Despite losing billions to MMM, Nigerians throng another Ponzi scheme, Twinkas

MMM pic 2

In spite of the financial loss suffered by millions of Nigerians who participated in the failed Ponzi scheme, Mavrodi Mundial Moneybox, MMM, in 2016, Twinkas, a similar scheme, is making wave among many Nigerians.

Investigation by the News Agency of Nigeria in Abuja showed that a large number of residents of the Federal Capital Territory, Abuja, were willing to take chances with the trending scheme.

Some of the residents, who spoke with NAN on Sunday, attributed their willingness to investment in the scheme to the present economic recession in Nigeria.

According to them, the economic situation has encouraged many Nigerians to participate in money-doubling schemes such as Twinkas, in spite of the possible risks.

The residents said the scheme provides them with 100 per cent interest on their investments.

Valerie Dada, a civil servant, said that she was encouraged to participate in Twinkas, because salaries were delayed sometimes.

“Salaries are sometimes delayed and I have bills to pay, so I decided to take some of my savings and invest in the scheme.

“There are many schemes that arose after MMM, which is suspected to have crashed and these schemes have better packages and interest rates to attract people.

“I am currently participating in Twinkas because it has proven to be reliable so far, with an interest of 100 per cent on all amounts of money invested.

“That is a package I feel is worth the risk, so that I can afford to pay my bills,” she said.

Teju Akindele, an accountant, said; “we know the risks of these programmes and we know how some people became suicidal after MMM failed, but we have all learned from that.

“We know that we have to put in only the money we can afford to lose and not the money we have kept aside for something important.

“It is important for Nigerians who are participating in these programmes or schemes to avoid becoming greed,” she said.

“They should ensure that they don’t get tempted to invest more than they can because the programme has proven to be successful.

“I can’t blame anyone who is into this because the economy has not been too rosy in the last few months.”

Similarly, Kayode Olusemire, an entrepreneur said that he decided to partake in Twinkas and a number of other schemes to support his business.

He, however, cautioned Nigerians not to invest huge amount of money as well as not to exceed a specific duration.

“I took part in MMM scheme for a year and I lost some money at the end of the year.

“I later learnt of other schemes that paid more money than MMM and I decided to take part in some of them, but I will make sure I don’t exceed six months in each scheme.

“I believe Twinkas is making a reliable name for itself, so that they can attract more people into the scheme but I know it will fold up at some point in time.

“Greed is what makes people depressed after these schemes fail and we all know that these schemes have an expiry date after a couple of years.

“I also ensure that I invest only a certain amount of money and reinvest the profit made, that way, I wouldn’t feel depressed if the scheme crashes.

“The money I have gotten from these schemes has been beneficial to the survival of my business in this economy.

“As I wait for government to fix the economy, I think I will continue to take the risk with these money-doubling schemes,” Mr. Olusemire said.

The Nigerian Deposit Insurance Corporation (NDIC), had said that an estimated three million Nigerians lost N18 billion to MMM scheme.

The Managing Director of the corporation, Umaru Ibrahim, while speaking at the NDIC day at the just concluded 38th Kaduna International Trade Fair, said more than three million Nigerians were participating in the scheme before December 2016.

Mr. Ibrahim said this was before the organisers suspended payment to investors due to its system experiencing heavy workload.

When the scheme resumed in January, some new investors joined, while the millions waiting to be paid were disappointed as majority of them were never paid.

The managing director said that in spite of repeated warnings by the Central Bank of Nigeria (CBN), and other anti-graft agencies, Nigerians still patronised the Ponzi scheme.

“Any financial deal done through any Ponzi scheme in form of virtual currencies for medium of exchange, is an internet based transaction not authorised by the CBN, because of the risks involved in its operations.

(NAN)


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  • serubawon70

    The person who came up with the 18 billion figure must be a partaker. Or how did he or she arrive at that sum? Some fat bellies are afraid the masses will break away from their stranglehold over the poor.

    • Epsilon_Delta

      We’ve seen how they broke out of poverty with MMM. Money don’t grow in computers! All these Ponzi schemes will soon collapse like a deck of cards.

      • serubawon70

        Save your breath till then

  • Kallah Bature

    I believe the essence of an elected government is among other things the social responsibility it is expected to provide for the citizens.Why then allow suspicious businesses to pillage it’s own people before taking necessary action. Dubious Ponzi operators must be stopped before cashing on the gullibility of unsuspecting public.

    • Epsilon_Delta

      Why don’t you profer a solution to stop them if you think it is easy?

    • Sanssouci

      How do you track and arrest them? the promoters are anonymous hiding behind aliases, they host the servers offshore behing layers and layers of protection and beyond government’s jurisdiction, and the business model is not inherently illegal, so what action are u suggesting? And then at least for MMM, it is peer to peer giving how does government prevent me a free private individual from paying you another private individual money into your personal account? The role of the government is to educate which in my opinion they have done, you cannot police people against the deliberate risks they are willing to take.

  • thusspokez

    In spite of the financial loss suffered by millions of Nigerians who participated in the failed Ponzi scheme, Mavrodi Mundial Moneybox, MMM, in 2016, Twinkas, a similar scheme, is making wave among many Nigerians.

    Mumus at epic scale. But why is the Buhari administration or legislators or both not doing anything to stop these mumus from self-harm?