Nigerians groan as MMM suspends further payments to subscribers

MMM logo used to illustrate the picture.
MMM logo used to illustrate the picture.

Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers.

The members woke up on Tuesday morning to a disclaimer on the scheme’s website informing them of the move.

But the promoters of the scheme say it won’t go burst just yet, adding that the setback will only last a month.

The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones.

Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom.

But the MMM said the move was only to prepare its system for intense activities ahead as part of its preparation for a new year, which arrives in less than three weeks.

“As usual, in the New Year season, the system is experiencing heavy workload,” the message, seen by those who logged on to their account this morning read.

The promoters also blamed the hysteria that has greeted the emergence of the scheme in the Nigerian media, as well as attempts by the Nigerian government to shut it down.

“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.”

The alert came two days after the scheme’s founder, Sergey Mavrodi, taunted President Buhari for trying to shut down a business that has supported ‘over three million Nigerians’.

The development immediately sent some subscribers into panic mode.

Harriet Okpara, an Abuja-based lawyer, who has participated in the scheme for several months, told PREMIUM TIMES on Tuesday morning that she “immediately lost appetite” upon realising that she won’t be able to cash out on her investment.

“I put money out to support other people last month and I expect that money to yield so I can request for my payment with interest from the community, but now I can’t do that,” she said. “I don’t want to believe that we’re gradually getting to see the end of this business.”

MMM Nigeria, which coordinates Nigerian subscribers of the scheme, posted a screen grab of the announcement on its Twitter page on Tuesday morning, saying that the scheme “has not and will not crash.”

The disclaimer reads as follows:

“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 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”


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  • Mamudu Ibrahim Kasim

    mumu must mumu scheme about to crash. some are laughing and some are crying. Robbing Peter to pay Paul.

    • SamPsalm

      Lol. I mean no disrespect but your name rhymes with the MMM sobriquet: Mamudu must be Mumu or Mumu must be Mamudu or Mamudu Must be Mamudu

      • Gbenga

        SaMpsalM! MMM! Don’t you think yours too rhymes with the Ponchi Scheme’s name? It’s just a question? So, answer it without resorting to insults. Thanks.

        • SamPsalm

          No, it doesn’t. You must be one of the privileged geniuses who got sent up to primary without learning their nursery rhymes.

          • Gbenga

            Don’t forget that what we are talking about here is RHYME. In MeMuDu, we have two syllables which start with and stress on ‘M’. And in saMpsalM, we have two syllables that end with and stress on ‘M’. Look at this explanation with an unbiased mind, please.

            I am only trying to justify the sobriquet you generously gave to me: privileged genius. Believe me, you truly are a great MMMaite.

          • SamPsalm

            First, it is not mEmudu. It is mAmudu. In rhyming the vowels and consonants are important, you get what am sayin’?

            Alliteration and rhyming are not exactly the same. Rhymes, even at the nursery level needs, at least, for the stress to be on syllables of distinctly different ‘Words’ – not syllables of same words.

            And you look at the metric sequencing of the sobriquet “Mumu Must be Mumu” for MMM by Mamudu the excellent, you find a distinctive bi-syllabic rhyming triad.

            Extrapolated as to allow for the insinuation of Mamudu, the ‘du’ goes south (quiet) and Mamu jostles with Mumu up north.

            Mamudu Must be Mamudu is what the gavel of the gentleman with the brain of Poet Laureate stamps. His aye have it.

            No Poet goes by the name – Gbenga. Only Fishery geniuses do.

          • Gbenga

            Let me educate you a little, since you’ve decided to show the forum that throughout your academic life you walked out of the class before each lecture ended:

            . . . who got sent (up!?) to primary (primary, in the sentence, is an adjective; primary (what?); the only time primary stands as a noun is when you refer to a primary (politics))

            “In rhyming, . . . consonants are important” (put a full stop, not a comma; the thought is already complete) (Then another sentence, thought) “You get what I’m (not ‘am’) saying?”

            Again, when you started the RHYME thing, you got it wrong. (In poetry, we talk about rhyme when “the last word in a line has the same sound as the last word in another line, especially the next one”.) You talked about rhyme when you should be talking about consonance or alliteration (don’t forget that you were referring to words in the same line). I jumped on the wagon because I assumed you had decided to make use of your poetic license (read up if you don’t know what it means).

