received a text message asking her to join MMM.For a minute I was amazed at how far MMM guiders are willing to go to attract more Nigerians to register on the scheme.The message read;

     "Did you know your friends joined MMM Nigeria?.They give and get money from others. Ask your friends.join MMM visit m.nigeria-mmm.org/1".

MMM,an acronym popular on the lips of many Nigerians is a ponzi scheme created by Russians.The Nigerian version of MMM,MMM Nigeria  which recently clocked one has gone viral since its inception with over 3 million Nigerians currently registered on the system.It promises to reward its members with 30% of their inputs into the scheme,and registration bonuses of $20 and above to members who 'Provide help' of Twenty thousand naira and above to members on the scheme.

The entry of the scheme coincided with with the nation's economic meltdown (Recession) and as since been an alternative source of income to many Nigerians on the scheme.

Since MMM went viral,new schemes like Ultimate cycler,Gethelptogether have surfaced with the sole aim of 'assisting 

Nigerians'.

Some Nigerians have come out to testify 

that the scheme is true to its promise of paying 30% of whatever amount put into the system.

In the screnshot above, acertain Anthony Patrick from Port harcoury says he 'provided help' of 4.5million naira and got help of N5,976,000 within a week.This is also the case of many Nigerians who claim they provide and get help as ast when due,saying 'MMM pays'.

Recently,the Federal government kicked against the ponzi scheme,warning its citizens of the dangers of such schemes.On hearing this,many Nigerians accused the government of 'failing' them,praising MMM for coming to their rescue.In response to the Federal government's criticism,the founder of MMM Sergey Mavrodi wrote an open letter to the Government authorities accusing them of trying to look good by calling the scheme a scam,saying it os meant to restore social justice between rich and poor Nigerians.

Just like all ponzi schemes,MMM Zimbabwe crashed recently leaving most of its members in tears.Same as been predicted of MMM Nigeria but Nigerians are bent on enjoying it while it lasts.

The question is "is MMM a friend or foe?"

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