MMM seems like one acronym many Nigerians will not forget in a hurry. The Ponzi scheme has taken Nigeria by storm with many sinking huge sums into it despite clear indications that it might
crash.
According to Wikipedia, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders. It is also vital to note that 50 investors in MMM committed suicide in 1994 after it crashed. The police closed the offices of MMM for tax evasion on July 22, 1994. The company tried to continue the scheme but the business shut down. Now that Nigerians have taken to MMM in a huge way, who are some kinds of people that will feel the brunt if MMM crashes?
1. Nigerians who resigned their jobs While it is quite strange, there have been stories of Nigerians who left their jobs because MMM started paying well. These set of people feel that MMM is a more easy way to make money and so they have quit their jobs.
2. Nigerians who invested their savings The news that MMM is paying has led many to invest their entire life savings in the hopes that they will get huge returns based on the percentages. What happens when the scheme collapses? Losing their entire life savings is something that will lead to huge problems for many Nigerians.
3. Those who sold their property In the hopes of huge returns, many Nigerians have sold their properties and put the money gotten into the MMM scheme. Lands, homes and other investments have gone into the scheme. What will happen to such people when it crashes?
4. Those who got married with MMM money and no jobs There have been stories of young men who upon getting their first MMM payment, decided it was time to settle down and get married. What happens when the MMM money dries up?? They will find it difficult to cope, if they do not have an extra means of income. READ ALSO: 11 stages of addiction every MMM new convert goes through, no 6 is soooo true
5. Bankers While this might sound strange, there have been stories like this: “Some bankers who usually invest as much as N10m out of customers’ savings just to get a profit of N3m in return. We recently heard the story of a bank manager who committed suicide due to debt.” To round up, this quote is fitting to represent the situation of Nigeria as regards MMM. “It is easier to find a virgin in Nigeria than to find a non MMM participant.” – Arinze Esomnofu Below is a video talking about the MMM Ponzi scheme:
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