Despite panic in some quarters over the ‘fraudulent’ nature of pyramid scheme – Mavrodi Mondial Movement, otherwise known as MMM Nigeria, it has emerged that some Nigerians make fortune from the scheme.
The MMM Nigeria scheme promises investors 30% interest on their investment at the end of 30 days.
Greennews.ng’s investigation shows that the scheme which came into Nigerian in November 2015, actually pays it participants.
Financial regulators such as the Securities Exchange Commission, SEC, and the Central Bank of Nigeria, CBN, had warned Nigerians not to invest in the scheme, describing it has fraudulent because it wasn’t duly registered.
The agencies also said the scheme has no known business model, saying it is operating a Ponzi scheme, where money of new investors is used to pay old investors.
Despite warning about losing money, it was learnt that participants in the scheme smiles to the bank and are making fortune from MMM Nigeria.
Bukky, who described herself as an ordinary participants in the MMM Nigeria scheme told Greennews.ng how she bought her first car with money she made from the scheme.
The MMM Nigeria scheme promises investors 30% interest on their investment at the end of 30 days.
Greennews.ng’s investigation shows that the scheme which came into Nigerian in November 2015, actually pays it participants.
Financial regulators such as the Securities Exchange Commission, SEC, and the Central Bank of Nigeria, CBN, had warned Nigerians not to invest in the scheme, describing it has fraudulent because it wasn’t duly registered.
The agencies also said the scheme has no known business model, saying it is operating a Ponzi scheme, where money of new investors is used to pay old investors.
Despite warning about losing money, it was learnt that participants in the scheme smiles to the bank and are making fortune from MMM Nigeria.
Bukky, who described herself as an ordinary participants in the MMM Nigeria scheme told Greennews.ng how she bought her first car with money she made from the scheme.