It’s been a while since we’ve written about MMM, the Ponzi/Pyramid scheme that took Zimbabwe by storm this year through its eye-watering 30% interest rate at a time when many Zimbabweans were financially struggling.
MMM Zimbabwe has since crashed and is showing little to no sign of recovery especially during a time when there is no cash circulating in Zimbabwe and high public uncertainty over bond notes, but even with our Zimbabwean experience where up to 66,000 people lost their money this did not stop other countries from taking part in the pyramid scheme.
MMM Nigeria is one such example, and just like MMM Zimbabwe it has started to show familiar signs of crashing, but this time, the number of affected people could reach the million mark.
Earlier today MMM Nigeria froze all its participant’s accounts citing that they needed to freeze the accounts because of the festive and new years seasons but would reactivate the accounts in the new year, 2017!
We say MMM Nigeria has effectively crashed because we have seen it happen to us here in Zimbabwe, what many MMM Nigeria members fear could soon become a painful reality, their money is gone and the people responsible are long gone.
More to follow…
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