This morning, Twitter Nigeria was lit with MMM Nigeria trending nationwide. When I saw it at the top of the trending topics, I knew kasala don burst.
First of all, I still don’t understand why Nigerians are massively into the scheme when a simple Google search of MMM would bring results describing it as a Ponzi scheme and its founder a criminal. And in spite of discouragements from various financial institutions and regulators, some citizens still put millions of Naira into the scheme – particularly in a recession!
People are very wicked, yet complaining about recession but some of una get mind to put 1M, 5M etc where una don see d money? MMM NIGERIA
— Sinful Saint ™🌹 (@iamchardan) December 13, 2016
Back to the MMM Nigeria’s Mannequin Challenge.
According to a message sent by the platform’s administrator to owners of confirmed Mavro in the system, the accounts have been frozen and this would be for one month. While asking its community not to worry nor be scared since the move was aimed at ensuring that the system is able to survive and continue to reward its members although government and the media are against it, MMM Nigeria’s administrator in a message laden with several smiley emoji said the move will also prevent members from making panic withdrawals. They claim the platform will be back in January 2017.
http://twitter.com/MMMNigeriaHelp/status/808657798980571136
http://twitter.com/MMMNigeriaHelp/status/808651112039542784
http://twitter.com/MMMNigeriaHelp/status/808618567658799104
The worst part of this is that many people bought it. On Twitter, several of them still express confidence in the scheme. Check out some of their tweets below.
http://twitter.com/ELMICARSH/status/808691357648830465
@MMMNigeriaHelp will be back and better am very hopeful and confident
— ONYE SOUTH EAST (@MrNnaeke) December 13, 2016
There are two major reasons why MMM Nigeria will not come back; even when it does, it doesn’t mean the coast is clear. The first reason is actually the major reason why the accounts are frozen – people making panic withdrawals.
Let’s say the platform opens tomorrow, what do you think would happen? People would begin to start withdrawing their money in the system. After one month of sleepless nights, a significant proportion of the members will only be interested in getting their money back. The few ones that stay on will only be waiting for people to pay them before cashing out.
The founders of the company in Nigeria are aware of this and would not want to take any risks.
Furthermore, there would be much reluctance in people putting money into the scheme. And since someone pays another and no product is being sol whatsoever, the non-availability of funds to keep the scheme running would also choke it to death.
Furthermore, the founders know that the bad press about them will increase and the EFCC may eventually pounce on them in January which is why disappearing now is their best bet since everyone is hoping to start talking from January 14th.
Another reason for not having high hopes about MMM Nigeria returning is the obvious fact that it has no official address!
"@4eyedmonk: Imagine if MMM Nigeria had a physical address this morning…."😭😭
— مالم بفا (@Malan_Baffa) December 13, 2016
Those guys prepared for today from the first day they launched. Many knew it, many also chose to ignore the fact that only few companies without offices could be trusted.
I know it’s not a good thing to confront people with such facts, particularly those that ignored the numerous tell-tale signs about MMM. But with just twelve days to Christmas, it is recommended that the healing process is quickly commenced so that way forward can emerge. But for those that their lives depend on the money invested in MMM, I only have two words for you – eh yah
