More Nigerians are getting to be mindful of MMM, which has been named a ponzi plan and guarantees 30 for each penny Return on Investment (ROI) following 30 days.
The Central Bank of Nigeria (CBN) has cautioned Nigerians against disparaging the MMM plot which remains for Mavrodi Mondial Moneybox.
There have likewise been bits of gossip about it slamming yet trust Nigerians to censure any individual who tries to castigate something that is making them wealthier like enchantment. The notice and bits of gossip are coming when things are getting harder for the masses, individuals are losing their occupations, and the economy is going from awful to more regrettable.
MMM is flourishing in Nigeria, so you can’t expect people to believe any negative thing said about a scheme that is helping them make money like they never expected.
Here are reasons why Nigerians cannot give up on MMM until it finally crashes.
1. Life is a risk
“He who is not courageous enough to take risks will accomplish nothing in life,” Muhammad Ali. They say life itself is full of risk. We take risks everyday of our lives. There’s a chance that you might not see tomorrow. Many have lost millions to business ventures and have not given up in hopes that one day, they will get it right. No one advices you about the risks involved before joining but you are aware it is a risky venture. For those benefiting from MMM, it’s all about taking that risk.
2. MMM pays
No bank pays a monthly investment return of 30 per cent. For many, MMM is a blessing to the poor and average earners. Imagine helping someone with N100,000 and getting an extra 30 per cent of the money in a month’s time. Cool cash right? It is access to fast and free cash. A lot of people are benefitting from MMM. Many are using it to feed their families and there’s nothing you will tell them that will make them stop. Who wouldn’t be enticed with 30 per cent Return on Investment (ROI) after 30 days?
It came into the country at a when the economic situation in the country is rapidly going from bad to worse. Minimum wage is N18,000, fuel price is N145 per litre and the prices of goods are going up on a daily basis. Despite criticisms, Nigerians are going crazy over this scheme. Nigerians would gladly jump at anything that has the potential to provide an extra source of income. Until the entire scheme fizzles away or crashes, Nigerians will not give up on MMM.
Almost everyone around you is involved in MMM. A member of your family or friend is involved and they influence you to join, telling you of all the benefits. You decide to join because of your friend and then you start to enjoy free money too. Next thing, you are getting your other friends to join too. After all, no one wants miss out on the extra source of income.
As the economy keeps getting worse, the unemployment rate is getting high. Many who had jobs at the beginning of the year are now out of jobs as employers have been laying off staff. When there are no jobs and one has to cater for his family, he will embrace any option that will fetch him cash. What better option than to join those benefitting from MMM? As long as it keeps paying the bills and putting food on the table, there is no way Nigerians will give up on it.
A lot of people want to reap where they did not sow. Most people are not interested in working hard, they just want quick money and MMM provides that. People will keep increasing the fund they put in to getting more money even though they have been advised to use only their spare money. They won’t heed warning until when the scheme goes down. Ponzi scheme plays and thrives on people’s greed.
7. Articles that criticize MMM
It is because of those articles that criticize MMM and warn against it that some people won’t stop investing in it. Some feel there is something the government or those criticizing MMM are trying to hide. According to one MMM participant, the CBN warned people against participating out of jealousy being that it was making the poor, richer.
8. Nigerians don’t give up easily
Check the history of all ponzi schemes, it never ends well. It will keep growing and more people will keep investing their money until it finally gets to the stage where it bursts like a bubble. What happens most of the time is the early subscribers earn the actual money and the latter participants end up losing.
MMM pays, but for how long?