mmm nigeria

MMM, a former Russian company that perpetrated one of the biggest scams in the 90's has resurrected in Nigeria, and is making quite a wave. Thousands of Nigerians have invested in the ponzi scheme, and despite warnings from the Central Bank of Nigeria and a threat from the EFCC to desist from...

Mike Asukwo's latest cartoon suggests that MMM is helping Nigerians survive recession while the government floats away.

It is no longer news, MMM Nigeria is the new 'bride' in town - a new pyramid marketing scheme in that is spreading like wildfire. There is hardly anywhere you go to these days that you won't hear people talk about it – either telling stories of how the ponzi scheme has turned their lives around...

‘MMM-Nigeria’, a community of mutual financial aid and donations, on Saturday donated relief materials worth N5 million to two Internally Displaced Persons (IDPs) camps in the Federal Capital Territory. The News Agency of Nigeria (NAN) reports that the gesture was part of the community’s...

The story below is credited to an unknown author who shared it on one of the social media channels. --- Once upon a time in a village, a man appeared and announced that he would buy monkeys for N100 each. The villagers seeing that there were so many monkeys around, went out to the forest and...

The Central Bank of Nigeria, CBN has again asked Nigerians to dismiss reports that it has approved the operation of Russian ponzi scheme, The Mavrodi Mondial Movement, otherwise known as MMM. The movement is a scheme that assures up to 30% interest of money invested. A new report has claimed...

Mavrodi Mondial Moneybox (MMM) known as MMM Nigeria has been ranked as the most recent visited site in the country by the California-based company, Alex Internet. Alexa provides analytical insights to benchmark, compare and optimize businesses through ranking on its platform. The scheme which...

The House of Representatives on Wednesday ordered the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria. Lawmakers warned that the “trick” used by the operators was to...

Nigerians have reacted angrily to reports that the NDIC is making moves to clamp down on MMM operations in the country. Related: FG Moves to Shut Down MMM Operations in Nigeria

The Federal Government of Nigeria has initiated moves to shut down MMM operations in Nigeria. Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said regulators have set up a Committee to stem the nefarious activities of the fraudsters across the...

A Nigerian man has cried out on how he has been scammed by the popular money doubling scheme called MMM. The man in a mail sent to Lai Ijeoma shared screenshots of how it all happened, how he got introduced to the scheme by a friend and how all went smoothly until the bubble burst and his...

What MMM means is no news to an average Nigerian. Many doesn’t care what the abbreviation stands for so far they rake in money at the end of 30 days. The Mavrodi Mondial Moneybox, MMM is ponzi scheme which promises contributors a 30 per cent Return on Investment (ROI) after 30 days...

Bitpesa, one of the three most popular Bitcoin exchanges in Africa has warned its users to be cautious of MMM Global and other similar schemes. Bitpesa is based in Kenya and also operates in Nigeria, Tanzania and Uganda. On its website is a screaming message: “Bitpesa has recently become...

MMM Zimbabwe, the Zimbabwean section of ponzi scheme making the rounds in Nigeria has crashed. According to Pulse, MMM in Zimbabwe a few weeks ago stopped withdrawals, causing its collapse. Thousands of people, among them civil servants, vendors and more, reportedly lost thousands of dollars...