ernest-mbanefo1By Concise News correspondents

Few days to the expected unfreezing of MMM Nigeria accounts, purported owner, Pastor Ernest Mbanefo, has publicly responded to the Dec 2 media reports that he owned the unconventional investment scheme. Mbanefo also expressed optimism that MMM Nigeria will be back better and stronger.

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A number of media outlets in Nigeria (Concise News excluded) had, earlier in December, reported that the South Africa-based preacher owns the Nigerian franchise of Mavrodi Mundial Moneybox popularly referred to as MMM.

Apparently not satisfied with Concise News exclusive report that he doesn’t own MMM Nigeria, which was referenced by many Nigerian news sites, Pst Mbanefo took to his blog on Tuesday to publicly clear the air, denouncing ownership of the investment scheme.

Mbanefo stated on social media that the reason he decided to responded to the allegations was to set the records straight and to help Nigerians know the truth.

In his response, Mbanefo, once again, expressed deep displeasure with Nigerian media for creating panic among participants of the investment scheme by reporting unverified falsehood. He, however, thanked Concise News for doing proper investigation on the Dec 2 media gaffe.

Mbanefo said MMM Nigeria can continue running smoothly for as long as possible if the media stay out of its operations.

Unfreezing of MMM Nigeria

Mbanefo, fondly referred to as Tohoo by friends, stated that no Nigerian bank, not even Zenith or First Bank, can survive the kind of media attack hurled at MMM Nigeria. He, however, expressed optimism that despite all the attacks, MMM Nigeria will be back better and stronger in January as announced.


You will recall that the federal government, SEC, CBN had warned Nigerians to stay off MMM; stating that the scheme is unsustainable.

This prompted MMM founder, Sergey Mavrodi, in a letter allegedly written by him to the Nigerian government, to respond to the FG’s claims, saying MMM cares about Nigerians more than the government.

As millions of Nigerian MMM participants eagerly await the January 14 target for unfreezing of MMM Nigeria’s accounts, the question on every participants mind will be whether the scheme can survive the expected panic withdrawal that will accompany unfreezing of accounts.