Sergey Mavrodi, founder of MMM, has written an open letter to the Nigerian government to justify the importance of the popular Ponzi scheme.
The News Agency of Nigeria (NAN) reports that the letter was displayed on the page of all participants of the scheme.
Mavrodi warned the federal government that if the Ponzi scheme collapses, millions of Nigerians will suffer, noting that “MMM is their only means of livelihood”.
He stated that the money being made from the scheme was being redistributed among Nigerians as a way of “restoring social justice”.
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The letter reads in part: “So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.
“What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?
“You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.
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“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What’s wrong with that?
“You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works.
“And finally. If you know what is right for people, why is the life so bad in the country?”
He further noted that the MMM “has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people”.
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The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have previously warned Nigerians against participating in the scheme while the house of representatives also ordered an investigation into the operation of the scheme, in October.
In 2007, a Russian court convicted Mavrodi, a former deputy of the State Duma, of defrauding 10,000 investors of 110 million rubles ($4.3 million).
He founded MMM in 1989 but he then disappeared after he declared it bankrupt on December 22, 1997. He was on the run until his arrest in 2003.
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36 comments
What do expect from the oppressors and do they care if over one million poor nigerians die? Do they know what is call human development index HDI? Do they know what is call social scheme? By the way, who elected them? They all Riggs election to b there! Thanks
Buhari, pls and pls free MMM for the lives of your Citizen. I and my family depend on MMM since I lost my job due to recession. We will all die if MMM tampered with pls, I beg you.
Mr Sergey is now feeling like our savoir.
I want to tell the people who don’t know about mmm to play away. This is our own risk. We used our money an we dont care
OK sir
I see Mavrodi as a sincere and straightforward man. He deserves our national honour instead of the cheap blackmail going on. How has government at different levels redistributed the taxpayers’ money to make Nigeria a better place to live?
FG are just ranting bcos they know nothing about how MMM works. Rather for them to understudy how it works, they are planning to stop the program. This is a poverty eradicated program that has helped millions of Nigerians esp. during this recession period. If not for MMM there would have been lot of criminal activities here and there! I am a beneficiary of this program. My business was in shambles before as a result of hike in prices of all goods, the capital I have was not enough to meet up again so I have to close my shop and start begging people for assistance which was not forth coming. Luck eventually smile my ways when I was introduced to MMM. Ever since then I have been smiling, my shop is open again for business… I appeal to FG not to stop MMM in Nigeria for the interest of millions of Nigerians. Macrobiotic has no interest on our money. He only profit through traffic generation. So leave MMM alone!!!!!!! Togetherness we shall eradicate poverty.
its wrong for mmm founder to claim himself as d only way out for Nigerians. Smelosh, i dnt depend on your money. Trash.
MMM never promised a get rich quick syndrome, it is a platform where people meet people on the ground of financial help to one another. This is a Mutual agreement among people of like minds. They never committed any crime and never complained. FG, I think these people don’t need to be questioned further. They are fine. No need to disturb them. Leave MMM Nigeria alone for good.
Its natural 4 Nigerians to be envious of their brother. WW have laws governing everything. And I know mmm is not an illigal company. FG, u have more important life threatning problems challenging ur country. Deal with them.
“Ignorant they say is a disease.” The truth is that FG doesn’t really know how MMM works that’s why it is been criticized.
MMM came into this country when we needed it most. It’s a succor to Nigerians and I will advice FG to only caution Nigerians to be careful.
OH! GOD MY FATHER SAVE US FROM THE HAND OF BUHARI.
BUHARI FREE MMM PARTICIPANTS AND LET THEM BE PLS!!
No matter where you come from as long as you are a black man, you are an African. No matter any name given to a fraudulent scheme it remains a fraud. If its only lending and borrowing without interest where comes the profit. Shine your eyes ooh
NFF to invest in MMM in order to pay the Super Falcons.
MMM said they are taking from the rich and give to the poor. May I know whether somebody deposited money to help the poor. I am asking this because if everybody who invested gets thirty per cent interest in return where does the thirty per cent come from?
pls help me ask d man ooo
lol thats good
Buhari, Mind you that so many jobless Nigerian citizens have gotten their breakthroughs from this platform. God is still producing the thunder that will fire you if u don’t keep away from this honorable family.
