• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Why Ponzi scheme MMM paused its operations in Nigeria again

Onome Ohwovoriole by Onome Ohwovoriole
November 6, 2017
in Business News
Why Ponzi scheme MMM paused its operations in Nigeria again
Share on FacebookShare on TwitterShare on Linkedin

Ponzi scheme MMM, which has had a chequered history in Nigeria, has once again suspended its operations. Operators of the scheme made this known in a statement released recently. MMM had earlier shut down in December 2016, before resuming in January this year. Returns due 2016, would however be paid in batches. MMM, then went on a partial pause in July. perhaps as a means of staying afloat, the scheme commenced repayment of participants that had invested in August, and gave assurances it would pay arrears of previous months.

Why is the scheme ‘restarting’  ?

According to the statement, the scheme was restarting due to its inability to recover from the crisis triggered by the monetary authorities in Nigeria, as well as the mass media.

RelatedStories

Poverty, EFCC, CSO

EFCC flags Racsterli, MMM, others as Ponzi schemes

November 6, 2022
Ponzi Scheme

New bill proposes 10-year prison sentence for operators of Ponzi and pyramid schemes

January 21, 2022

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) had warned Nigerians severally on the dangers of MMM, which they referred to as a Ponzi scheme, leading to a mass withdrawal of funds.

What does the ‘restart mean’  ?

All Mavros acquired before the announcement will be frozen. Mavros acquired after the announcement will have no restrictions. A Mavro is  a unit of currency used in the scheme. Operators of the scheme have also introduced several modifications:

  • Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously).
  • Consequently, bonuses will start growing at the moment when the main contribution is confirmed (upon which bonuses have been rewarded on).
  • Mavro-50% for the first contribution will not be available.
  • Three-month contributions of two types: 40% and 50% have been launched.

 

 


Follow us for Breaking News and Market Intelligence.
Tags: MMMMMM Nigeria
Onome Ohwovoriole

Onome Ohwovoriole

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 onome.ohwovoriole@nairametrics.com

Related Posts

Poverty, EFCC, CSO
Crime and Insecurity

EFCC flags Racsterli, MMM, others as Ponzi schemes

November 6, 2022
Ponzi Scheme
Business

New bill proposes 10-year prison sentence for operators of Ponzi and pyramid schemes

January 21, 2022
MMM Cooperation
Business News

Nigerians are falling yet again for MMM as it makes a come back

June 23, 2019
Loom Money NIgeria, MMM, Ponzi Scheme
Business News

Angry Nigerians storm Loom office as Ponzi scheme crashes

June 20, 2019
Loom Money Africa
Business News

Before you get ‘Loomified’, beware of the latest ponzi scheme in town

May 6, 2019
Ponzi Scheme
Financial Literacy

How to Know If It’s A Ponzi Scheme

August 24, 2018
Next Post
UBA sustains strong performance; grows nine months profit by 33%

Q&A: Number of banks currently in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 
  • Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 
  • Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

Follow us on social media:

Recent News

NUPENG threatens nationwide strike over violent attack on workers in Kaduna

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics