Have you ever asked a question ‘What is MMM all about?’ Are you curious as to what is happening to MMM Nigeria? Is MMM back? If you are interested to know more about any of these things, we are here to help you! Find out more about MMM Nigeria, the infamous MMM crash and the future that is in store for MMM.
How does MMM work?
At this point, it is very likely that all of the readers of this article know what MMM is and how it works. Nevertheless, let’s take a minute to get the facts straight.
Here is how MMM works:
You ‘donate’ a certain amount of money to a stranger, and then another stranger ‘donates’ to you. You get bonuses for your ‘donations’ and for having your money in the system. You get even more bonuses for ‘sharing your story’ and telling everyone how much money you have earned from MMM. Such ‘success stories’ attract more and more people, thus making the whole scheme operational.
What makes MMM Nigeria successful even today?
Despite having quite a loud and negative history (which we are not going to repeat for a millionth time), for some reason MMM Nigeria has seemingly latched on for good.
Why is that?
It is because Nigerian people have lost their faith in their government and the traditional ways of earning money. Since the 2016 recession, more and more people started looking for alternative ways of earning a living, and MMM with its attractive initial 30% returns which soon grew to 100% seemed like a perfect solution to all the problems.
What is especially fascinating is that, even in spite of losing a lot of money because of the MMM account freeze of 2016, people still invest in MMM, encourage others to do it and continue preaching that ‘MMM pays’. They still hope that this particular scheme is not like many others that use the same principles.
Nigerians want to believe in a better future and that MMM is going to give it to them. However, those that do not know history are doomed to repeat it. Which is why we would strongly recommend them to read up on MMM and open their eyes.
What is happening to MMM today?
READ ALSO: History of MMM in Nigeria
Even after the infamous MMM Nigeria crash that happened in December 2016, it seems to be doing OK these days. At least that is what we were able to gather from its official website and Twitter account. And those are always extra cheerful.
To this day, MMM Nigeria is trying to recover from the crash by offering even more bonuses and promises to its members. MMM even exchanged the naira for the famous Bitcoin to get away from the radar of the authorities. Nevertheless, the Senate is still going to investigate the banks that have been involved in this scheme.
Here is the thing:
Just like before, MMM still collects testimonials from its members and holds various charity and community events to attract more people into its circle. Nevertheless, its rating among the most viewed websites has went down quite drastically. A few months ago, it used to be among the top 10 most viewed web pages in Nigeria (according to Alexa rating). Today, it tentatively occupies the 23rd position.
When it comes to MMM in the media, things get a little bit confusing. There have not been many news stories about MMM lately, but many reputable news outlets seem to be reusing old news or outdated information to confuse people further. Some of these stories even lead to the logical question ‘Has MMM crashed in Nigeria again?’
Even though the MMM website and the scheme itself are functional, many reporters claim that MMM is now defunct or that it has not even recovered from the crash last year. Here and there, you can see stories of people suing other people for making them invest into a scheme that is no longer functioning. But the scheme seems to be working just fine. Which is why Mavrodi’s claim that media lies does not seem that far fetched.
What will happen to MMM in the nearest future?
Despite the happy ‘success stories’ and the general quietness of the scene, MMM seems to be on its last leg. It is actually struggling to attract ‘fresh blood’. One evidence of that is the new Promo Task Contest. Participants can receive cash bonuses for promoting the scheme and involving more people into the pyramid. If that is not desperation, we do not know what is.
How long does MMM Nigeria have before imploding? Nobody knows. After all, MMM Nigeria is the same old Ponzi scheme that has once taken USSR and other countries by storm and robbed their people of all their money. If it is anything like the original pyramid, we give it a few more years at the most.
There are a few possible endings:
- MMM will run out of people to attract into the scheme, subsequently losing the ability to pay its existing members;
- People will smarten up and start pulling their funds out of the scheme and discouraging others from participating;
- Nigerian government will finally put an end to this scam once and for all.
Whichever way you look at this, MMM has no chance of survival.
In the end, we would like to give you a word of advice. Be smart, do not participate in something that is a known scam. And if you have already invested, try to get your money back, or you might never see it again.