Finally, the Securities and Exchange Commission, SEC has issued a definite warning to all Nigerians to stay away from MMM, a Ponzi Scheme getting huge popularity in Nigeria.
In a press statement released by the SEC, the commission said:
“The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30%”
“The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission”.
“The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk”.
It would be recalled that PageOne.ng had published a widely trending article on MMM warning the general public to stay away from the scheme because of its unreliability, over-generalised promises and the background of the founder of the scheme.
We have also received many backlash emails from MMM members, many of which were confrontational, insultive and diversionary. However, one of the coherent replies written by Awonusi Oluwole, argued that MMM is just a scam just like the conventional banking and financial system.
However, because of the cardinal role we play, we still maintain our stand that MMM is a scam and a Ponzi Scheme, and the general public should refrain in getting involved in it.
PageOne.ng will amongst other things continue to educate the public on this and many more.
Helpsgivers is here to stay
You are the scam!!! Leave MMM alone… Na your money we dey use? Why drink panadol on another’s ache…. Nigeria Government is the SCAM…with all their fake promises… thieves! God go punish una…
Leave MMM alone… The country is facing recession. You are here talking about MMM… Go and treat pressing matters… Shameless Government. . Instead of you to busy yourself with how to get the country out of its mess.. You are chasing MMM.. What have you offered to alleviate our suffering? Nothing!!! So Clueless… God have mercy on the SICK or SEC or whatever they call themselves!!! Fools!!!!
Stupid SEC
If it’s a scam why are pple investing their cash and getting interest on their investment. Have a lot of friends making serious money from MMM. Or is it cos they are not registered with SEC? Pls tell
MMM-NG meaning Mavrodi Mondial Movement, Nigeria is a Community of Mutual Financial Aid where participants come together to provide financial help for one another at the time of needs. In this Community, you will provide help of whatever amount you can afford, that same amount will grow at 30% monthly compound rate and whenever you need the money, you will be entitled to the Principal plus the interest accrued over time e.g., if you give a participant N10,000, within a month the value becomes N13,000 and you can actually request for such amount from the Community at the end of the first month and another participant will pay directly to your account. You can provide help as many times as you want within a month, bt make sure you do this with your spare money.
MMM FREQUENTLY ASKED QUESTIONS: Q1. WHERE DOES THE 30% COME FROM?
A: Complex algorithms have been written to calculate what % each country will support. In SA the MAVROS grow by 30%per month, and the great demand to PH secures this 30% growth and keeps the system stable
. Q2. IS THIS LEGAL?
A: Yes, donations between people are legal. There is no contract with MMM or between the participants, we are a peer to peer society transacting amongst ourselves.
Q3. HOW DOES MMM DIFFER FROM A PYRAMID SCHEME?
A: In a Pyramid Scheme people who joined first always make the most money, and often the people in last do not get paid. In MMM money flows between participants. There is no central Bank, or one person at the top. People who joined in the early days can, and do still offer help by PH’ing and therefore they keep money cycling through the system .
Q4. WHY SHOULD WE FOLLOW BELIEVE IN A FRAUDSTER – SERGEY MAVRODI?
A: We are not following the person, we are following an Ideology. There is no proof of fraud against Sergey Mavrodi.
Q5. DOES MMM BENEFIT? HOW DO THEY MAKE THE MONEY TO KEEP THE SYSTEM GOING?
A: Money is generated by traffic through the internet. We are encouraged to post videos and letters about our success with MMM. This is the money that is used for the maintenance of the Servers that host this Social Financial Network
. Q6. WHERE ARE THE MMM OFFICES?
A: There are no MMM Offices in South Africa. This is an online community and we all have access to a MMM Personal Office. Through this PO we all have access to MMM Support, which is the same as an office.
Q7. DO I HAVE TO RECRUIT TO EARN BONUSES?
A: No. There are two bonuses that anyone can earn. The first Bonus is the Registration Bonus for anyone PH’ing from $50 and up. The second Bonus is a bonus for posting a Letter of Happiness or a Video of Happiness about receiving Help in return. Q8. DO I HAVE TO PAY TAX ON THIS MONEY? A: Everyone should obey the laws of their country. A good Tax Consultant will give you the best advice.
RECOMMENDATIONS ON SAFE PARTICIPATION IN MMM NIGERIA
MMM is the Community where people trust and help each other. That’s why it uses a principle — “only one account for one person”. Only a person of legal age is allowed to participate in MMM. Each participant has to have own unique Bitcoin wallet or bank account. In the MMM Community you are allowed to add several bank accounts to your personal office. However, note that these bank accounts have to be registered in the name of only one person — you. That is, the accounts must have the same name and surname. In that case, if you add to your office accounts that are registered in the names of different people, you are automatically recognized by the system as a dishonest participant and will be blocked. You have the right to request assistance to be sent to any specified Bank or bitcoin wallet of yours. Yet it is prohibited to share the same bank account and Bitcoin wallet with other people!
