Some things never change: there are always going to be people that want to make money without doing any work, and there will always be people gullible enough to invest in a known scam. As you might have guessed, today we want to talk about MMMoffice and its Nigerian branch. What is MMM? How does MMMoffice work? All the truth about the monumental Ponzi scheme of the century can be found in this article.
What is MMM?
Before going into details about the MMM office Nigeria website, you should know a little bit more about the scheme itself.
MMM began operations in the 1990s. In the late 1989, three Russians (the Mavrodi brothers, Vyacheslav and Sergei, and Olga Melnikova) created the company and took the first letter of their last names to invent a name MMM. After a few false starts, MMM became active and fruitful in 1994.
By offering 1000% returns to their investors and aggressively advertising their company (loud TV ads that bashed the capitalism system and banks), MMM quickly gained followers. They, in turn, invited their friends and acquaintances to join, and thus the scheme flourished, gaining more and more popularity.
However, the scheme was only in existence for less than a year, as its creator Sergei Mavrodi went to jail for tax evasion and all of the company’s assets were frozen. Most of the investors never got their money back, and those who did, only received the small fraction of it. Since then, Mavrodi got in and out of jail multiple times for trying to evade punishment and attempting to revive the MMM.
While many people think MMM is a pyramid scheme, it is not exactly so. It might have been a pyramid in its early days, however, the MMM that exists now is a Ponzi scheme. While the pyramid scheme heavily relies on attracting new people, a Ponzi scheme focuses attention on people that are already in. It is actively trying to keep them interested and leave their money in by offering bigger return rates for later withdrawal.
Since 2011, MMM Global has been preaching its ideals to people in 110 countries. The most popular branch is MMM Africa, which includes Nigeria, Ghana, Kenya, South Africa and Zimbabwe. We will tell you more about the MMM office Nigeria, how their website works and what to expect from it.
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MMM opened its metaphorical doors for Nigerian people in 2015. In less than two years that MMM Nigeria has been active, it has gained a large following. A lot of people have invested their money, and, as the scheme was still in its early days, many have gottem some returns. However, many people that invested in 2016 had their assets frozen due to what was described as ‘system overload’, and for several months, they had no access to their money.
Currently, plenty of MMM investors are complaining that they are yet to receive their money. Several government organizations and even a church have spoken against MMM, discouraging people from participating. So why do people still join the system?
Most people are drawn to the program because of what it promises. It claims to be a social financial platform for people to give and receive money in addition to the bonus for just having their money in the system.
However, the warning on the official MMM website says you can lose all the money you've invested, there are no securities or guarantees, and that you should enter at your own risk. It explicitly warns people against investing their last money. It says that one should only use spare money if they have it. This warning makes it seem that everything is clear and transparent, and lots of people like to gamble.
If despite all that you have read about MMM, you are still interested in how MMMoffice.com works, so continue reading to find out.
How the website works
MMM Nigeria actually has two websites: nigeria-mmm.net and mmmoffice.com. The first one contains all the information about MMM: what it is, what is going on in the MMM universe, as well as testimonials from participants and info on the charity events MMM has already held. The second one is where the actual money-dealing is happening.
Overall, the website with the information is vast and mostly useless. The provided information is full of grammatical errors and spelling mistakes, and data provided in different sections is contradictory and misleading.
The ‘legality’ section is three pages long, and there is not a single word about what documents or organizations make MMM legal in any way. There is only the bashing of the bank system and capitalism.
The testimonials page is filled with videos and text messages of thanks from people that received money. However, everyone is obligated to post a message, or a ‘letter of happiness’, when they receive money. And videos are only another way to earn a bonus.
The website for exchanging money has a very simple interface and seems to be easy to use. You have your Personal Office, from which you operate the money you have. Although it is not that easy to understand the whole system on the first try.
After registering, you have to ‘provide help’ in order to ‘receive help’ in the future. When you provide help, you ‘buy’ Mavros (internal currency); when you receive it, you sell your Mavros. It takes time to get used to it. You are required to invest at least $3 to be eligible to receive money in the future. But you cannot receive more than you have given. For example, if you have 10 thousand Mavros, you can only get ₦10, 000.
You can invite people, use referral links to attract people’s attention to your ‘plea for help’ or even become someone’s guide, once you are in the system for long enough. All the information on this can be found in the FAQ section, so we will not retell it word for word.
So how do you earn money from this? The answer is ‘bonuses’. There are bonuses for everything: for registering, for having money in the system for a prolonged period, for referring people to MMM, for guiding people inside the programme and for testimonials. However, different pages on the website state different amounts of bonuses, so it is hard to say how much you can get confidently.
The biggest catch is that you never know when the system will implode. If more and more people withdraw their funds because they don't receive the announced bonuses, the promoter can easily disappear with all the money left in the system.
We cannot tell you what to do, the decision lies solely on your shoulders. However, we have tried to provide as much information as possible to make it easier for you to decide whether to invest in MMM Nigeria or not. So do your research and spend your money wisely.
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