Skip to main content

MMM places one month ban on withdrawals

MMM

Popular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), has placed one month ban on all withdrawals starting from Dec. 13.

A letter displayed on the page of participants of the scheme cited “heavy workload on system” as reason for the ban.

This means that members of the ponzi scheme who are due to withdraw both their capital and 30 per cent return on investment will no longer be able to do so until sometime in January 2017.

According to the letter, the ban on withdrawals is partly due to negative reports by
the media on the scheme.

The letter reads in part; “one-month freezing of confirmed Mavros.

“Dear members, as usual in the New Year season, the system is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by authorities in the mass media.

“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet but it is better to avoid taking risk, Moreover, there are just three weeks left to the New Year.

“On the basis of the above mentioned therefore, all confirmed Mavros will be frozen for a month.

“The reason for this measure is evident. We need to prevent any problems during the New Year and then, when everything calms down, this measure will be cancelled, which we will definitely do.

“We hope for your understanding, Administration.

The Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) has warned Nigerians against participating in the scheme which it described as a “Ponzi”.

The House of Representatives had in October ordered an investigation into the operations of the scheme.

Labels:

Comments

Post a Comment

Popular posts from this blog

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg...
Post a Comment
Read more

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...
Post a Comment
Read more

Man docked for defiling 9-year-old girl

magistrate-court A 33-year-old man, Godwin Otobo, was on Monday docked at a Surulere Chief Magistrates’ Court in Lagos.For allegedly defiling a nine-year-old girl, ‎Otobo, who lives at No. 10, Borrow Pit St., Sangotedo-Ajah area of Lagos, was said to have defiled the underage girl whose parents also reside in the same compound. The Prosecutor, Sgt. Anthonia Osayande, told the court that the accused committed the offence at about 9.00 p.m. sometimes in September. “The accused defiled the girl in the night when she was fetching water.‎ “The offence contravened Section 137 of the Criminal Law of Lagos State, 2011,’’ Osayande told the court. The accused pleaded not guilty to the one-count charge of defilement. Ruling on a bail application filed by the accused, Chief Magistrate Ipaye Nwachukwu, granted him bail in the sum of N500,000 with two sureties in like sum. She said one of the sureties must be a property owner in Lagos State, while the other must be a civil servant on grade...
Post a Comment
Read more