BY CHARLES KUMOLU
•MMM system showed sign of trouble before suspension

WHEN Sunday Vanguard published its first special report on the popular money-doubling scheme, Mavrodi Mundial Moneybox, MMM, the reactions that followed were mixed with many berating the publication as unnecessary.

The critics, who were members of the scheme, perceived the piece as  ill-intentioned.

Hence, a  statement like this: ‘’The fact also remains that, by now, everyone involved with MMM understands what they are into. So the Nigerian media should find something else to write about. There are more serious issues out there to investigate. Enough of lazy journalism.’’

This argument  is just one of the dissenting reactions that trailed the report and the subsequent one  which were obviously done from the standpoint of in-depth knowledge about MMM which has all the trappings of a Ponzi scheme.

Perhaps, those, who hardly saw the piece as harmless, lost sight of the fact that,   it was incumbent on the media as the promoter of societal good, to sensitise the public about what probably looked like a disaster waiting to happen.

Today, only the pledge to resume the money-doubling aspect of MMM on January 12, 2017, in its pre-freezing state, would literally prove some of the fears raised in those narratives wrong.

An earlier finding on how participants were responding to the one-month suspension of key aspects of the scheme, which are Providing and Getting Help, revealed that investors were optimistic about getting trapped funds albeit  cautiously.

Position of ignorance

Further investigation a few days after participants had their accounts, known as Mavros frozen, showed that disappointed members were handling the situation with equanimity, with many hopeful of a return to status quo on January 12, 2017.

In expressing hope,Sunday Vanguard observed that many spoke from the position of ignorance about the workings of a Ponzi scheme, while others, with modest and substantial understanding, were not left out.

To them, the reasons given by the yet to be known management of MMM Nigeria, for the “interim” freeze on payments to existing subscribers, were not ominous.

“The government and the media are spreading the rumour that it has crashed. Nothing happened to MMM. It is our brand and only embarked on a break, we are hopeful, I am not bothered. I will only become bothered when they resume and they don’t give us our money, ‘’ a subscriber, Mr. John Osondu, told Sunday Vanguard in Lagos.

 ‘No one knows what will happen’

A Benin-based member,   Mrs.   Odehi Akhigbe, in a telephone conversation with  Sunday Vanguard, said: “What has happened to MMM is shocking and disappointing but, I am confident of getting my money. Our guiders have assured us and, since MMM had been committed to us since we started, I   hope to get my money. The question of whether I will continue with the scheme can’t be responded to now. I am sure the answer to the question on the failure to heed the warning by the authorities is known to those  who warned against it. Nigerians are suffering and MMM assisted them. That  is why their insistence on continuing despite the risks could be likened to a situation where a man jumps into a moving train. If MMM had not suspended its operations, this Christmas season would not have been this dull. It was our only hope for a better Christmas in a collapsed economy.”

Also, a Lagos-based business woman, who pleaded anonymity, said:   “I am yet to believe that MMM has crashed.   It did not crash, people only misunderstood what the management is doing. It is in our interest. But I am scared, because no one is sure of what will happen if it eventually resumes. I have a huge amount of money in the scheme. I am hopeful but not too sure of what might happen because I have read about the plight of South Africans, whose money was not refunded at the end of this kind of incident.”

On his part, Mr. Chukwujekwu Mouneke, who owns an electronics shop in Alaba International Market, said: “MMM has not crashed; it is only on a break from December 12 to January 12 for data upgrading and a few other features for the benefit of participants. The media is doing more harm than good. If people can wait for 30 days to collect 30 percent, what stops them from having patience for system upgrading? After all, APC administration finds it difficult paying salaries as at when due.” 

So many other findings gathered through formal and informal conversation with distraught MMM members, showed that most subscribers don’t consider that the development perhaps, signaled the end of their investments.

‘Guiders are the problems’

Notwithstanding, others are still panicky and doubtful of what awaits them on the pledged date of resumption of activities.

Apart from Vanguard’s   interface with some affected people,   checks on a customised Wassap platform of MMM members known as MMM Nexus solution showed subscribers lamenting their fate.

‘’They particularly complained that they were being given conflicting information by MMM Guiders(Members known as the foundation and strength of the scheme) regarding what becomes of their investment when the suspension elapses.

“I feel the problems we have on this platform are guiders, who broadcast too many conflicting information on this issue. My brother till now, no guider can correctly tell you what the situation really is. As for me, I am waiting for January 14, 2017, for things to unfold,” a subscriber, whose goes by the name, Sammie, said.

