MMM Nigeria restarts, wipes out billions in old investments

MMM Nigeria

The mega building has caved in. MMM Nigeria has finally wiped out all RoI liabilities and has henceforth restart the scheme.

After several weeks of a deafening silence, owners of the scam have finally backtracked from their braggadocio attitude of lying to its victims that they will all be paid.

The message sent out to its members was deceitfully crafted to make its members think they are going to be paid their backlog of investment.

See below:

MMM Nigeria lifts all the limits for Mavro, acquired in 2017. So, MMM Nigeria is coming back to normal. And now the members can actively develop the Community and create new requests to provide help. For these requests orders will soon arrive, and after Mavro’s confirmation it will be possible to withdraw these Mavro without any restrictions or limits! Only Mavros acquired in 2016 remain under restriction. But we are actively working on new measures to make it possible for the members to withdraw Mavro-2016 in a larger amount without undermining the sustainability of the Community.

The part of the message which says “MMM Nigeria lifts all the limits for Mavro, acquired in 2017” means that it is a restart and old members will only be able to get anything out until they invest more.

It is also apparent in the message where it says “Only Mavros acquired in 2016 remain under restriction”. MMM Nigeria members must now see this message as a confirmation that all their money is gone for good.

As a confirmation that investors have lost all the money they invested in 2016, MMM Nigeria was appealing to its members to donate/invest saying:

“So, now it is time to create PH requests (amount does not matter, try to provide help for small amount and you will see that MMM is working)! It is time to invite new people to MMM!”

A Ponzi scheme analyst said the statement is not only desperate but condescending and callous. She said MMM Nigeria has just shown its victims that it is a pure scam. There are no apologies and remedies put in place for investors to get their money.

The same strategy was adopted after MMM Zimbabwe and MMM South Africa collapsed. The scheme kept mute for a while. After weeks of silence, it announced that all old members can no longer have access to their funds. They were asked to invest afresh to get paid.

PageOne.ng had predicted that the scam will not be able to pay its members. Our earlier report was predicated on the fact that the scheme had over 2 million people with ROI liabilities estimated at over NGN5 billion. All those who had cashed out from the scsam are under no obligation and MMM Nigeria had no leverage to force people to pay.

Chuddy Anayo Ugorji, one of the major promoters of the scam in Nigeria has since fled to the Philipines to avoid attacks and various backlash from the victims. Chuddy has not denied that he fled Nigeria, he only replied his critics and the media with insults.

Ernest Mbanefo, one of the top promoters of MMM Nigeria who also maintains his own version of the same site has kept a low profile since the collapse of the scam. Prior to the fall of MMM, he had threatened many bloggers and journalists with defamation threats

There is no guarantee that MMM Nigeria will get serious investors and promoters. All investors who lost billions to the csam will take to their heels. However, for those who know the ‘rule of the game’ and they still want to profit from various Ponzi scams, there are well over 100 Ponzi scams that they can now choose from. Therefore without prejudice to its battered image, the competition MMM Nigeria will face going forward will reduce its influence.

Over the course of the last three weeks when MMM Nigeria was in limbo, various Ponzi scams have surfaced on the Internet. Claritta, a scam that was less than a month has already collapsed making away with million in Naira (Naira) invested into the scam.