Well, Nigerians are not finding it funny at all.
Popular ponzi scheme MMM has officially announced a “RESTART” of the system, leaving many Nigerian participants wailing with thousands and millions on Naira trapped in the scheme.
In a message posted on the home page of participants Saturday morning, the scheme said that it had struggled to stay afloat after going on a break in Dec. 2016 but had been forced to do a system restart. Many of the participants who commented in various MMM Whatsapp groups recounted sadly how they and family members had lost millions to the scheme.
In December 2016, the scheme went on “Pause Mode”, freezing the funds of participants and allegedly bolted with N18 billion but promised to resume payments by January 2017. This also did not stand the test of time and by July 2017, the scheme went on a semi pause mode when it could not pay withdrawal requests. It even introduced 100 per cent return on investment to encourage more Nigerians to participate in August.
Apparently unable to meet its promises to pay back June/July pledges and faced with more challenges, the ponzi scheme on Saturday announced that it was going on restart, blaming the Nigerian government and the media for its woes which started in 2016.
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