About MMM: Months back, there was hardly anywhere you go that you didn’t hear people talk about MMM – either telling stories of how the ponzi scheme has turned their lives around, or how they’ve just got to know it, and are planning to pour in their savings into it. You may even run into the promoters at a restaurant, coffee shops, lecture rooms, offices – who are readily available to bring you into the fold.
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How did MMM Nigeria come to be? Who brought it into the country, and when? What are the regulations against it? What’s the statistics of those involved in the ponzi scheme?
Nigerian Bulletin brings you a list of things you should know about MMM Nigeria.
1. MMM Nigeria is an offshoot of MMM Global – a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s. It was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames (MMM)
2. MMM Nigeria is a pyramid marketing scheme where you invest some money and within weeks, you get a 30 per cent return on investment.