Chukwuebuka Ezengwu, an MMM Nigeria promoter or ‘guider’ as they are called is facing a criminal charge in Nigeria that might see him behind bars for 18 years.
As with many MMM Nigeria guiders, Chukwuebuka Ezengwu wooed the duo of Chukwumeka Okafor and Paul Ekene to invest about NGN286,000 into the scheme with the promise that they can earn 30% on their investment.
The following couple of weeks saw the collapse of MMM Nigeria. It would be recalled that MMM Nigeria had frozen all withdrawals of its members towards the tail end of 2016.
Leaders of MMM Nigeria Ponzi scheme are either in hiding or they have kept silent. Some are alleged to have floated several other schemes that have also collapsed to leave behind billions in losses.
Should Ezengwu gets a conviction, he will be the first and perhaps the only MMM Nigeria promoter that will be facing justice since the scheme collapsed leading to a loss of over NGN18 billion in financial losses.
Chuddy Anayo Ugorji, the frontline promoter of MMM Nigeria was reported to have fled to the Philipines after a series of media backlash that followed the collapse of the scheme. Ernest Mbanefo, another top promoter who is based in South Africa has since maintained a deafening silence.
Prior to the collapse of the scheme, MMMNigeria.net, the version of the scheme owned and operated by Earnest was among the top 50 websites visited in Nigeria according to Alexa.com.
Since its collapse in Nigeria, MMM Global has entered Ghana, a neighboring West African country to Nigeria where MMM Ghana now boast of about 10,000 members.
Last week, the Bank of Ghana, issued a fraud alert warning members of the public to stay away from the scheme because it is not authorized to sell investment schemes in the country.
