Observers Say MMM Nigeria May Not Survive The Next One Week

There are indications that the final crash of Mavrodi Mondial Moneybox, a ponzi scheme popularly known as MMM that came and took Nigerians by storm, may be nearer than expected as more intending help providers (Provide Help) continue to renege on their promises to pay help seekers (Get Help).

It will be recalled that promoters of the scheme had re-awakened the interest of many subscribers when it announced the return of the scheme on Friday, January 13, a day earlier than the expected return date given. The euphoria that greeted the unfreezing of the scheme was however short lived following the inability of members to get paid.

While announcing its return penultimate Friday, operators of the scheme had announced that the scheme would attend to small investors first while subscribers with bigger financial commitments would have to wait a bit longer.

This was, however, not to be as the applications of those who signified interest in getting help (GH) were cancelled while intending help providers (PH) were put on hold. Promoters of the scheme had attributed the delay to upgrade of the system.

However, when some help seekers (GH) were eventually matched with intending help providers (PH) on Friday, findings by Sunday Sun showed that a good number of intending help providers reneged on their promises to pay.

Some mavrodians, who spoke to our correspondent, blamed the failure of help providers to fulfill their promises on the growing uncertainties surrounding the scheme.

A subscriber, who simply identified himself as Michael, said he refused to pay the help seeker he was matched with because he no longer believed in the scheme. “I was paired to PH but I declined because I am not sure if I will ever get my money back. Some people I know to have been paired have also declined to pay. The way things are unfolding, the scheme cannot survive this week,” he said.

Narrating her inability to get help despite having been paired,  a subscriber who gave her name as Rolake,  said: “I was paired to get help but none of my PHs has responded.

When I called to remind them yesterday, two of them promised that they would pay me but when I called them this morning neither of them picked my calls,” she said.

But while many help providers continue to ditch the scheme, Sunday Sun gathered that there are few others who are still willing to give help.

Subscribers, who belong to this category, it was gathered, are largely those who have their money trapped in the system and who have also signified interest to give help.

One of them who claimed to have N200, 000 trapped in the scheme said he was compelled to pay somebody yesterday because of fear of losing his money.

“I paid somebody yesterday because I don’t want my account blocked. I have N200, 000 in my account before it was suspended last year and since I had also indicated intention to provide help.

If I didn’t provide the help, my account would be blocked and that simply means I would lose all my money,” the subscriber who gave his name as Ebuka said, adding that, “it is easy to back out only if you don’t have money in your account.”

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