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Anxiety, mixed feelings trail MMM’s return

Mavrodi Mondial Movement (MMM)

The popular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), which placed a one-month ban on all withdrawals from Dec. 13, 2016, has left its Nigerian participant with anxiety, excitement and mixed feeling as they await its return on January 14, 2017.

MMM Nigeria participants have been patiently and eagerly awaiting the return of the controversial Ponzi scheme and this has witnessed a countdown to January 14, a day believed to be when the scheme would begin operations after the end of the year break.

The Mavrodi Mondial Movement which is a scheme that assures up to 30% interest on money invested, and is very popular in the country with several millions involved in it.

It would be recalled that the Ponzi scheme on December 12, 2016, announced a ‘one-month freezing’ of confirmed Mavros, with a promise to upgrade and return three weeks after the ‘freezing’ which is January 14.

The scheme last week introduced the Bitcoin payment as part of its mode of payment in its comeback plans. According to the scheme, the Bitcoin was the world’s best-performing currency in 2016, appreciating by more than 100 percent, from about $400 per bitcoin to over $1,000 per bitcoin.

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira, this according to the scheme has been reviewed.

In this light, MMM Nigeria participants are currently wishing themselves ‘a happy crossover night’ on social media.

A social media user, Jide Oluseyi while encouraging other participants wrote on Facebook that, “we are waiting for the return of MMM. We will be having a special service to cross over to our new year this night in Ejigbo stadium. Happy cross over night Mavrodians.”

It would be recalled that before the one-month freezing saga, the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) had warned Nigerians against participating in the scheme which it described as a “Ponzi”.

The House of Representatives also in October 2016 ordered an investigation into the operations of the scheme.

-Funmilola Olukomaiya

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