            You also made a mistake in your very first message to Mamudu (I am saying this because you chose to dedicate a whole paragraph to my putting ‘e’ where ‘a’ should be in M(a)mudu): “. . . your name rhymes with the MMM sobriquet”. It is very wrong to call MMM a sobriquet. The name emerged from the first letters of the names of the founders of the ponchi scheme. MMM is an acronym, not a sobriquet. You get what I’m saying?

            Please don’t forget that the ‘Mumu must be mumu’ thing you cavalierly tagged as a ‘distinctive bi-syllabic rhyming triad’ (ha! ha!) is just an alliteration, pure and simple.

            This, too: ” His aye have it”. Bad sentence! Aye is a singular noun. Have is a plural verb. Where is your Concord, SamPsalm? Write it this way: The ayes have it. Or this way: The aye has it. (I just have to ask this question: why on earth do you always find it difficult to pen a paragraph without committing a grammatical blunder?)

            SamPsalm, let me conclude this tutorial message by telling you this: we go to school to learn how to think, not to learn what to think. You went to school to learn what to think. The last paragraph in your last message exposed you. You wrote: “No poet goes by the name (-) Gbenga. Only fishery geniuses do.” First, you don’t need a dash or an hyphen before you write Gbenga in the first sentence. Second, do you know all of the world’s great poets, living or dead, by name? Third, does one become a poet just because one bears a particular name? (If you must know, no poet before or after William Shakespeare bears Shakespeare. But our world produced legendary poets before him (don’t start calling me names, Shakespeare wrote sonnets); and it has produced renowned bards since he died with his humongous Muse. So, guy, stop wallowing in puerile amusement that only amuses little people and those who still swim in the shallow ocean of ‘nursery rhymes’ (sorry I have to borrow your beloved phrase).

            Please, don’t hasten to press your keypad when you finish perusing this tutorial piece. Think hard. Read up. Thanks.

          • SamPsalm

            Sorry. Could not read beyond the first paragraph. Who does that? No wonder you couldn’t rhyme. Go try out your hand in prose – as a critic.

          • Gbenga

            “. . . throughout your academic life you walked out of the class before each lecture ended.”

            The foregoing is part of my last response to your message.

            Here is part of your response to the message:

            “Could not read beyond the first paragraph.”

            Ha! Ha!

            I need not become a critic as you lovingly counselled. As you too can see, this is if you have read “beyond the first paragraph”, I already have a better job – star-gazing (I said you normally left class before lectures ended and you wrote back that you could not read beyond the first paragraph).

          • SamPsalm

            Oh you wrote that? And you needed me to read that? And I did not. And it was so important to you that you had to copy and paste it to avoid ‘plagiarizing’ yourself?

            I do think you are really desperate, to be read. I suggest you go write a real book and I would buy its first 1000 copies. Your effort, getting your ‘best’ quotes read deserve no less. Well done. Now, run along and go eat Mummy’s dinner

      • Mamudu Ibrahim Kasim

        Mamudu Must be Mamudu

  • Victor

    Lolz. Dem go know hafa soon. Quick money na awoof. E dey purge belle

  • ojomaje ijato

    “I put money out to support other people last month and I expect that money to yield so I can request for my payment with interest from the community, but now I can’t do that,” she said. “I don’t want to believe that we’re gradually getting to see the end of this business.” – Harriet Okpara, an Abuja-based lawyer.

    Dear Ms. Okpara, sorry to note that you were never in business. You were simply gambling. Please listen to Kenny Rogers’ music called The Gambler for tips on your next steps. Merry Christmas and Happy New Year if you are able to regain some appetite.

    • You forgot admonished her not to do any silly thing to herself. If na only appetite that one still better o, make she no kpai herself o

      • Emmy

        Moku Mogbe Modaran (MMM) don spoil market o. Some “sharp” students the I know have invested their school fees into it hoping to turn it over before paying the fees. Now they’ll be forced to go back to “Get Help” from their parents and uncles. E no go better for greed.

