MMM Officially Closes Shop As Nigerians Count Losses

By The Nigerian Voice
Click for Full Image Size

Nigerians and other participants in the world’s most popular ponzi scheme, Mavrodi Mundial Moneybox (MMM), are counting their losses as administrators of the programme have officially shut down operations worldwide following the death of its founder, Sergey Mavrodi.

The implication is that Nigerians who have been keeping hope alive since the suspension of the scheme last with the attendant trapping of their funds, have finally lost their deposits.

Mavrodi died on March 26, after a heart attack.
The Central Bank of Nigeria (CBN) had at the inception of the scheme warned the public not to patronize any scheme or institution not regulated by it and warned that participants would be doing that at their own risks.

But, some Nigerians, who were lured by the attractive rates would not bother about the warning, more so that the administrators werehonouring obligations at the initial stage.

Mike Ogundle, one of the participants, whose N50,000 was trapped said, “It is unfortunate that I had to finally lose my hard earned money this way. Even after the announcement of the death of the founder, some of us were still expectant, but it is unfortunate that it had to be closed finally without paying us our money back.”

Further investigations showed that most of the participants would now suffer many losses inclusing, jobs, relationships and contracts as their indebtedness have been confirmed with this development.

According to a middle aged woman, who simply identified herself as Asimau, “Am finished as I have been telling people I borrowed from that the administrators would honour their promises. But with this developmet, I may be forced to sell some of my properties to pay back. It is unfortunate.”

According to the News Agency of Nigeria (NAN), the administrators of the site had in a statement issued on April 6, 2018 reminded participants of an earlier warning on the risk associated with the scheme.

The statement reads: “Dear participants, after much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspirer, is impossible and makes no sense.

“We all carried out the tasks he assigned to us, since we had no doubt in his genius and rightness of the path he had chosen.

“We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the “MMM’s Ideology”.

“Sergey Mavrodi’s broadmindedness scale is unprecedented. Therefore any attempts to continue the System operation without him are bound to fail.

“We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.

“In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.

“We also remind (as a matter of form) that all initially were fully aware of the risks and read theWARNING and confirmed that by checking the relevant box when registering.

“Hoping for your understanding, Administration,” the statement reads.

The News Agency of Nigeria (NAN) reports that the scheme had survived several pause mode and closure but could not escape the latest turn of event due to the death of Mavrodi in Russia.