Since we broke the news that the Securities and Exchange Commission, SEC has warned Nigerians to stay away from MMM, a Ponzi Scheme gaining huge popularity in Nigeria, we have received a flurry of visitors to all articles on MMM members.
On the official website of MMM, there are no press statement on the SEC warning to the general public abstain from the scheme.
In its defence, MMM members have written to PageOne.ng, defending the scheme.
Here is how the MMM Global scam works:
- Register at the website.
- Enter your Personal Office.
- There will be two big buttons. “Provide help” and “Get help”.
- If you want to contribute money, click “Provide help” and specify the amount you want to put into the system. The minimum amount is $10.
- You immediately get MAVROs in your Personal Office and they start to increase by up to 100% per month. (MAVRO is the internal currency of the system) However, as soon as you get MAVROs you won’t be able to sell them until they are confirmed as you still haven’t transferred money but only created the request.
- Then you’ll get the order in your PO including all bank account details of the person you should transfer money to. The order also contains contact details of the person so you can get in touch with him or her to make sure that it’s a real person and participant as you. In MMM there is no central account where all participants’ money accumulates (and where it can be stolen). All transfers are carried out between the participants directly. It means that everything is quite clear and transparent. MMM plays the role of the operator that helps to establish the contact between the participants.
- Transfer money to the participant. He or she confirms the receipt and your MAVROs become “confirmed”. That’s it! Now you can sell them whenever you want, total amount or a part of it.
- If you want to sell your MAVROs click “Get help” and specify the amount. Another participant will receive the order and will send you the money (provide help). As you did earlier! Don’t forget to confirm the receipt of help as soon as the money is in your bank account (But no earlier! Be careful with frauds!). If you don’t do it the sender’s MAVROs won’t be confirmed.
The rate of growth for your account will be from 20% to 100% per month.
This sum is in Mavro (the internal currency of the system) and is how much money you can request to withdraw.
In the next couple of weeks, many MMM members might want to get out of the scheme as a result of many information about the demerits of the scheme.
This might further lead to the collapse of a scheme that gained huge popularity in Nigeria in less than a year.
See the way you’re just fooling yourself.
Idiot. How much did they pay you to write this thrash?
MMM Nigeria is getting stronger , Government Propaganda against MMM will fail in Nigeria, a Government that has failed us has no moral justification to speak against MMM Nigeria, SEC is the real Scam, CBN that is dicducting my money illegally on every transaction and says my ATM card must be destroyed if it gets stuck in another bank is the real evil . MMM Nigeria will grow stronger and stronger .