The absence of multiple accounts (when one person registers in the system several times) — is the key to dynamic and sustainable development of the Community in the future. The one who creates multiple accounts, and in this way tries to obtain additional, not provided in the rules bonuses — deceives their colleagues and friends, and in the end — themselves. Such frauds will be blocked once and for all and immediately expelled from our community! We need only honest people in the community who change the world for the better!
If you haven’t violated the rules but your account have been blocked, you should write to the Support attaching the photo or scan of ID in order to confirm your identity. You might have been suspected of unfair participation and automatically blocked by the system. Besides, the CRO (Control and Revision Office) can request the video record explaining all situation. In case the participant hasn’t violated the rules there’s nothing to worry about. He will be unblocked and the ban won’t affect his MAVROs growth in anyway.
CRO has effective tools to determine whether the accounts belong to the same person or to different people. If you only have one account and you follow these recommendations, you do not need to worry. In an extreme case, even if you have been blocked (temporarily), but you have followed all the recommendations — you will be able to confirm your identity, your account will be unlocked, and the growth of your Mavro won’t be affected. That’s why play fair, keep calm! We’re on your side!
Mmm
MMM LINGO
PH – Provide Help
GH – Get Help
PO – Personal/Private MMM Online Office
DL – Downline
UL – Upline (Your Referrer & Guider & Guider’s Guider)
PMT – Payment
EFT – Electronic Funds Transfer
POP – Proof of Payment
DD – Direct Deposit
CRO – (Control and Revision Officers) MMM Policing body
who monitors MMM System & Participants to ensure rules
are being adhered to and participation is fair and respectful.
MORATORIUM – Your MMM Account has been frozen. 1st
sign – you cannot GH or no PH Allocations. You need to
verify yourself. Create Support Ticket, submit ID, Copy of
Bank Card, Bank Verification Letter which states your full
name, ID, Bank Card and Bank Account Number, and all your
social media links ie Facebook, Twitter etc.
LOH – Letter of Happiness
VOH – Video of Happiness
WA – WhatsApp
VN – WhatsApp Voice Note
PEEPS – Beautiful MMM Participants
I hope it will help u to understand most abbreviations used
Please hear this…..MMM is not an investment scheme, MMM is not a bank, MMM is not a trading centre, MMM is not referral network like MLM, MMM is not an online forex trading, MMM is not a place of massive wealth, please stop telling people about bonuses in MMM instead telling them about the ideology of MMM. Put the ideology, risk and rules of MMM first. Am seeing greed from the experience I had. Please don’t turn MMM to ideology of an investor investing into business. In fact, MMM is not a business venture, please get these things straight. If MMM will stand, it will be me and you. If it will spoil, it will be me and you. MMM is a donation community, inter-relationship of mutual funding, the Life line of MMM is PH-GH-PH-GH-PH-GH-PH….. The chain reaction must not break…… MMM ideology stands on that….take note: Participants in MMM make MMM stand not Sergey. Mavrodi. The extent of our understanding of MMM is directly proportional to the extent of the sustainability of MMM Nigeria++++++++++Thank you
How does MMM generate 30% to pay participants?
This is a question that can never stop being asked. I have tried explaining this severally BUT its like “magic” to so many. I understand everyone’s fears that’s why I will break it all down further mathematically below.
Let’s say,
100 donations came in from 100 participants @2,000naira each = 200,000naira
In order for the 100 donations to be paid their 30%, that means 60,000naira extra donations must come in.
The BIG QUESTION is then how?
Here it is:-
The 60,000naira wld come in through:-
(1.) Regular GH and re-PH from the 100 donations done by the participants.
Here is d maths:-
50 participants GH all their earnings + Principal donation = 130,000naira.
Total left over PH balance = 70,000naira
The remaining 50 then needs 60,000naira to get their own 130,000naira paid too.
The first 50 paid 130,000naira total then re-PH back their 100,000naira (maybe keeping back their total profit of 30,000naira)
That then adds up to the 70,000naira available to pay the 50 participants left (130,000naira).
++ So, the cycle continues on and on for as long as the principle of Regular GH and re-PH remains!!! +++
This is just d same Principle Banks work with. That is why it is possible for just a deposit to serve 10 – 20 withdrawals.
And they pay you little interests for using your money to keep the redistribution process going!!
++NOTE+++
Don’t come and do “Hit and Run” – The one u GH’ed and ran away with will soon finish and u will have to start all over again when coming back!! Why not just relax and earn for a longer period.
