Following an open letter on Monday by the founder of MMM Nigeria, Sergey Mavrodi with the title, “One-month freezing of confirmed Mavros,” where he informed subscribers of a pay freeze until January 13, 2017, Chuddy, who is a ’top guider,’ took to his blog, yesterday, and called for calm.
Chudi listed a couple of factors which he feels necessitated the freeze.
One was the strident opposition from the Federal Government and the mass media. Secondly, Chudi claimed it was because there was “excess panic” in the system, hence the need to halt payments.
“The open letter explains why the one month freeze was implemented. It was to put the Nigerian government and MMM haters to shame. This isn’t the first of its kind. It happens when there are excess panic in the system. It was placed on Zimbabwe and, after the duration, it was lifted. As MMM freezes and goes offline few weeks before Christmas, this idea is brought forward to calm members down on (an) intending threat the federal government and (the) mass media has planned on the system.”
Mavrodi’s letter had earlier read, “Dear members, as usual, in the New Year season, the system is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by authorities in the mass media.
“The things are still going well; the participants feel calm; everyone gets paid – as you can see there haven’t been any payment delays or other problems yet – but!..it is better to avoid taking risk. Moreover, there are just three weeks left to the New Year.
“On the basis of the above mentioned, therefore, all confirmed Mavros will be frozen for a month…” a part of the letter read.
However, another MMM participant, who preferred to be called “Alpha Romeo” remains optimistic.
Unlike Chudi, “Alpha Romeo” said the freeze was to weed out bad eggs in the system; those who, rather than allow the scheme grow, preferred to contribute more by using other people’s identities, hence, a panic in the system. “Alpha Romeo” was emphatic that the freeze will be lifted on January 13, 2017.
“I want you to understand that MMM began in November 2015, it saw December 2015 and crossed into 2016. In December 2016, we are faced with many challenges. So many people are running multiple accounts and this is killing the system. They take money from A and pay to B, then C and D without bringing new spare money into the system, thereby shortchanging the system and this has caused a lot of issues.
He described the freeze as a welcome development.
“Be calm, be happy and know that your Mavrodi is safe. The freeze will be lifted in January and those of us who are genuine can GH in peace. By next year, there will be nothing like fake BOP. MMM cares about you.”
But, Casper Ezeagu urged President Muhammadu Buhari to look elsewhere and not at MMM as a criminal scheme. “I think Buhari should be focused. MMM has never been a crime. Please, free us. If you are confused let us know.”
Meanwhile, Director of Development Finance Department of the Central Bank of Nigeria (CBN), Dr Mudashiru Olaitan, has advised those involved in MMM to be careful in finding means of multiplying their income.
He said this during a business leaders’ conference entitled: Prospering in a Recession, organised by EZ37 Solutions held at Kakanfo Inn Conference Centre, Ibadan.
Olaitan, who was represented by the Head of CBN Development Office, Ibadan, Mr. Banji Akinola, said there was no reason Nigerians should invest any scheme that can raise their blood pressure, especially at this period of economic recession. To Williams Ebimobowei, MMM “is not a ponzi scheme. Rather, it is a community of social welfare of providing help and getting same. They just don’t understand the matrix, hence, the confusion of what they don’t understand.
Igo Chris was not swayed. “Ignorance, they say, is a disease.” The truth is that FG doesn’t really know how MMM works, that’s why it is being criticised. MMM came into this country when we needed it most. It’s a succor to Nigerians and I will advice FG to only caution Nigerians to be careful.”
But a man who calls himself ‘Nigerian’ explained how MMM works and warned subscribers not to be fooled about the Mavrodi’s scheme.
“He is not giving anybody money from his pocket. All he is doing is collecting from Mr A and giving to Mr B, then collect from Mr C and give to Mr A. Now the day that Mr D doesn’t ‘request to give help to Mr C that day the system will fail. SIMPLE
The guy is playing on our poverty and ignorance.
As for Buhari, instead of him trying to stop the MMM ponzi scheme, he should concentrate on improving the lives of Nigerians. Because if life was good for Nigerians they wouldn’t engage in such a SCAM (except greedy ones).”
Last week, Mavrodi wrote an open letter to government to justify the importance of the scheme. He also warned government that Nigerians will lose millions if the scheme fails, noting that, “MMM is their only means of livelihood”.
He stated that the money being made from the scheme was being redistributed among Nigerians as a way of “restoring social justice”.
He founded MMM in 1989 but then disappeared after he declared it bankrupt on December 22, 1997. He was on the run until his arrest in 2003.