LBW

Friday, 28 October 2016

MMM PONZI AND NAIJA MUGUS!!

There is Always a Mugu in Lagos

Wait, what’s MMM Office?

It’s a Ponzi scheme, and it has its own Wikipedia page. MMM has taken Nigeria by storm; so much that some people are almost selling their cousins just to invest money there. The relevant authorities have, however, turned a blind eye… for now. The Guardian Newspaper recently wrote about it at and the comments from Nigerians would make you weep!

10 years ago Nospecto ravaged Nigeria with promises of 106% return per annum.I remember quite a number of friends and colleagues (luckily no family members) piled in their salaries into the deal expecting a big payout because they knew someone who knew the cousin of the uncle of someone who got a payout.



I’m lost!

It got so bad that many account officers of a certain bank used their customers’ money to do kalokalo. The bank later perished, but it wasn’t because of this. I mean… but, who knows?

But that wasn’t even bad enough. Penny Wise came out with a scheme that blew my hat off! This is how it worked. You give them a paltry N2,500 for a slot and over a period of 9 weeks, the scheme will pay out a cumulative of N251,390. Effectively, you multiply any amount you put inside by 100 in 9 weeks. Interesting!

Anyway, like all pyramids go, the bubble burst and the schemes went tits up.

It’s 2016 and MMM is the new King of Ponzi. Everyone is on it.

You sincerely believe that the MMM Ponzi Scheme is real
It means you lack an analytical brain and would walk right into an oncoming truck believing it’s Lego. I know some Ponzi schemes may appear legit and you need investment banking grade knowledge to unravel it. That’s understandable and if the illegality is explained to you, at least, you can comprehend and run for dear life. However, if you earnestly believe that MMM stands for something legit and logical, then you are probably not smart enough to be trusted with anything important.

You know that MMM is a Ponzi, but want to take advantage
Ponzi is as illegal as they come. Well, not as illegal as shooting someone, or doing some of the things Donald Trump joked about. To take advantage of illegality just for the money means you are greedy, desperate and can do anything for money.

I don’t run a business, but I know that if a staff of mine does MMM, he’s on his way out.

I can bet my next month salary that the MMM Ponzi will collapse soon – either from its own weight or when the Central Bank moves in, like they did 10 years ago.

Addendum
I wrote the following articles 10 years ago. I didn’t have anyone to help proof-read then, so be careful of the grammatical errors – don’t read aloud as you could choke. NOSPETCO: A Classic Ponzi Scheme | Pennywise HYIB: The king of Absurdity

Credit: Adedeji Olowe

Photo Credit: Heidi Dp | Dreamstime.com

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