Nigerians on social media have knocked the alleged return of MMM, a Ponzi scheme that existed for years before it was shut down.
The initial scheme – Mavrodi Mundial Moneybox generated a lot of controversy on social media when those who had invested in it discovered they had been duped.
It came into existence in 2011 but crashed in December 2016. However, in 2017, MMM announced its return but failed to launch the operation.
MMM did not only operate in Nigeria at that time but also operated across many other cities of the world.
On March 26, 2018, the founder of the scheme, Mavrodi, who was also an ex-convict, died of a heart attack and this led to the shutdown of the scheme in April 2018.
However, on December 4, 2023, and also in the early hours of today (Tuesday) social media went into uproar on the alleged return of the scheme. On the X (formerly Twitter) platform, ‘MMM is back’ became a trending topic.
It was reported that MMM has been renamed as MMMkrypto with claims that the sponsors are determined to ensure that the scheme “accomplishes its mission.”
This was seven years after the initial scheme had crashed in December 2016.
In a viral image posted online, the said rebranded scheme allows users to “earn up to 36 per cent referral bonus,” amongst other tempting benefits.
Reacting, an X user and author, Osinakachi Kalu, with the handle @OsinakachiAkuma, shared he and other persons had spoken and debated other similar Ponzi Schemes invoked at that moment.
He wrote “Imagine MMM in this present administration?” when there is a hash economy. He, however, warned people to stay away from it as people are already lining up for it.
He regretted his family fell into the crashed scheme, saying, “That’s how I shouted initially and my own family ended up falling for it.”
While @ChuksEricE wrote that “it is unwise to invest in it” and @scholarbanty also wrote sarcastically saying “MMM is back! Invest now & cry later! Invest at your risk!”
For @geoffreydpr, he advised it shouldn’t be tried. He shared that he lost his two years the savings to the previous one that crashed. Punch
