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About Helpcolony, the new scheme that has replaced MMM



Nairametrics| It appears Nigerians are still gullible when it comes to Ponzi schemes as another get rich scheme has been launched. The operators of the scheme call it a community rather than a collective scheme. There are no indications from the scheme’s website if it has foreign affiliations.

About Helpcolony

  • The operators of the scheme claim that helpcolony is not a bank and that they do not collect money from any donor
  • They also claim that they are not an Online business, HYIP, investment, Loan or MLM program.
  • They claim that they are simply a community where people help each other.
  • They even see themselves as a Peer to Peer ( P2P) facilitator and claim that they are not a formal organization and so “no legal person in helpcolony”

So who are they exactly and what do they do?

  • They claim that Helpcolony is a non-profit organization managed by a dedicated team of volunteers who are also “Participants in the Platform”.
  • They claim to provide their participants with “a technical basic program/avenue, which helps millions of participants worldwide to find those who NEED help, and those who are ready to PROVIDE help for FREE.”
  • This is basically the modus operandi of MMM
  • They claim that there are no lenders and no debtors and that what obtains is that one participant asks for help – another one helps.
  • The only thing that helpcolony demands from its participants is to be” honest and kind to each other.”

What’s in it for participants?

  • Just like MMM this scheme relies on the contribution from participants which will be shared to individuals who require “help”.
  • Help can be provided in bitcoin or local currency.
  • Once registered, you will be rewarded with a “One Time Registration Bonus (depending on amount of Help Provided)” .
  • Upon registration, you get from $20 to $100 as a One Time Registration Bonus in Bitcoin and 4,000 to 20,000 as One Time Registration Bonus in Your Local Currency. The amount of bonus you get depends on how much you donate.
  • Participants can get a 30% return in local currency or a 50% return in bitcoin in one month. Give our 1000 bitcoins, and you’d earn 1,500 bitcoins in 30 days.
  • You start earning the interest once you registered even if you are not paired.
  • But once paired you will be told who to send the money to
  • Unlike, MMM, you can be paired to anyone in any country.
  • Interestingly, after receiving help, you are mandated to provide ‘help’ in three days.
  •  Participants will expected to provide a proof of identification

Is this a ponzi?

This is a classic ponzi scheme by all counts and bears a striking resemblance with the now crashed MMM. As explained during the MMM frenzy, ponzi schemes typically have no underlying assets yet the returns are astronomical. No value is created that warrants any interest payments

The Securities and Exchange Commission (SEC) is yet to comment on this new ponzi scheme. MMM was founded by Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova in 1989 in Russia but collapsed in 1994 and was shut down by authorities.

It then moved to South Africa and several other countries before starting operations in Nigeria in January 2016. Participants were promised a monthly return of 30%. MMM abruptly shut down in December 2016 and many Nigerians lost millions of Naira.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.



Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.



Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.



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