        • george

          Lol!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

        • Samadani

          E yah! What a pity. Well, if u no know how to catch a thief the thief may turn back to catch you.

    • Osa Raymond Omoregie

      Eeyah! Poor you!

    • taiwo

      No mind the yeye lawyer. Business ko, Idleness ni. Imagine a so-called business with no product or service to sell and no means of generating profit. See the result of the psychology of intellectual laziness of 3 million of our people. Greed can easily lead to stupidity.

  • Dazmillion

    MMM South Africa crashed in May 2016 and rebooted. The People playing MMM are not fools, they know the risk and most of them that I know have recovered their original seed money many months back, so this crash will not affect them badly.

    • ojomaje ijato

      Maybe what you meant to say is those early bird gamblers that you know (you are probably one of them) outsmarted the new ones by GHing last week with PH money from the new ones – the real mumus!

      • Dazmillion

        I never played the MMM game, somehow I never got round to it. I have nothing against it as the risks are clearly spelt out.

        Nobody who played MMM is a mugu because everybody that played the game knew it would collapse at some point. Nobody was deceived to contribute their money.

        The odds of making money from MMM is better than playing lottery or baba ijebu.

    • Peter_Edo

      MMM South Africa crashed in May 2016 and rebooted.
      Slightly True but misleading

      MMM SA crashed and when it rebooted those of the former MMM lost their Mugus ati Mavros. and were told that they would get it back only if they continue participating and at a pace of 10% per month… Most haven’t seen a dime and others have been kicked out of the new “rebooted” scheme. The guy is a thief, anyone who thinks otherwise is a mumu!

      • Dazmillion

        Rebooted means starting from beginning and losing any previous funds. My point has always been that the risks are clearly spelt out so it cannot be called 419 scam

    • Osa Raymond Omoregie

      What about the ones who have just been convinced and have just put in their first investment most likely their entire life savings?

  • Amin

    lwkm!!! am still laughing, when MMM finally land for ground, those of you losing your appetite and crying should not commit suicide ooo because NNN will be a nice replacement

  • dami

    Laughter wants to kill me…lazy Nigerians…never wanting to work but always wanting the good things of life…next they will come and say government has turned them into paupers when obviously they pauperised themselves.

  • Windowr

    Shut the hell up. It is only for a period as said, so why the panic everywer? If dy really wantd to crash, don’t you all think they would have collected new monies? Keep calm and stop making noises. People that provided help on monday haven’t even been matched and won’t be till after d said period so stop behaving like typical Nigerians biko

    • Victor

      they are collecting new monies. they only stopped payouts. They know there will always be a mugu out there

      • Windowr

        Sorry for the irate comment above. My account was hacked.

    • donshy

      pls encourage urself ok… Bye bye our mmm

      • Windowr

        I never posted the above comment. My account was hacked.

    • Peter_Edo

      eya….

      • Windowr

        My account was hacked. I have no business with an MMM.

    • Osa Raymond Omoregie

      This is the perfect example of a moron…lol

      • Windowr

        Er, it seems my account was hacked. I ever posted here.

    • Mavrodi Mavrodi

      mumu. you have been scammed

      • Windowr

        My account was hacked. Please ignore the above comment.

  • Republican in VI

    EFCC should have acted a long time ago to protect those millions of financially naive Nigerians from these Russians. If it was Nigerians that swerved them at least the money will still be circulating within the economy, its just that more painful that this was carried out by foreigners at a time like this.

    • Datti

      They were warned!

    • Life is Good

      Who told you they were Russians? They are clever Nigerians who outsmarted gullible Nigerians using a deceptive way of looping money without going through freezable banks accounts that EFCC can get at. No name. Na Address. No Phones. Just online…

      • Samadani

        That reminds me of Umana E. Umana and his wonder bank in the late 1980s during IBB. Nigerians are so gullible because of our desire for lazy fortunes. The victims don’t deserve any sympathy. A word is enough for a wise. Shikena!!!

  • Sarah Ebun

    umbrella=8,500Mama Gold=8,500Royal stallion=8,500Otunba=8,500Rising sun=8,500Special rice=8,500Mama Africa=8,500 Transportation to anywhere in Nigeria. ANY BRAND OF RICE IN LOWER RATE#8,500 OF ANY BRAND CALL PASTOR Isaac Umoru on 07038534730 @@@@Royal umbrella=8,500Mama Gold=8,500Royal stallion=8,500Otunba=8,500Rising sun=8,500Special rice=8,500Mama Africa=8,500 Transportation to anywhere in Nigeria. ANY BRAND OF RICE IN LOWER RATE#8,500 OF ANY BRAND CALL PASTOR Isaac Umoru 07038534730 & D@ng8ote ce3ment @ #1000 p@r b@g.

    • Guest

      As one Scam ends, another begins.

    • Layo

      Another scammer. Patronize at your own risk

  • thusspokez

    Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers.

    If you want to know how very stµpid some Nigerians are, this is it. Last time I warned people on this website about MMM, MMM got high praises and I received tons of abuse and ad hominem attacks.

    You warn a Nigerian driving towards a cliff edge about the danger ahead, and you will get tons of abuse for your wahala, before they drive ahead. I shall be shouting helleluyah! if these mumu Nigerians lose all their money. These people have no ears and so, desire any misfortune coming their way.

    • Peter_Edo

      Tell them!!!

  • thusspokez

    BTW PremiumTimes, good job on the photo. The “MMM” gate, and the white figure inside it; and the mumu black figures heading for the gate — so near and yet so far. The drawing finely depicts the inferiority complex and mumuness, and follower mentality of many Nigerians.

    • taiwo

      Lol! 3 GBOSAS to you sir. We did everything to dissuade them, but they wouldn’t listen. Well….

      • thusspokez

        Jesus said: “And whosoever shall not receive you, nor hear your words, when ye depart out of that house or city, shake off the dust of your feet.”

        In the case of Nigerians, I am sure that Jesus would have rephrased the quote and added: “…or insult you…”.

        • taiwo

          Very very true.

      • taiwo

        ….

  • TheGuardianNewspaper

    TITILAY0 09063663478F(0)R M’(0)RE INF(0) CHECK (0)UT NEW PRICE BEL(0)W R(0)yal uM’brella=7,500 M’aM’a G(0)ld=7,500 R(0)yal stalli(0)n=7,500 (0)tunba=7,500 Rising sun=7,500 Special rice=7,500 Mte delivery fees M’ust been paid bef(0)re delivery which is N1,000 per bag …

  • Fresh Boss

    This Christmas period everyone would want to GH and that won’t be good for the system, so this freezing will control the rate of GH and make it orderly.

    Note: people GH mostly only on Tuesday and Thursday, but now people will be GHing daily as soon as their mavro is released; and you know everybody’s mavro won’t be released on the same day, therefore there’s bound to be controlled GH.

    SO TELL YOUR DOWNLINES:
    for those whose mavro is up to one month but you can’t GH, don’t worry; within 24 hours the eligible ones will be released so they can GH.

    The system has to freeze all at the same time (both the eligible and ineligible ones) so that it’ll then take time to release the ones up to 30 days.

    NOTE: all these are measures to ensure that MMM stays alive till and beyond 2017.

    Our rush to GH has now been slowed down, for the sustainability of our community.

    MMM pays! Together we build the world!!
    *Guider Chuudy*

    This is the explanation…

    Dear mavrodians, my mission here is to make us properly understand this new message that seems to be causing panic out there in the hearts of all MMM participants. The message does NOT say that nobody will be able to GH until January, instead the message is saying that you will not be able to GH until after 30days that you actually made the payment of your PH and the recipient confirms. Meaning that your money must actually spend minimum of 30days outside. So for example, if you PH 100K on 5th November, and you are matched to pay on 10th November, assuming that you made the payment but the recipient does not confirm your order until 15th November when he finally comfirms receipt of your payment. From that instant (15th November), your mavros will change status to “CONFIRMED” ( irrespective of colour Blue or Green ), so you will only be able to request for help (GH) on that particular 100k + 30% growth as from 15th December. It is not that you can’t GH before January.
    Please spread this to all your downlines and all participants that you know.

  • Kekedu

    London bridge is falling down!

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