Yes MMM is a scam good but Nigerians need nore scam like this because they circulates the money is not only for their family i dont have job since two yrs i cant pay my rent pls i need MMM or job
Wow nice one
We should rather be grateful to God and appreciate MMM for using his wits and the 30% to help Nigerians especially the poor and the needy. Perhaps, if we politely ask Mavrodi where the 30% money is coming from, he might as well sincerely tell us. But we should appreciate him the more for putting smiles on the faces of people even at this period of economic recession. He could have used the same money to sponsor another bloodletting organization in the country, but he chose to assist the people with the money. Or have we not thought on where the 100% money that is been used to sponsor Boko Haram with those sophisticated weapons is coming from, or how the Niger-Delta warlords are been sponsored. That speaks volume in telling us that there is enough wealth to share comfortably with the people if we truly love ourselves. Long Live MMM.
He is NOT giving anybody money from his pocket.
All he is doing is collecting from Mr A and giving to Mr B, then collect from Mr C and give to Mr A. Now the day that Mr D doesnt ‘request to give help to Mr C that day the system will fail. SIMPLE
The guy is playing on our poverty and ignorance.
As for Buhari instead of him trying to stop the MMM ponzi scheme, he should concentrate on improving the lives of Nigerians. Because is life was good for Nigerians they wouldnt engage in such a SCAM (except greedy ones).
D problem our govt has is misplacement of priorities. I’m also forced to believe that they take delight in seeing ordinary people suffering. Is 3m worst than the billions they politicians steal from govt coffers just to make sure the ordinary Nigerian worship them. Any attempt to stop mmm will generate gross multiplier effect on all the economic ills presently plaguing the nation.
remember your life spent in school, if x is beneficial mmm given,ans x +x = 2x ,what is x ? only those belong to us ,will understand it
mmm has been good and supported Nigerians. There is no need making people panic. It was made clear that it runs as a community of mutual help. So it appears it’s a donation made to people from others both rich and poor. However, the success or failure depends on the participants.
Whether MMM uses his money or not to run the scheme is not so important to me now, all I know is that the idea is a lofty and laudable one. The federal government is advised to emulate this to safe the suffering masses. For your information some of us (both unemployed and underemployed) are now setting up small and medium scale businesses through this scheme. Call the scheme whatever you like, the truth is MMM is working for us and should not be tampered with.
MMM is a sepulchre, fresh outside but full of stinking and rotten bones inside, I don’t care about Mavrodi claims, our problem is that we have shifted our focus from God to a mere mortar, let’s wait why some will will escape, some will narrowly do but majority will cry out, I don’t blame Nigerians but we should not be slaves to money.
The yahoo boys dupe naive and gullible people, MMM dupe nations. And it is now easy to blame it on the insensitivity of the government. When it is about to crash, they blame it on a failing government.
Those who wish to see MMM fail has not the interest of Nigeria citizens at heart. The reason is that those used to going to beg them for money are now catering for themselves, thanks to MMM.
MMM is dead already.
Thanks to God.
You don’t wait till raining season when your roof will be leaking before you roof.MMM must not compander problem for Nigeria. They put China or Japan into a big problem,they did it to south Africa. And they are now in Nigeria. The man should be locked in Nigeria prison to learn. If they can put him in naija for a month, he will hate the odour that come out from his body
Between Baba Ijebu and MMM which did you prefer? Playing sport bets or investing your money on a scheme that helps grow your business without asking of interest. Frankly speaking, i am a musleem, my religion does not permit me to gamble or take a loan from bank and pay back with interest. But if u take a deep look at MMM, they are helper. They don’t gamble with your money neither do they ask you to pay interest on whatever amount of money given to you. Pls provide help to get help that is the basically the meaning of mmm…
Please let us be mindful of what we say. Our own is to pray to God let his will be done in this Case. Because I used to do local contributions before in village but after all contributions we share money with interest and every body smile at the end. MMM has help a lot of people if I should suggest to the Government I will ask them to study it carefully and do checks and balance. At the result of this MMM that make many Nigerian not fill the heat of this recessions.complaints has come down low and people are starting filling happy. I pray God should give them listening ear.
It is better MMM stops now than having more heads to roll later.
It is God who giveth increase any shortcut is deceitful and has consequences.
MMM has come and gone, and the founder who is playing on the economic situation in Nigeria to mess the masses up, has been put to shame.
Thank God for His early intervention.
I heard that MMM Nigeria is back, is that really true.
Where is he now