Investors stranded as MMM Nigeria disappoints

Posted by News Express | 14 January 2017 | 11,490 times

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MMM Founder Sergey Mavrodi.

Contrary to expectations, the resumption of operations in Nigeria by MMM Ponzi scheme yesterday, Friday, January 13, 2017, has failed to provide succour to many of the expectant participants.

Many of the about 3 million participants had looked forward to quick payment upon the unfreezing of the accounts suddenly locked a month earlier but are now expressing “their frustrations as they might have to wait much longer to recover their much needed money from the scheme,” a report this morning in Saturday PUNCH said.

The paper quoted some of the participants as lamenting that their funds that were tied down in MMM were meant for various uses including purchase of goods, payment of tuition, debts, rent and others.

“The fears and frustrations are further heightened by MMM’s declaration that it would introduce bitcoins as the new mode of payment ahead of its comeback, which some participants of the scheme have described as confusing,” the report said.

As reported last night by News Express, the bitcoin option has run into a hitch following the warning by the Securities and Exchange Commission (SEC), that “none of the persons, companies or entities promoting crypto currencies has been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.

“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.”

Saturday PUNCH quoted several interviewed MMM investors as being full of lamentation. One of them is Frank Bunna, who deals in computer accessories at Olugbede market in Idimu, Lagos, who said he was stranded as he had invested all the money for his goods in MMM. He was reported to be dejected and lamenting: “This is my life! How will I live? I invested N2m! Look at my shop, it is totally empty. I invested the whole money for my business on this MMM; I even borrowed N300, 000 that I added to it. I spent six days in the hospital as soon as I heard the account was frozen. I am hypertensive so my blood pressure shot up when I heard the news. To hear that I would not be paid immediately means that I am dead.”

The report quoted an undergraduate of the University of Benin, Benin City, Edo State, who identified himself as Chiboy because he did not want his parents to know he invested his tuition and money meant for his dissertation in MMM, as saying that he had been left stranded since December 2016, when MMM was suspended and desperately needed his money back.

“I had thought that I would be able to get my money back immediately MMM reopened but from what I heard, it would not be possible. My mother will kill me. I don’t even know what to do,” he said.

Saturday PUNCH quoted a travel agent in Lagos, who identified himself as Mr. Oduntan, as lamenting that he has been going through difficulty after investing N900,000 meant for paying his rent in MMM with the hope that he would get about N1.2m in return.
Oduntan said he was desperate to recover his funds as his landlord had been on his neck since then.

In Oyo State, an estate agent, Mr. Funso Ogungbade, told the paper that he had invested the sum of N3.5m, part of which was from the rents he had collected from tenants on behalf of some landlords, in MMM. “My target was that by Saturday, everything would be sorted out but as it is now, I cannot get the money back soon.
MMM is saying that it will start by paying the people with small funds and that it will also put a peg on how much we can get,” he said.


Source: News Express

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