So whether new donations comes in OR not, the process of providing and getting help can continue for as long as all participants knows the whole process depends on their actions or inactions!!!
Secondly
(2.) New donations coming in through participants referring others to the community. This keeps the system consistently growing!! Every business (offline/online) needs new sales to survive..
Yes – MMM provides NO Guarantee and we all donate ONLY our “Spare Money”
BUT sincerely it can go on for as long as we all want since we all make the Community what it is!!
Always remember that in MMM there is
++ No Company Account!! Mavrodi can’t wake up one day and ghost off with the money since we are not paying to his account.
++ You bank account/bitcoin wallet is MMM’s account.
MMM’s strength is the IDEOLOGY above that I broke down mathematically!!!
We are the Community!!
Together We Change The World..
MMM NIGERIA RULES FOR SAFE PARTICIPATION
Join MMM Nigeria using your SPARE MONEY ONLY!!! Don’t borrow to join Please!!! Check online for MMM Ideology
Do not have more than one account is a sin. If you are caught, you will be blocked from the community for life!
Don’t create fake accounts to get referrals bonuses.
Do not use wrong phone number OR banking details.
Always use your correct phone number and bank details when registering
Do not allow your family members to PH more than you
Do not PH without having the money in your account please! Be warned don’t wait for your GH money to pay for your order!
Do not abuse your guider or fellow participants.
Do not upload fake payment proof (POP) if caught you will be deleted from the community for life!
Don’t delay in paying your donations
Don’t hack into participants accounts
Always login regularly into your PO to check if your order is ready to enable you pay your donation accordingly.
Note: it takes 35/40 days or more to be peered after creating a willingness donation.
When your order is ready, you have 48hrs to make payment or you will get blocked!
Delay in payment can be extended for 24hrs with genuine reasons ONLY please. Or you can discuss mutually with the participant.
After payment. Make sure you upload (POP) proof of payment. In other words. You can attach the teller, if you made bank counter payment, then snap it with your camera phone. Send to your PC and upload it in your PO after payment.
If you refuse to upload payment proof. I’m afraid you might get blocked too. Is mandatory for us all to upload proof of payment and allow atlleast 24hours for the recipient participant to approve the payment made.
If for any reason after the given hours the recipient didn’t approve your donation. Contact your guider.
Is mandatory for all Guiders/participants to have bank tokens. This will help reduce accounts from been blocked due to delayed payment. Ask your Bank about how to apply for your personal bank token. Lets upgrade!!
I hope this will go along way in helping Guider and participants to making MMM Nigeria community healthy and save.
+++Together we change the World+++
MMM Golden Rules
Rule 1.
Do not have multiple account. You can always PH as many times as you want with one MMM account.
Penalty: all accounts will be permanently blocked, you will be banned.
MMM CRO (control & revised office) keeps track of every participants IP address. Once you use your phone to log into another participant’s account ; both accounts will be under Moratorium. Moratorium is when there’s suspicion on an account. Your account could be on moratorium for 14 days – 1 month.
+ONLY your Guider can log into your account and that of your downlines IF you / or your downlines make him /her a Trustee
Rule 2.
Do not share email or bank details with other members
Penalty: you will all be blocked from getting help until you give identity proof
Rule3.
Do not delay in paying for your order,
Penalty: you will be blocked
Rule 4.
Do not edit your banking details or change password less than 15 days before Getting help
Penalty:
Your GH will be delayed for 14 days
Rule 5.
Do not click on the “I refuse to make payment” button for more than once a month
Penalty:
You will be blocked
Rule 6.
Do not make deposit and fail to attach proof of payment
Penalty:
You will be blocked
Rule 7.
Do not fail to confirm your payment
Penalty:
You will be blocked
Rule 8.
Do not allow your family member to PH more than you. If they have more than the amount u PH’ed to donate, let them do it through your PO or tell them to register through your guider’s link.
Penalty:
You won’t get the referral bonus
Rule 9.
Always remember to write your Letter of Happiness after every GH (withdrawal). Max days to write it after your GH is 3days.
Penalty:
You will be blocked
Master them well
+++ These rules were made to protect MMM Community. Don’t forget MMM is solely based on trust and honesty between all participants. Together We Change The World +++
This method of media you want to use to stop MMM has failed, the country economy is bad, there is high level of unemployment. The quiet and suffering Nigerian now see a means to cushion effect of this gross economic mundane.
You are now shouting warning.None of the MMM community is complaining, there is no issue with MMM. Please stop saying what they don’t know about it.
Pls note we don’t deposit in MMM
Long live MMM!
MMM is a people community, which help each other for free, and absolutely consciously, they transfer money directly to each other, from one bank account to another, without any conditions, guarantees and promises. Just only because they want to do that. Because it is a good deal to help each other.
