Sergei Mavrodi, MMM, Nospetco And Gullible Nigerians

ponzi

Two weeks ago, one of our guest writers did an article on MMM. MMM is a Ponzi Scheme run by a Russian fugitive and convicted fraudster, Sergei Mavrodi.

We can confirm to you that this article has received a huge traffic from mostly Nigerians who we suppose are members of MMM, potential recruits and the curious public.

For the peculiar nature of who we are, many Nigerians have become foot soldiers for MMM. Less than ten years ago, countless numbers of Nigerians didn’t just fall victim to the global financial crisis, they lost tons of cash to various Ponzi Schemes that promised huge interests and financial freedom.

For those who see this article as rather too judgemental and harsh on MMM and other Ponzi Schemes, history is a teacher for us all.

One of the most classic case of Ponzi Schemes orchestrated in Nigeria was Nospetco. In the golden age of this fraudulent company, Nospetco Oil & Gas was a shining lights among Nigerians who wished to grow their money in leaps and bound but are frustrated with the baseline interest rate offered by conventional banks.

The day MMM finally collapses, many Nigerians are going to groan in agony…

Folks at Nospetco saw the vulnerability of Nigerians and capitalised heavily on it. As a catch, Nospecto promised a monthly return of NGN40,000 on an investment of NGN450,000 i.e. a return of 11.25% per month and 135% per 12 months.

As the day goes by, Nospetco’s new customer growth started drying up as a result of the credit crunch in the banking system. Thousands of Nigerians lost their hard earned cash to criminals whom non of them till today saw the courtroom nor was any official investigation conducted on the matter. The CBN confiscated the remaining funds but no closure has been reached on the matter.

Less than a decade after the Nospetco menace, we are greeted by yet another Ponzi Scheme called MMM. Unlike Nospetco, MMM hoodwinks its customers with a different proposition- ‘financial-socialism’. MMM tells its members that they are helping each other. In return for any help rendered, members will earn at least 30% on investment within 30 days as well huge bonuses if they create a testimonial video claiming how they got huge interests from MMM.

While many members of MMM know that something is fishy, it is a possibility that many are only looking at cashing as quickly as possible before the house of cards crumbles.

This is the main reason why Ponzi Schemes usually fail. New customers tend to drop over time. Once withdrawal request outdo deposits, the house starts crashing.

South Africa, China and everywhere Sergei Mavrodi operated MMM, it has been a failure with members loosing huge sums after the company often shutdown its website.

Beware! MMM Global, The Ponzi Scheme Company Is In Nigeria

The irony in all this is that Sergei Mavrodi has never been to Nigeria at least officially. It is very surprising whoever is running the show for him in Nigeria. Nigerian financial authorities are mute on the whole matter. They will start playing to the gallery once there is problem.

The day MMM finally collapses, many Nigerians are going to groan in agony and blame the banks for ganging up against MMM out of envy. Those who are lucky enough to cash out will claim it is their smartness that worked for them. Those who don’t belong to any of the two groups would either trend it on social media or further spread the myths and fables about the whole saga. Nigerian media would not help either. Their stereotypical style of sensationalism would further make the matter a momentary slip in the minds of Nigerians.

Three weeks down the line, collective amnesia sets in and few years later, another Ponzi Scheme would resurface.

After all life goes on.

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