Popular financial site, Mavrodi Mondial Moneybox (MMM), yesterday, said it has frozen all payments for the next three weeks, causing panic among members.
This is coming on the heels of an open letter it wrote to Nigerian authorities, posted on its website on Monday.
The letter had responded to the authorities’ enquiries as to the legality of the high-yielding interest venture with over three million Nigerians as members.
The Tuesday post, believed to have been done by the founder, Sergey Mavrodi, said the freezing of Mavros (its currency) for all confirmed payments this month was due to the New Year season when the system experiences heavy workload.
It added that the constant frenzy of provocation from the authorities in the mass media was another reason for it to work on its system adding that it was “better to avoid taking risk” three weeks to the New Year.
“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.
“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled,” it said.
Some of the members who were apparently scared poured out their reactions on the MMM Facebook post. Omoniyi Omoleke said, “I believe this is a wrong move that will create unnecessary panic and will scare new participants away if eventually the Mavros are unfrozen.”
Another member, Olawale Famusudo , said the measure was not good for the festive season. “Going ahead with this freezing will do nothing than crash the whole system as Nigerians are not that patient to understand corrective measures,” he said.
Baring his challenges, Bright Jasper Wokeji said his account had not been opening adding, “I swear am beginning to smell scam.”
Another member, Oluwasheun Aluko, said “MMM has finally doomed us, the reason is evident, this is a scam. Now it’s time for the federal government to mock us.”
However some members, like Ikenna Donald Ekwuibe, urged others to be patient. “There’s no way MMM can crash unless Sergey decides to shut down his website.”
END
All the comments quoted by the writers were cherry picked and farrago of distortions…not objective enough to me!I have read a comment where the participant said”he would be happier to lose all his money to MMM than to lose a kobo to federal government purse!”.
Only a vulnerable population with low levels of financial literacy will fall for this type of scheme.
Even when our superb economists like Henry Boyo and accountants failed to revamp and revive the economy…Nigerians and any rational human being tend to look for means somewhere else…when his primary source of hope is doomed..
The only reason MMM have gathered so much popularity and patronage in Nigeria, is down to the failing of govt both past and present.
One of the main functions of MMM is income distribution amongst the masses. Though it’s foundations are shake and questionable, it does seem to get the work done. The govt needs to come out and find a way to create a more legal and sustainable way of income distribution for its people. Buhari and his team really need to come out and tell the nation what plans they have for the economy and the masses. What sectors the govt are going to build the economy on. What sectors one should look to for employment.
Right now there is a lack of faith in this govt, hence the Messiah like following of the MMM scheme.