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Nigeria MMM.Net Review : What You Need To Know

Nigeria MMM.Net review : What You Need To Know

What is Nigeria MMM.Net ?

First of all MMM is a global mutual aid community and social financial donation exchange network and now has a platform targeting Nigerian audience which is called Nigeria MMM.Net . The global body “MMM” was established in the year 1989 by Sergei Mavrodi, Ogla Melnikova and his brother Vyacheslav Mavrodi. The name ‘MMM’ was thus derived from the first letters of the three founders’ surnames.

This platform is not a bank, a business, or investment opportunity, but a community of people helping each other financially. MMM gives their users a technical platform which helps connect those who need financial help with people who are ready to provide help.


How does MMM work ?

Nigeria MMM is a community of people who provide financial help to each other on the principle of gratuitousness, benevolence and reciprocity. To begin using the system you would need to offer help to a previous member then request for help from people in the community. Though you can only request for help at a 30% increase of the amouth you have previously spent.

Review and all you should know about Nigeria MMM.Net

First of all Nigerian MMM is a Ponzi Scheme which is designed to extort people of their money. A ponzi scheme is a fraudulent investing scam which promises high rates of return on investments with little risk to investors. Nigeria MMM is a part of ‘MMM’ which is a Russian company that perpetrated one of the largest Ponzi schemes of all time in the world between the period of 1989 to 1997. By different estimates up to 40 million people lost up to $10 billion within that period.

After the scheme folded, Mavrodi (founder) was later convicted of fraud, and given a sentence of four and a half years in the year 2007, though due to the fact that he had already spent over four years in custody, Mavrodi was released less than a month later, on May 22, 2007. After his jail term he went on to creating yet another pyramid scheme which was called MMM-2011.

In the year 2015 MMM expanded to South Africa with the same business model as the MMM-2011, the National Consumer Commission identified them as a ponzi scheme and the government banned the system from operations in the county. MMM was also banned in China in January 2016 on the grounds that it is a Ponzi scheme.

The Securities and Exchange Commission (SEC) of Nigeria, has warned the public on the activities of the Nigerian MMM describing it as a Ponzi scheme.

Note and Beware : For those that still want to go ahead ;

Am sure you would have seen some few Nigerians that has earned from it, buh the main issue is, nobody knows exactly when its going to fold up, which is why you need to be very careful

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Tags: Nigeria MMM.Net , Nigeria MMM

Updated: April 17, 2018 — 2:50 pm

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