Economy
New Ponzi Scheme, NNN On The Rise As MMM Crashes In Nigeria
Barely days after the suspension of financial activities on controversial money doubling scheme, Mavrodi Mundial Moneybox (MMM), saw the rise of another Ponzi scheme, NNN Nigeria.
The new scheme, which is modelled after MMM Nigeria, promises more lucrative percentage on investment compared to its sister Ponzi scheme – while MMM promised 30% on investment, NNN is promising 35%.
The NNN Nigeria is coming 3 days after the MMM left over 3 million Nigerians in panic mode and subsequently announced its presence in Kenya.
A statement on its website read:
“NNN is a community of ordinary people, selflessly helping each other, a kind of mutual aid. This is the first sprout of something new in modern soulless and ruthless world of greed and hard cash.”
“The goal here is not the money. The goal is to ACQUIRE AS MUCH AS YOU CAN.”
It continued: “NNN is owned by the participants, its a community by the people and for the people. A team of freedom lovers in America headed by an influential Yoruba man came up with a logic ad tested it offline in New York City in 2014. In September 2015, these men held a conference in VI Lagos where they introduced NNN logic. It was an improved MMM system- there will be no moratorium and the system will be automated.”
It is quite uncertain and impossible to verify the intentions and authenticity of this Ponzi scheme, but what remains clear is that the Federal Government of Nigeria is currently not in any mood to accommodate the activities of wonder banks in the country, as it has threatened to wield the big stick.
It would be recalled, the Securities and Exchange Commission (SEC) and Central Bank of Nigeria (CBN) had warned Nigerians against participating in any scheme, which they described as “Ponzi” scheme.
The Economic and Financial Commission (EFCC), also admonished Nigerians to “protect” themselves and “not patronise wonder banks.”
The anti graft agency had said:
“If it looks or sounds too good to be true, it almost always is.
“Respect your hard work and be content. Please stay away from quick return schemes. Please.”
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