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MMM’s 1 Month Break Could Spell the End for the Scheme

In the wake of the MMM ponzi scheme suddenly announcing a freeze on the accounts of all members of the scheme, divers reactions have continued to roll in.

The Mavrodi Mundail Movement is the hottest topic of discussion in the Nigeria social space.

In comparing the Nigerian MMM scheme to the one that crashed in South Africa 7 months ago, all indications point to the scary fact that MMM Nigeria has in fact crashed after much warnings from the Federal Government.

The money doubling website announced on Tuesday that all accounts of members who are due to be paid after having ‘provided help’ (PH) to another person since the last month have been frozen and hence, have no access to request for payment, known as ‘Get Help’ (GH) until after one month.

Giving reasons for freezing the Mavros, the scheme said it is experiencing heavy workload and want to deal with the attacks coming from Nigeria’s mass media. But it was the exact same excuse the organizers of the scheme gave 7 months ago in South Africa before it “froze up” and has remained frozen even right now.

The shock of the news on Tuesday sent a soon to be wedded young man in Benue state on attempted suicide. The man, simply identified as Adakole reportedly drank insecticide after hearing the news of MMM crashing. His friend said he invested N300, 000 with an expectation of receiving his 30 per cent before his wedding on Wednesday, December 28.

With more than 3 million Nigerians invested in the elaborate scheme,  the rate of suicide attempts is feared to increase, and to the end, the Lagos State Emergency Management Agency(LASEMA) has urged residents to alert the agency by calling 112 should they spot anyone attempting to commit suicide.

Meanwhile, the government as dashed all hope that succour would come from the Nigerian government over the freezing of the accounts.  The EFCC reacted to the freeze on Tuesday, December 13 just hours after reports began to emerge that the freeze could mean the beginning of the end of the scheme in Nigeria.

The anti-corruption agency said on its official Twitter handle that there was nothing it could do if indeed the scheme had failed entirely. It noted that Nigerians had been warned about the scheme in advance and so there was nothing that it could do. Besides, it noted, there were more important corruption matters for it to face than MMM freeze.

 

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