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‘Expect panic,’ MMM says as it returns day ahead of schedule

MMM Nigeria, an alleged Ponzi scheme which down tools in mid-December 2016 has commenced operations, a day ahead of the January 14 earlier promised for the resumption of operations but warned participants that “panic will reign in the first few days.”

“The holidays are over, and we”re now open. Just as promised,” operators of MMM Nigeria said in a message sent to participants.

In spite of the expected panic in the scheme, MMM Nigeria said the system would pay its participants, though gradually.

“we’re going to make gradual paybacks by setting internal output limits. In other words, we will only pay a certain amount per day. Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal.

“As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH amounts.

“The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days. No need to be tragic about it.”

The scheme closed shop in December 2016 for a month. In a message sent to all subscribers, it said it was freezing withdrawal of confirmed Mavros (funds) for one month, noting that the measure was put in place because “the System is experiencing heavy workload.”

Its operators insisted that the one-month closure was also partly occasioned by the “hysteria” created by the media and the government’s aversion for its popularity among Nigerians.

“By joining forces, they’ve managed to nearly give the members of the System a heart attack and have frightened them out of their wits. Poor souls don’t know what to expect,” MMM Nigeria said.

New rules for participants are expected to come into effect on January 14 to ensure its sustainability, the promoters explained.

“New model will address the issues of fake proof of payment and non-confirmation of order by recipients,” said MMM Nigeria.

“On the issue of fighting multiple accounts, the use of BVN was suggested which was unanimously rejected. Head of CRO, Mr Andrew attested that BVN can only be verified by Nigerian banks, so there is no way support can verify BVN.

This post was syndicated from The Guardian NigeriaThe Guardian Nigeria. Click here to read the full text on the original website.

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