Central Bank of Nigeria, The Security and Exchange Commission and the UK Independent newspaper has warned Nigerians to desist from investing funds in the famous MMM platform. According to the various bodies, the promoters of the scheme have no tangible business model. MMM Is a Ponzi scheme where returns are paid from other people's invested funds. The promoters of the scheme targets countries facing economic crisis making it more attractive for citizens to turn to as a means of livelihood.
All warnings have fallen on deaf ears as more Nigerians continue to fill up membership forms and transfer funds to designated bank accounts. Recently, MMM scheme in zimbabwe crashed heavily leaving many suicidal having lost funds.
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