We’re still hopeful – Subscribers
By Chizoba Ogbeche
Abuja, with agencies
Anxiety has gripped over three million Nigerians subscribing to Mavrodi Mondial Movement, popularly known as MMM deposit money scheme, following the decision by its promoters to suspend new payouts to subscribers.
Subscribers (otherwise called Mavrodians) of the scheme woke up yesterday morning to a disclaimer on the scheme’s website informing them of the decision.
The Ponzi scheme, which has since been declared illegal by the federal government, in a message to participants, confirmed that it has frozen all accounts for only one month to avoid challenges during the Yuletide.
.But the owners of the business have given hope for the subscribers, assuring that the scheme “won’t go burst just yet,” adding that the “setback will only last for a month,” a position further reinforced by its support group on the handle twitter.
It reads: Dear Mavrodians, keep calm. MMM Nigeria has not and will not crash. This is a step in the right direction. Continue to PH as usual. #MMMPays pic.twitter.com/qh1FlxT1F8. — MMM Nigeria Support (@MMMNigeriaHelp) December 13, 2016.
The MMM is a deposit money scheme that market analysts said remains highly suspicious.
The scheme draws from investments of later investors to pay off earlier ones.
Despite repeated warnings by the government, through the Central Bank of Nigeria (CBN), for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom.
But the MMM said the move was only to prepare its system for intense activities ahead as part of its preparation for a new year, which arrives in less than three weeks.
“As usual, in the New Year season, the system is experiencing heavy workload,” the message, seen by those who logged on to their account this morning read.
The promoters also blamed the hysteria that has greeted the emergence of the scheme in the Nigerian media, as well as attempts by Nigerian government to shut it down.
“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.”
The alert comes two days after the scheme’s founder, Sergey Mavrodi, taunted President Muhammadu Buhari for trying to shut down a business that has supported “over three million Nigerians”.
The development immediately sent some subscribers into a panic mode.
Harriet Okpara, an Abuja-based lawyer, who has participated in the scheme for several months, told Premium Times yesterday morning that she “immediately lost appetite” upon realising that she won’t be able to cash out on her investment.
“I put money out to support other people last month and I expect that money to yield, so I can request for my payment with interest from the community, but now I can’t do that,” she said, adding, “I don’t want to believe that we’re gradually getting to see the end of this business.”
MMM Nigeria, which coordinates Nigerian subscribers of the scheme, posted a screen grab of the announcement on its Twitter page yesterday morning, saying that the scheme “has not and will not crash.”
The disclaimer reads as follows: “Dear members!” “As usual, in the New Year season, the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.
“The things are still going well; the participants feel calm; everyone gets paid- as you can see, there haven’t been any payment delays or other problems yet – but! It is better to avoid taking risk. – (Moreover, there are almost three weeks left to the New Year.)”
“Hence, on the basis of the above mentioned, from now on, all confirmed Mavro will be frozen for a month.”
“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.)”
“We hope for your understanding, administration.”
However, some of the subscribers of the scheme said they will remain faithful to it, hoping that the setback is only temporary as announced by the MMM owners.
A taxi driver, who simply identified himself as Andrew, told our correspondent that he was hopeful that the scheme would continue in January, just as he said he had no misgiving investing in the scheme when and if it continues.
Andrew, who explained that he had invested N100, 000 a few days before the freezing of the scheme, said he was expecting N300, 000 from a business transaction and would invest same in the scheme in January.
Another subscriber, Anita Ebele, who said she has N500, 000 in two accounts, one in her name and another in her daughters’, also expressed optimism that the scheme would continue.
According to her, she was aware of the risks involved in investing her money in the scheme, adding that she had made a lot of money from the scheme in the last three months and did not complain when she was smiling to the bank to claim her bonuses.
