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Fear Grips Participants As MMM Nigeria Stops Payment

By Modupe Gbadeyanka

Operators of the controversial Ponzi scheme called MMM Nigeria have announced suspension of payments.

A message posted on MMM Nigeria’s website on Tuesday, December 12, 2016, which was seen by Business Post, explained that this will only happen for one month.

Already, the announcement has caused panic among participants in the country, who are confused and do not know if their money will go down the drain or not.

Before now, the Nigerian authorities had warned citizens not to subscribe to the Ponzi scheme because it is not registered by the government.

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“Dear members!

“As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)

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“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. (Which we will definitely do.:-))

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“We hope for your understanding,

“Administration,” the message reads.

Investigations by Business Post reveal that Mavros are unit of pseudo-currency used by participants, which grow at a rate of 30 percent.

A confirmed Mavro refers to a pledged amount (Provide Help) that has been paid to another participant.

It was gathered that with the latest development, no participant can get help (withdraw the already paid money) until January 12, 2017 and also, no participant can Provide Help (pay money).

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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