‘System showed sign of crashing’

Another member, known as Benjamin on the platform, said “From the facts before me, it has crashed, until I am proved otherwise. The system showed signs of crashing last Thursday when GH(Get Help) orders took long to be matched, but you guys fed us with lies and said it was a system upgrade. Now there is no money to pay, which shows it has crashed. The question you guys and other guiders should pose to Super-Guiders is: ‘’What happened to all the Provide Help(PH) of last week and last two weeks?   Once there is no money to pay, the system has crashed. It will pay us to know the truth and say it at all times.”

This kind of fear as expressed by Benjamin   was met with a response on the platform purportedly from MMM’s number one Guider in Nigeria, Mr. Chudi Ugorji, who reassured subscribers thus: ‘’On no account has MMM activities been suspended. Accounts have not been frozen. Withdrawal has been frozen and will be unfrozen same way as ice is sure to melt. MMM is still working as ever before.”

Irrespective of this reassurance,   further check by Sunday Vanguard  showed that the resentment of people like Benjamin is not out of context.

Accordingly, it was observed that the manner in which MMM Nigeria suspended its activities, was not in any way new, as it had been done elsewhere where many lost their funds and claimed not to have been repaid till date.

Specifically, it was learnt that in May this year, MMM South Africa in disclaimer similar to the one announcing the one-month suspension in Nigeria,   announced a one-month suspension of activities.

It was said to have rebounded only to inform members that all their Mavros(funds) had been deleted, leaving investors distressed.

The statement by MMM South Africa which was seen by Sunday Vanguard reads “ Dear participants. Unfortunately, the persecution against MMM organized by the mass media has provoked a panic. We have been working in South Africa for almost two years and we have millions of members. All that time, we had no complaints and accusations from participants, everything was paid in time and in full amount, by 30 percent per month. We held charity events and helped children. We did a lot of useful things for people! Well, who was suffering from this?

“The bankers and the adherents of the current unjust financial system. That is why they planned and brought all these crazy investigations and persecution in the mass media. The only thing which prevents the investigation is the fact that none of the participants reported to the police.

‘’If there are no complaints, and everybody is happy, then what is the investigation for? What is the subject? Did not they understand the consequences? Did not they understand that their irresponsible actions would hurt people? Millions of people! Well, try oppressing any bank, even the most reliable one, in the same way, and see what will happen tomorrow.

“However, it is futile to explain that to them. MMM prevents banks from robbing people, that is the only reason why all this is happening. And nobody cares about people. If we managed to pay millions of participants 30 percent per month for two years (and would still be paying, if the mass media did not lie about MMM!), why do banks not do the same? Why do they offer only a few percents a year? Make your own conclusions. Though everything is clear right now. You are simply robbed, we have always been saying it. The modern financial system is predatory by nature. It is not for ordinary people, it is for the bankers. Its purpose is financial slavery. And it achieves this purpose perfectly. In general, in this situation, we have to start all over again. We have no choice. You can see on your own what is happening.

 ‘Old Mavros are frozen’

“Hence, The current (“old”) Mavros are frozen. Any operations with them are impossible. With the development of the system, we will send 10 percent of the total inflow (of all the PHs) to pay for the “old” Mavro. According to the experience of other countries, we can definitely say that in the normal course of events, all the old Mavro debts will be paid off in about six months. “New” Mavros (Mavro bought from the moment of this announcement) are introduced. You can use them on a common basis: to ‘acquire’ and ‘withdraw’ them at any time.

“All of this, of course, is not very nice, but it’s not the end of the world. We will quickly pay off “old” Mavro debts, no doubt about it. You just have to wait. (And anyway, you can thank your precious media and banks for this “gift”). The best thing you can do is just to start participating again, that is all. And you will quickly return everything, even with a benefit. Moreover, now is the most favorable time to participate and invite: in fact, everything starts from the beginning. So do not miss your chance.   We hope for your understanding, Administration.”

 Similar tone, choice of words

Interestingly, the tone of the disclaimer and its diction were not different from the statement on its website which made known its one-month suspension in Nigeria.

Consider the Nigerian version: “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 the 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 a risk)(Moreover, there are almost three weeks left to the New Year.) Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month. The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. Which we will definitely do. We hope for your understanding. Administration”.

 Crashing and starting again

However, a juxtaposition of both, perhaps, gives the impression that crashing and starting all over again with a new model may be an MMM pattern.

Thus, the facelessness of those or the person behind MMM Nigeria made it impossible to have an input from the scheme. But a message left by Sunday Vanguard on a contact column found on its website titled,  Appeal to Administrator, asking if trapped funds would be repaid to subscribers, after January 12, 2017, did not deliver.

Nonetheless, as investors and curious Nigerians await the promised date of resumption with bated breath, MMM  remains a mystery to many.