Three weeks after it abruptly closed down application into its Guiders School, MMM Nigeria, a digital Ponzi Scheme with over 500,000 members has opened a new application process.
In a usual promotion placed on its website, MMM Nigeria said:
WE ARE STARTING NEW BATCH OF MMM NIGERIA GUIDERS SCHOOL!
If you want to:
- know more about MMM, its community and about the way it works!
- gain experience from the top leaders of MMM!
- find better and more effective ways of inspiring people to join MMM!
- work as a team with like-minded people!
- grow as an MMM leader!
- become Financially Free!
Remember it is absolutely free of charge! All it is needed to graduate the school is your desire and time.
The Guiders School is MMM’s flagship training initiative to recruit a kind of ‘foot soldier’ community for the scheme. All graduates of the school are then equipped with marketing materials and tools to get more people into the fold.
For more than two months, MMM Nigeria has come under intense scrutiny and criticisms over its model and legality.
After the collapse of MMM Zimbabwe, the Nigerian Securities and Exchange Commission had issued a statement warning Nigerians to stay way from the scheme.
MMM Nigeria has not reacted to these criticisms directly but had gone ahead to subtly refute claims that the scheme is fraudulent. As a result of the bad PR the scheme has garnered, there are rumours that the system might collapse anytime soon in Nigeria due to panic withdrawal by members and rejection from prospective members.
To guard against its immediate collapse, last month, MMM Nigeria implemented ‘temporary moratorium’, a rule that locks out members from their accounts for more than 30-45 days. While the scheme claimed the lock is due to hacking attempts on members accounts, there are series of complaints from MMM members that they are not able to get their money out of the system.
An MMM Nigeria member wrote to PageOne Startup Desk claiming:
This moratorium issues is just becoming too much, i must confess. Am equally involved. And i know of a guy whose 2.5m is involved, he is critically ill. Am beginning to be scared and they keep telling me to be patient. Who do we cry to.
Apart from moratorium crisis, MMM Nigeria has also placed a limit on Guiders’ withdrawals. Because Guiders have more interests and bonuses they earn, there are indications that operators of the scheme are rationing funds.
Whichever way MMM Nigeria swing its arguments, there are compelling evidence that things are beginning to fall apart. Only time will tell.