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Notorious ponzi scheme, Mavrodi Mundial Moneybox, MMM, has officially announced a “RESTART” of the system, leaving many Nigerian participants wailing with thousands and millions of Naira trapped in the scheme.
In a message posted on the home page of participants on Saturday morning, the scheme said it had struggled to stay afloat after going on a break in December 2016 but had been forced to do a system restart.
Many of the participants who commented in various MMM WhatsApp groups recounted sadly how they and family members had lost millions to the scheme.
MMM is a ponzi scheme which gained popularity in Nigeria in 2016.
It promised to pay participants 30 per cent return on investment every 30 days.
Despite various warnings by the Federal Government and its financial regulators, many Nigerians adamantly went on to participate in MMM.
Recall that in 2016, the Federal Government, through the Central Bank of Nigeria and the Securities and Exchange Commission warned Nigerians against putting their money in the scheme.
In December 2016, the scheme went on “Pause Mode”, freezing the funds of participants and allegedly bolted with N18 billion, but promised to resume payments by January 2017.
MMM kept its promise by resuming in January, but it had new rules: 2016 money was to be paid back in percentages of new money “invested”.
This also did not stand the test of time and by July 2017, the scheme went on a semi pause mode when it could not pay withdrawal requests.
While those who lost their money in June/July continued to wait and lament, the ponzi scheme, in a frantic effort to stay afloat, commenced payment of those who “invested” their money in August, promising to backdate the payment to cover those whose money were still pending from June and July.
It even introduced 100 per cent return on investment to encourage more Nigerians to participate in August.
Apparently unable to meet its promises to pay back June/July pledges and faced with more challenges, the ponzi scheme on Saturday announced that it was going on restart, blaming the Nigerian government and the media for its woes which started in 2016.
Read the full text of the message:
RESTART
Unfortunately, we were unable to overcome the consequences of the crisis triggered by the authorities and mass media incautious actions at the beginning of this year.
Despite all our efforts. The problems have been accumulating and, as a result, we have to announce a restart.
So, there is a restart:
All old Mavros (acquired before this announcement is posted) are frozen. We will gradually buy them back as the System develops.
All transactions with new Mavros (acquired after this announcement is posted) will be carried out on the usual terms with no restrictions.
Some amendments have been made to the rules:
Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously).
Consequently, bonuses will start growing at the moment when the main contribution is confirmed (upon which bonuses have been rewarded on).
Mavro-50% for the first contribution will not be available.
We launch three-month contributions of two types: 40% and 50% (see more details in WHAT IS MMM).
We’re confident that this measure (especially paragraphs 1 and 2) will significantly reduce the load on the System while also significantly improving its stability.
As a matter of fact, a restart is not the end of the world, it’s just a restart of the System and nothing more. Continue to provide help and you’ll get it all back (even if you’ve lost something now). It all starts from the beginning. It’s the most opportune time for participating.
We would also like to remind you (just for form’s sake) that everyone had been fully aware of all the risks and had read the WARNING which they had also confirmed by checking the relevant box in the process of registration.
Hoping for your understanding,
MMM Administration.
Some of the participants of the scheme expressed regrets for ever joining MMM.
One of the participants (names with held) said if he had known he would have used his money fro something better rather than investing on the scheme.
“This MMM people are very useless, they just came to dupe us,” he said.
On the promise by the scheme to buy back the debts it owed Nigerians when it restarts, he said: “Restart? who are they restarting with? Nobody will join MMM in Nigeria again.
“MMM is gone and gone for good.”
BIG STORY
JUST IN: Tinubu Arrives Lagos after France Working Vacation
President Bola Tinubu has arrived in Lagos after ending his working vacation in France.
The President arrived at the presidential wing of the Murtala Muhammed International Airport, Ikeja, on Tuesday, where Lagos State Governor Babajide Sanwo-Olu and other dignitaries were on hand to receive him.
The President’s arrival was confirmed by the Special Assistant to the President on Social Media, Olusegun Dada, who posted on X, “Landing. Welcome home, Mr President!”
Tinubu had departed Abuja on August 30 for the working vacation, spending one week in London before travelling to Paris.
According to a statement issued on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu departed Paris for Lagos, where he is expected to hold strategic meetings with political leaders and associates.
“While in Lagos, President Tinubu will also hold strategic meetings with political leaders and associates over several days in preparation for the 2027 elections,” the statement read.
The Presidency said Tinubu chose to travel to Lagos first to honour the memory of the late Chief MKO Abiola, winner of the June 1993 presidential election and a prominent figure in Nigeria’s democratic struggle.
On October 1, Independence Day, the President is expected to attend the premiere of a movie honouring Abiola at the Wole Soyinka National Theatre, Iganmu, Lagos.
Tinubu’s working vacation also included a private dinner with French President Emmanuel Macron in Paris.
Details later…
BIG STORY
US Hails Nigeria’s Response to Militia Attacks, Seeks Protection for Plateau Communities
The United States has commended Nigeria’s response to recent attacks in the Middle Belt.
The US Department of State’s Bureau of African Affairs, in an X post on Tuesday, also urged the federal government to sustain efforts to protect communities in Barkin Ladi LGA of Plateau State.
“The United States commends Nigeria’s strong response to the latest attacks from Fulani militant groups,” the bureau said.
“We will continue to work with the Nigerian government to protect Christians in the Middle Belt.
“We urge Nigeria to continue the momentum and defend the Barkin Ladi communities in particular.”
