Nigerians warned to stay off MMM 'scam'

Mavrodi Mondial Moneybox scheme in Zimbabwe popularly known as MMM, the UK Independent newspaper has warned Africans
against investing into the Ponzi Scheme.

There are similarities about this scheme in Zimbabwe and Nigeria, as it follows the same style.

Both counties are also experiencing an economics crisis and many of its citizens have turned to the MMM Global as a means of livelihood.

An excerpt from The Independent's article stated;

                             "That despite a warning from the Reserve Bank of Zimababwe
                               that the scheme was fradulent. RBZ warned members of the
                              public that existing investors were "paid money not from
                              genuine market investment of their funds, but from 
                              contributions made by new investors, until a point when the 
                             scheme can no longer attract new investors".

What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have no where to get our money which we invested.

Despite been cautioned of the tales in Zimbabwe and South Africa- and indeed the original MM scheme - a branch is now increasing in Nigeria.

A quote from the Central Bank official said; "These people always come with interesting propositions," Mr Okoroafor said. "These are fraudsters who are just out there to collect people's money and run away as soon as they hit the target."
                               
 Nigeria's Central Bank and the securities and Exchange Commission have warned Niherians off the scheme but the promise of 30% Returns has proved too much for most people to resist.