Quick Answer: How Mmm Nigeria Works?

Is MMM Nigeria still working?

The scheme had announced a shut down in April 2018 following the death of Sergei Mavrodi, its founder. “After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense,” a message on MMM Nigeria website had read.

How does MMM global work?

“The participants (of MMM SA) derive their income or returns primarily for the recruitment of new members. In other words, the returns are not based on investments or the selling of any product, but on money paid by new people joining. The philosophy is that you offer assistance by paying a joining fee.

How long did Mmm last?

However, the success didn’t last for long. Eventually, the company was shut down in 1994 and it declared bankruptcy in 1997. Unfortunately, everything didn’t end here. After 14 years, the company reopened as “ MMM Global.” Here’s where the story of MMM and Nigeria started.

What is MMM Nigeria?

Mavrodi Mundial Moneybox ( MMM ), the Russian-founded Ponzi scheme which wrecked the lives of so many Nigerians in 2017 is back in business. The Ponzi scheme has repackaged itself and is now known as MMM Cooperation. This time around, it is assuring people a 50 percent gain on any amount that is “invested”.

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Is MMM back in Nigeria 2020?


Is Pyramid Scheme legal in Nigeria?

Unarguably, Ponzi schemes operate without the license and authorization of the CBN and are thus, illegal. Ponzi schemes have also been recognized by the Nigerian Court as illegitimate and fraudulent thus in the case of Mekwunye v. Lotus Capital Ltd.

What happened to MMM scheme?

The scheme began in China in 2015 and collapsed in early 2016. In January 2016, the Chinese government banned MMM on the grounds that it was a pyramid scheme and was not registered in the country (since a fraudulent scheme cannot be registered).

Who invented MMM?

Sergei Mavrodi Vyacheslav Mavrodi Olga Melnikova / MMM was established in 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames.

Is MMM registered in Nigeria?

Forex traders working with Rally Trade says Nigerians fell for Mavrodi Mundial Moneybox, a ponzi scheme popularly called MMM, because they ignored all the warning signs. “It wasn’t a company registered in Nigeria, with no Nigerian management staff.

What MMM means?

MMM (pronounced similar to Ermm or Umm) is an interjection commonly used in English as an “Expression of Pleasure or Contentment.” In text-based messaging, MMM is often used to show pleasure at something that someone has just typed.

How do I register for MMM Nigeria?

MMM Nigeria Registration Portal

  1. To take you to MMM Nigeria Official Website click here now ( mmm – nigeria.net)
  2. Just at the top side of the website you will see “ Registration ”. Click it to start your MMM application online.
  3. Fill up the form.
  4. Click “ Register in MMM ” You will be see button below, just after the registration form.
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When did Mmm start in Nigeria?

It all dates back to November 2015 when MMM launched a website in Nigeria describing itself as a “mutual aid fund where ordinary people help each other”. It guaranteed returns of a whopping 30% per month on payments, and for a while it worked so word spread quickly.

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