It means the Mutual benefit fund as it is.
There is no formal organization, no legal person in MMM. And of course there is no central bank account, no other activity in any form. Neither close, nor open. There is nothing! There are only millions and millions of simple participants, simple private persons. And their bank accounts. And nothing more.
And of course there is no special registrations, permission and licenses in here.
(Permissions and licenses for what and for what reason? For money transfer from one man to another? And whom this licenses and permissions should be given? :-))
Thus, MMM is absolutely legal and does not break any laws. Because there are only money transfers between private persons and nothing more.
It is impossible to forbid MMM. The same way it is impossible to forbid people manage their own money the way they like. Thus they need to forbid the whole private property institution.
So everything is absolutely clear with the lawfulness. There are no violations and they won’t be! Let’s now talk about the other. About honesty. It is important to underline, that MMM doesn’t cheat or abuse anyone. In other words it is not a cheat or fraud in any case! Everyone is informed about the possible and impossible risks fully and from the very beginning (And everyone put a mark during the registration, confirming that he was informed about the warning.)
MMM itself is more honest (in 100 times!) than any other bank, or any financial institution with their licenses or permissions. Because they all lie to you, hold or keep back something and so on. And only MMM doesn’t keep back you in silence, doesn’t hide anything and tell everything honestly and openly. “Yes, You take a great risk!… Yes, no guarantees!… Yes, You may loose everything at any moment!…” – Did You hear the same before anywhere? Only in MMM.
Honesty, honesty and again honesty! This is the main principle. Honesty, openness and trust. This are the three whales on which the System stands. Have ever seen before the situation, when absolutely unacquainted people transfer money to each other with no reason? Giving them like a gift actually? Millions and millions of people all over the world, every day? Delirium? Fiction? Utopia? No, it is MMM!
Participate! Welcome to the System! Long Live MMM! IF THIS IS NOT TRUE GOVERNMENT SHOULD PROVIDE A BETTER JOB THEN. NOT FAKE CHANGE.
i am olajide mmm guider. mmm is real an not a scam. my fellow nigerian i fulfilled my dream just because of mmm. togerther we can change the world
If federal government insist of closing it down, den will we fight bck. I don’t no y dey are so concern abt our money, wen dey dont even care if 1cup of rice is (#300). I even prefer Goodluck Jonatan regimes dan dis. Dey should mind dr business of eating our money witout doing anytin foolish fellows.
Say no to poverty 4 life! Join MMM now.
The precent nigeria governmet want the poor people of nigeria to remein poorer and god for bid, and what is their problems about nigeria mmm program? they should leave us alone with fantastic mmm program and face nigeria economic problem, mmm is real and we will continue with the program so that we can toghere change the world for the better.
Greedy people will not want others to grow, they are busy syphoning our money and sending there children abroad for studies, while we live in 9ja in abject poverty, nothing is been put to place to help the common and the poor man in the society but yet they are condemning a great idea to meet the needs of the common man, why are this wicked? In the situation we are right now where nothing is working in this country we can still fight against the means of survival of the citizens, there are so many problems to solve in Nigeria even before now instead of thinking on how to correct the wrongs in the country they are busy fighting against a program which has mo business with them, participants in mmm are not using government money to participate so why the worry? Government should go and solve recession issues and make prices of things to come down and not fighting and abstract movement because it is time wasting, just an advise to the government
You can sign up with several different names or enlist your cronies to attack anyone who calls this what it is. It is a ponzi scheme. The good thing is that the founder Sergey Mavrodi has said clearly that it is a ponzi scheme but he wants to use it to destabilize the financial systems becos he considers them unfair. The truth is that he cant with this dim wit idea. I have seen more plausible ones that is not even coming close. Don’t take my word for it. Go do your own research beginning with wikipedia. https://en.wikipedia.org/wiki/Sergei_Mavrodi
MMM together we change the world
i have not seen anything wrong mmm
i thought God works through that vision
that APC saw and tagged as positive change
because since mmm came in to Nigeria
that positive change as come to reality
then why should we stop mmm after our prayers
as answer or are we trying to say APC is not longer positive change
because without MMM the will never be change in Nigeria
please lets think of the progress of Nigerians
the distant between the rich and the poor should not continue like this please
peoples are dying of hunger why others are feeding their dogs
some people dont even have ten thousand naira to pay school fee when others are paying their children school fee in millions.
some people salaries are eighteen thousand naira why others are going home with trillions of naira
common now why are you so heartless to the people you are ruling
now that the change you were talking about came to reality you just wake up one day and say that you dont need the change again
we must remain in this change call MMM together we change Nigeria.
This is to officially announce to all MMM members around the world that we are currently updating our website for 50% upgrade that will lead to 2017. We are sorry for the inconveniences