Consequent upon the crash of the Mavrodi Mondial Moneybox scheme in Zimbabwe popularly known as MMM, the UK Independent newspaper has warned Africans to stop investing their money into the Ponzi Scheme.
There are obvious proofs that the Zimbabwe scheme follows the same model as that of Nigeria and the two countries are also experiencing an economic crisis which has caused many citizens to turn to the MMM Global as a means of livelihood.
According to an excerpt from The Independent’s article:
“With Zimbabwe’s traditional financial institutions in jeopardy and the country gripped by an economic crisis, thousands turned to MMM Global as an investment that was avowedly independent of government control.
“That’s despite a warning from the Reserve Bank of Zimbabwe that the scheme was fraudulent. RBZ warned members of the public that existing investors were “paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors.”
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“What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.
Despite the cautionary tales of Zimbabwe and South Africa – and indeed the original MMM scheme – a branch is now proving increasingly popular in Nigeria.”
Meanwhile, the Central Bank of Nigeria (CBN) has already warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC) especially the trending MMM but the promise of 30% returns has proved too much for most people to resist.
A quote from a Central Bank official, Mr. Okoroafor said: “These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target.”
This does not seem to deter Nigerians…