Efio-Ita Nyok|13 November 2016
According to their Nigeria website, MMM is a community where people help each other. MMM gives you a technical platform which helps millions of participants worldwide to connect those who NEED help to those who are ready to PROVIDE help, for FREE. The acronym, MMM implies Mavrodi Monrodi Moneybox. The original MMM was set up by Sergey Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova in 1989 according to another source.
MMM promises 30% returns after investment in 30 days. According to another author, A Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
So many people have aired their minds about the ponzi scheme. In this publication, I shall feature the position of a lawyer and an Engineer, First Baba Isa and Simon Utsu respectively. The former who wrote from Seoul, South Korea is critical where as the latter, writing from Lagos is apologetic to the Nigerian subscribers of the scheme. Hear them tender their arguments against and for MMM and their respective sympathisers:
Simon Utsu :
'As a friend of MMM, I'll like to admonish the millions of participants to rally together in prayer against this wicked government because it seems they're all out to stop the controversial but very helpful scheme.
'Two days ago, the president of the NDIC said they had started making moves to crush the scheme which he referred to as a fraudulent one. Yesterday, a member of the House of Representatives from Ondo moved a motion in that regard and it was heavily debated and supported in the green chambers. This implies that the Executive and Legislature are coming together to ensure it's killed, as if they're no bigger problems to tackle.
'What this means is, sooner than later, MMM in Nigeria could be history. The easiest way they could go about making this possible is by getting the NCC to block the MMM's website.
'This is a government that parades the likes of Osinbajo the 'job-man' who keep promising us 200,000 jobs every month, then fails to deliver and ends up shifting the promise fulfilment deadline to the next month. Why then do you want to kill this 'private sector' open door which has gainfully employed millions of youth in less than a year.
'So noble Nigerian youth, the time has come for you to go into violent prayers, mountain of fire style and call on the heavens to rain down fire and confusion on any gathering of politicians or government officials that is aimed at ending the MMM scheme. It's sheer wickedness!
'Even south Africa which is more developed and has a much more organised and stable economy than Nigeria has allowed this scheme to thrive for years, why then, will this Buhari led government be working round the clock to ensure the sudden death of the scheme? A government that only specialises in unemploying rather than employing. What a wicked government!', he concluded.
First Baba Isa :
'I was awe struck as the lecturer analyzed the Door-To-Door Act of South Korea today in class.
'The Act regulates door-to-door sales, network marketing, telemarketing and has excellent provisions to contain illegal and injurious schemes like wonder banks, ponzi and pyramid schemes.
'Any such scheme that comes into South Korea promising high returns on investment and heaven on earth must first be incorporated and required to take an insurance policy to protect investors before they can be allowed to operate.
'Compare that to my country NIGERIA, a nation of over 180 million people and a willing dumping ground for all sort of sharp practices in the name of business and investment schemes.
'Every year wonder banks, ponzi and pyramid schemes flood my country and find willing victims blinded by poverty and want and the government does nothing other than issue weak warnings published on new media.
'Today it is MMM.
'People are being asked to send money to people they don't know and getting 30% profit as return on what they call investment.
'How is sending money to someone you don't know an investment? How can the company sustain a whopping 30% profit to members when they are selling nothing or offering no services?
'But no, you dare not ask Nigerians such questions. You are ignorant or bad belle if you dare ask such questions. Then you will see them labouring to explain what they don't understand… Spewing half baked economic lines picked up from a website they now believe more than their pastor or imam.
'Then it will crash as it always does. And they will cry as they always do. And move from poverty to penury.
'Poverty has blinded many but a responsible government doesn't just leave such matters to the whims and caprices of its citizens.
'We need laws like that of the Koreans that will force this MMM and other such ventures to insure those who join them against eventual loss. If they can't insure members against the loss then they must leave our country.
'Make I come back first. I go write my recommendations and proposals to the right quarters. I hope they listen sha.
'But before that happens, we have a responsibility to investigate before we invest. Poverty should not be allowed to activate greed and derail us in life', he concluded.
Where do you stand my dear readers? With Mr Utsu or Mr Isa? Draw your conclusions based on available reasons and even more.
Is a Blogger, the Editor & Publisher of NegroidHaven.org