Recently, the Securities and Exchange Commission(SEC) on its website, said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). 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 per cent.
“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.”
SEC, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”
However, on his website, the group explained that MMM is not a scam, an MLM, HYIP, Bank or Investment company. “MMM is a DONATION COMMUNITY where members have decided to help themselves gratuitously, without collateral, provide financial help to each other.
Thirdly, MMM advertises because of the way it works. Even the Banks and organizations do aggressive advertising. Even the banks need more customers to survive. MMM operates the way a stockvel operates. The point is, whose money has Sergei Mavrodi stolen. No member of MMM , anywhere in the world gives his or her money to Mr. Mavrodi. When you join MMM, you do not give your money to MMM. MMM or MMM founder Mr Mavrodi, I repeat, does not collect a dime from anyone anywhere in the world. We members give money to each other. We pay directly into the others Bank account. ….so how does Sergei run away with your money.
MMM has enemies, the politicians, the banks, government and press. Why? Please go do your research very well. Then you
will find the answer. I want you to go do that research, when you find it, only then you’ll be convinced to join MMM.
Is it a scam to have a system that brings a community of people together that financially help one another, willfully, without being forced?
Is it a scam to have a system that creates a platform for individuals to combat poverty at its core?
We always say fighting poverty is a collective effort; Now instead of people stealing, cheating or robbing they join their hands in good heart to provide financial help to one another, is that scamming really?
Is it a scam to see families that couldn’t afford to bring food on the table now able because of the financial help they have received from other members?
Is it a scam to see students who couldn’t afford to have pocket money and monthly allowances in tertiary institutions now able to afford it because of MMM?
Is it a scam to see entrepreneurs rising from the capital money raised through MMM and in return they contribute to the economic growth of this country and create employment to thousands?
I will tell you what a scam is?
• A real scam is to hinder people to their financial freedom yet encourage them to keep borrowing from your system so that they work for you and pay the rest of their lives if they live that long…
• A real scam is to have someone work 40 years of his/her life and after retirement that person must take the fruit of his/her years of hard labour and pay the debts and bonds that refused to end because of ever increasing interest rates.
• A scam is when your bank sends you an SMS alert to inform you that you have earned (N 0. 50) on your money, and later charge you (N4. 00) on the SMS alert. Your bank also charges you exorbitantly every month on something you know nothing about ; and there’s nothing you can do order than to keep quiet because you have no choice.
• A scam is when your mobile network provider charges you on the service you never made a request for (caller tunes, news updates, etc)
• Working for a government and being paid the same salary as when 1 Dollar was N165 till now is a scam.
• Working for government for years without promotion is a scam.
• Working for so long and just getting a sack letter or retiring broke and in debt is a scam.
• Serving your country for one year and crying to get a job is a scam.
• Not being paid salaries for 5 months or more is a SCAM.
• Not being able to transfer your job to your children is a SCAM.
• Spending 6 years in Primary school, 6 years in Secondary School, 4, 5, 6 years in Higher Institution, 1 year Internship (for some) 1year of NYSC and at the end you still roam about looking for non-existing job is the REAL Scam.
Meanwhile someone somewhere is enjoying financial freedom, making millions, driving brand new cars etc. all in joining MMM without submitting CV, NYSC discharge Certificate etc….and people still say it’s a scam?
Is it therefore a scam to have a system that produces people that can afford to buy a house they could have paid for 20 years in cash had such a system not been introduced?
Is MMM a scam? You can make your own judgment as to who a real scammer is.
