MMM founder's death: 5 things Sergey Mavrodi told Buhari about his Ponzi scheme - NAIJATWIST

MMM founder's death: 5 things Sergey Mavrodi told Buhari about his Ponzi scheme

It is no longer news that Sergey Mavrodi, the founder of Mavrodi Mondial Movement (MMM), is deadat the age of 62.

In this report, NAIJ.com examined the letter reportedly written by Mavrodi to Nigeria’s federal government. The letter was reportedly written after several attacks on the Ponzi scheme by well-meaning Nigerians.

In the letter which was displayed on the page to all participants of the scheme, Mavrodi explained how the scheme works, listing its benefits.

He called on the President Muhammadu Buhari-led government to look at the benefits of the scheme rather than be against it.

Below are things Mavrodi wrote to the federal government about the scheme:

1. You know nothing about the scheme

Mavrodi said the federal government does not understand how the scheme works which is why they have repeatedly called for it to be investigated.

2. It is not a scam

MMM founder said all members are warned about all the risks, the possible and impossible ones in advance.

3. It is a redistribution of wealth

He said the scheme produces nothing and also gets nothing out of the country.

“The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?” he queried.

4. What have you done for the people?

He wondered why the Nigerian government was fighting MMM and asking if they want it to collapse and for millions of Nigerians to suffer.

"Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them?

“If you know what is right for people, why is the life so bad in the country?" he asked.

5. The scheme is not collapsing soon

Mavrodi said the scheme has been working in Nigeria for a year and an estimate of 3 million people have joined.

He said: “In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”?

Nigerians was warned by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) not to participate in the scheme which it said was fraudulent.
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In October, the House of Representatives tried to stop the scheme with directives that its promoters should be detained by security agencies. An investigation into the operation of the scheme was ordered.

However, Nigerians refused to listen to the warnings and kept investing. Now they are in tears as all Mavros have been suspended and they can’t get the money back.

NAIJ.com had also reported MMM is an abbreviation that is very popular in Nigeria. The MMM website targeting Nigerians was launched in November 2015 and promised a return of thirty percent of investment including bonuses per month. MMM froze its accounts a year later, creating a panic among Nigerians.

Most people who had invested in MMM were worried because this was not the first time MMM closed the accounts. If you are interested in the history of MMM and you wonder when was the first MMM company founded by Sergey Mavrodi, then this article is written for