By Concise News correspondents
Following the ‘much-expected’ freezing of withdrawals in MMM-Nigeria participants’ account, Concise News correspondents have undertaken an initial analysis of what such a move may imply for participants of the scheme.
You will recall that a similar incident happened in South Africa in May. On comparison of the Nigerian and S. African scenarios, our findings reveal that Nigerian MMM participants may just as well kiss their frozen capital goodbye.
On May 1, 2016, MMM South Africa announces its decision to freeze its participants account. Just like Nigerian participants, South African participants were not really worried.
Like the Nigerian scenario, the South African operators of the scheme blame the media for causing panic. They said they are starting the scheme all over again with a clean sweep. The operators announced their plan to compensate South African users for any Mavro funds which were frozen.
According to South African website, Business Tech, South African MMM operators announced to participants that the “old” version of the Mavro currency will be ‘bought out’ through trades of the “new” version of the currency, where equal value would be paid out to participants over six months, using 10% of total trade – effectively placing a debt burden on all participants.
MMM notification to S. African Mavrodians on May 1st
Unfortunately, the persecution against MMM organized by the mass media has provoked a panic. We have been working in South Africa for almost 2 years and we have millions of members. During all that time, we had no complaints and accusations from participants, everything was paid to everyone in time and in full amount, by 30% per month. We held charity events and helped children. We did a lot of useful things for people! Well, who was suffering from this?
The bankers and the adherents of the current unjust financial system. That is why they planned and brought all these crazy investigations and persecution in the mass media. “The only thing which prevents the investigation is the fact that non of the participants reported to the police”. If there are no complaints, and everybody is happy, then what is the investigation for? What is the subject? Did not they understand the consequences? Did not they understand that their irresponsible actions would hurt people? Millions of people! Well, try oppressing any bank, even the most reliable one, in the same way, and see what will happen tomorrow.
However, it is futile to explain that to them. MMM prevents banks from robbing people, that is the only reason why all this is happening. And nobody cares about people. If we managed to pay millions of participants 30% per month for two years (and would still be paying, if the mass media did not lie about MMM!), why do banks not do the same? Why do they offer only a few percents a year? Make your own conclusions. Thought everything is clear right now. You are simply robbed, we have always been saying it. The modern financial system is predatory by nature. It is not for ordinary people, it is for the bankers. Its purpose is financial slavery! And it achieves this purpose perfectly.
In general, in this situation, we have to start all over again. We have no choice. You can see on your own what is happening.
- The current (“old”) Mavros are frozen. Any operations with them are impossible.
- With the development of the system, we will send 10% of the total inflow (of all the PHs) to pay for the “old” Mavro. According to the experience of other countries, we can definitely say that in the normal course of events, all the old Mavro debts will be paid off in about six months.
- “New” Mavros (Mavro bought from the moment of this announcement) are introduced. You can use them on a common basis: to ‘acquire’ and ‘withdraw’ them at any time.
All of this, of course, is not very nice, but it’s not the end of the world. We will quickly pay off “old” Mavro debts, no doubt about it. You just have to wait. (And anyway, you can thank your precious media and banks for this “gift”!). The best thing you can do is just to start participating again, that is all. And you will quickly return everything, even with a benefit. Moreover, now is the most favorable time to participate and invite: in fact, everything starts from the beginning. So do not miss your chance! :-))
We hope for your understanding, Administration.
Hours rolled into days, days into weeks, and what many thought would not last more than a few weeks started running into months. South African Mavrodians were still denied access to their capital (old mavrodi). Some participants started raising eyebrows, publicly questioning the faceless operators of the ponzi scheme.
Concise News checked up on South African MMM facebook page in November, 7 months after the initial freezing of withdrawals, and discovered that South African Mavrodians still could not get access to their funds.
Based on the foregoing, it’s not hard to tell that come January, Nigerian MMM participants will most likely be be informed of a system reset that will involve them forfeiting their capital and starting afresh.
Meanwhile, participants are urged to continue to put money into into the system despite the ban on withdrawal. participants are promised 50% returns instead of the usual 30%.
— MMM Nigeria Support (@MMMNigeriaHelp) December 13, 2016
Unfortunately for MMM Nigeria participants, MMM is a faceless group, with no known office address, so they can not press charges to have their money returned.
South Africa-based Pastor Ernest Mbanefo who was reported to be the brain behind MMM-Nigeria has since denied ownership of the scheme in a chat with Concise News on Dec. 2.
You will recall that the federal government warned Nigerians to be wary of the MMM scheme as it is not regulated.
Apparently in response to Nigerian authorities non-acceptance of the scheme, the brains behind the scheme, in a letter signed by Sergey Mavrodi, wrote a letter to Nigerian authorities explaining the benefits of the scheme a day before freezing the system.