I’m sure you must have heard about the Mavrodi Mondial Moneybox (MMM) business which has turned many Nigerians to millionaires. So, while strolling around the internet, I stumbled on this very beautiful picture of a Nigerian couple, apparently from the Yoruba tribe, who were taking photographs just after their traditional marriage.
The outstanding thing about the wedding is their cake which had the inscription of MMM boldly written on it. This probably suggests that the young man was able to pull off his wedding with the money he made from MMM! Lol.
Just in case you don’t know, MMM, a get-rich-quick business which advertises itself as a mutual aid fund with a promised monthly investment returns of 30 per cent. Under the scheme, members contribute money to assist others. However, it is a network that relies on growing numbers of new members to pay off the old.
It is linked to a fraudulent history that goes as far back as 1989. This scheme is currently in Nigeria and it is called MMM Federal Republic of Nigeria. It has already receive a lot of attention from Nigerians.
The Securities and Exchange Commission, SEC, had in August raised the alarm over the activities of MMM Nigeria warning that the scheme was run by online fraudsters who according to SEC, carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.
SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from the invested funds of others.
Investopedia.com describes a Ponzi scheme as a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.
SEC on its website, had said:
“The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). 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.”
Despite the warning, the number of Nigerians trooping into the business has since doubled.