Despite panic in some quarters over the ‘fraudulent’ nature of pyramid scheme – Mavrodi Mondial Movement, otherwise known as MMM, it has emerged that some Nigerians make fortune from the scheme.
The MMM scheme promises investors 30% interest on their investment at the end of 30 days.
Greennews.ng’s investigation shows that the scheme which came into Nigerian in November 2015, actually pays it participants.
2007-hyundai-accent-6Financial regulators such as the Securities Exchange Commission, SEC, and the Central Bank of Nigeria, CBN, had warned Nigerians not to invest in the scheme, describing it has fraudulent because it wasn’t duly registered.
The agencies also said the scheme has no known business model, saying it is operating a Ponzi scheme, where money of new investors is used to pay old investors.
Despite warning about losing money, it was learnt that participants in the scheme smiles to the bank and are making fortune from MMM.
Bukky, who described herself as an ordinary participants in the MMM scheme told Greennews.ng how she bought her first car with money she made from the scheme.
READ ALSO: Nigerian Lawmakers Order Arrest Of MMM Promoters
According to her, she joined MMM in May 2016 when a friend introduced it to her.
“I joined in May this year and I can’t tell you that MMM is not fraudulent. I have been making money from it.
Bukky, who is also civil servant, disclosed how she made over N4.5milllion from the scheme since joining in May this year.
She also revealed how she was able to buy Hyundal Accent 2007 car model and setup a massive warehouse for her store with money made from MMM.
“…Aside that I bought Hyundal Accent 2007 model car, I have been able to secure a very big warehouse for my business, which I had initially struggled to start, she said.
On how people around her react to the fact that she is into a scheme described by authorities as fraudulent, Bukkysaid; “I’m in my office now and virtually everybody in my office is doing it, it is not fraudulent as being said in the media.
Ads - Advertise Here