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.

Comments

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...

Global Naija Info

Search This Blog