Nigeria’s Middle Belt, particularly the north-central region comprising Benue, Kogi, Kwara, Niger, Plateau, among others, has witnessed varying levels of armed attacks, kidnapping, communal violence and farmer-herder conflicts in recent months.
The US comment comes amid renewed insecurity in parts of the country, particularly among communities in Barkin Ladi, where a series of attacks and reprisals have been reported in recent months.
On September 27, six people were killed and two others injured after gunmen attacked a mining site in Lajam Marit village, Ropp district, Barkin Ladi.
The victims were reportedly shot dead at the site, while the two injured persons were taken to the hospital for treatment.
Five days earlier, the Plateau government imposed a dusk-to-dawn curfew on Barkin Ladi, Bokkos and Mangu LGAs following a series of attacks, attempted attacks and reprisals. Residents were ordered to remain indoors between 6 pm and 6 am until further notice.
The curfew followed an incident in which a resident, Andy Samuel, a priest, was reportedly shot dead at Marit Junction, while another person sustained injuries.
Troops later came under attack after leaving the hospital, with the assailants suspected of carrying out retaliatory strikes following earlier violence in parts of Barkin Ladi.
On September 20, at least five Fulani men were reportedly killed after suspected Berom militias attacked their vehicle in Barkin Ladi.
The victims were travelling to a market in Jos South when their vehicle came under attack near a security checkpoint. The assailants reportedly opened fire, killing all five occupants.
On September 10, two people were killed after suspected armed militia attacked Fulani herders along the Jong-Nyeriwei road and in Dorowa Babuje community, also in Barkin Ladi.
One of the victims was identified as 19-year-old Ishaku Yakubu, while another man, identified as Andata, was reportedly shot dead around Marit Junction in Dorowa Babuje. Several cattle were also reportedly rustled during the attacks.
The attacks have heightened security concerns in Barkin Ladi and other parts of Plateau, with authorities deploying troops and imposing restrictions in some affected areas to prevent further violence and reprisals.
BIG STORY
Court Sentences Four to Death Over Kidnapping in Edo
The Edo State Special Criminal Court has sentenced four persons to death for their involvement in the kidnapping of a woman in the popular Vegetable Market, off Airport Road in Benin City.
Justice Aigbona Momodu gave the judgment bordering on 11 counts of kidnapping, conspiracy, armed robbery, cultism and unlawful possession of firearms, Channels TV reports on Tuesday.
The court, established under the directive of Edo State Governor Monday Okpebholo, is mandated to handle kidnapping and cultism-related cases, according to the report.
The four sentenced persons – three males and one female — are Marvelous Isaac, 32; Wisdom Michael, 36; Rufus Michael, 30; and Gift Raphael, 27.
According to the court’s verdict, the exhibits recovered from the four sentenced persons — a pump-action rifle, two unexpended cartridges and two expended cartridges– were ordered to be handed over to the State Criminal Investigation Department of the Edo State Police Command.
According to The PUNCH, the woman (name undisclosed) was at the market with her children and husband when gunmen reportedly came to the scene and whisked her away.
In a video online, a woman who claimed to have witnessed the incident described it as kidnapping, stressing, “Today, for the first time, I witnessed someone being kidnapped.”
She continued, “Who said kidnapping is not in Benin? A kidnapping happened in my presence right at Airport Road by the Vegetable Market. Just because it has not happened to you does not mean it doesn’t exist.
“I saved the woman’s children today. This is me. It happened in front of me. We were both buying something in the same place, at the vegetable market. This is me; I have bruises. These are my legs.”
The incident was subsequently confirmed by the State Police Public Relations Officer, Eno Ikoedem.
See the full court verdict below
”Sentence: In count one, you, Marvellous Isaac, is hereby sentenced to seven years’ imprisonment. In count two, three, four, five, six, seven, eight, nine, you, Marvellous Isaac, is hereby sentenced to death by hanging or through the administration of a lethal injection. You shall be hanged by the neck till you are dead. May the Lord have mercy on you.
”In count ten, you, Marvellous Isaac, is hereby sentenced to ten years’ imprisonment. In count eleven, you, Marvellous Isaac, is hereby sentenced to life imprisonment.
“Second defendant, in count one, you, Wisdom Michael, is hereby sentenced to seven years’ imprisonment. In counts two, three, four, five, six, seven, eight, and nine, you, Wisdom Michael, is hereby sentenced to death by hanging or through the administration of a lethal injection. You shall be hanged by the neck until you are dead. May the Lord have mercy on you.
”Third defendant, in count one, you, Rufus Emete Michael, is hereby sentenced to seven years’ imprisonment. In count two, three, four, six, and seven, you, Rufus Emete Michael, is hereby sentenced to death by hanging or through the administration of a lethal injection. You shall be hanged by the neck until you are dead. May the Lord have mercy on you.
”Fourth defendant, in count one, you, Gift Raphael, is hereby sentenced to seven years’ imprisonment. In counts two, four, six, and eight, you, Gift Raphael, is hereby sentenced to death by hanging or through the administration of a lethal injection. You shall be hanged by the neck until you are dead. May the Lord have mercy on you.
”Now, Exhibit M, the JoJef pump action, and two unexpended cartridges, and the two expended cartridges, Exhibit E and E1, are hereby confiscated to the Federal Government of Nigeria. Both exhibits shall be handed over to the Edo State Armourer of the Nigerian Police, State CID, Edo State Headquarters, by the Deputy Director of the Criminal Division for destruction 30 days hence. This shall be the judgment of the courts.”
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