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MMM Crashes In Zimbabwe, Thousands Lose Money

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MMM Nigeria

By Dipo Olowookere

Reports from the Zimbabwean media have disclosed that the MMM Global Zimbabwe has collapsed; causing thousands of people in the country to lose their hard-earned money put into the scheme.

In Nigeria, the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have warned Nigerians not to subscribe to the programme, calling it a Ponzi scheme.

However, some Nigerians have ignored these calls, investing millions of Naira into the programme, which promises about 30% to 50% profit monthly.

According to a Zimbabwe’s newspaper, IHarare, thousands of dollars have been lost by the country’s citizens to the online pyramid scheme.

It was reported by the paper that “the social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.”

It explained that the Reserve Bank of Zimbabwe had warned Zimbabweans that the scheme was fraudulent and that there was no legal recourse in the event they lost their money, but that was ignored, causing some of them to lick their wounds in secret now.

“The participants are made aware that they make their money by recruiting new members who in turn must recruit more members,” the Central Bank had warned.

This development comes as Econet’s mobile financial service platform, EcoCash, distanced itself from the pyramid scheme. Participants had claimed they were using EcoCash for their transactions.

“We have noted that some of these pyramid schemes are allegedly advertising in a manner that suggests that the Ecocash facility is a medium for prospective members to deposit their money. This is not correct.

“We advise our valued customers and all stakeholders that Ecocash is a licensed mobile payment platform that enables customers to make financial transactions such as sending money, buying prepaid airtime as well as paying for goods and services within the confines of the law of Zimbabwe.

“EcoCash promotes safe and legal transactions but will not be held liable for any losses arising from the use of EcoCash to engage in illegal activities such as Ponzi schemes,” EcoCash had said.

MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.

The scheme advertises itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.

“All along things were moving in the right direction and we now have nowhere to claim our investments,” said Mr Tinashe Muza of Harare.

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

Another victim, Mrs Rosemary Mawonde said: “We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”

While some people who were skeptical about the scheme started with small amounts, it is believed some poured in thousands of dollars anticipating higher returns. The RBZ said the schemes were fraudulent as existing investors were ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors,”

Additional information sourced from http://iharare.co.zw/thousands-of-zimbabweans-lose-money-as-mmm-crashes/

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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African Visual Art is Distinguished by Colour Expression, Dynamic Form—Kalalb

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Natali Kalalb Art Gallery, Moscow

By Kestér Kenn Klomegâh

In this insightful interview, Natali Kalalb, founder of NAtali KAlalb Art Gallery, discusses her practical experiences of handling Africa’s contemporary arts, her professional journey into the creative industry and entrepreneurship, and also strategies of building cultural partnership as a foundation for Russian-African bilateral relations. Here are the interview excerpts:

Given your experience working with Africa, particularly in promoting contemporary art, how would you assess its impact on Russian-African relations?

Interestingly, my professional journey in Africa began with the work “Afroprima.” It depicted a dark-skinned ballerina, combining African dance and the Russian academic ballet tradition. This painting became a symbol of cultural synthesis—not opposition, but dialogue.

Contemporary African art is rapidly strengthening its place in the world. By 2017, the market was growing so rapidly that Sotheby launched its first separate African auction, bringing together 100 lots from 60 artists from 14 foreign countries, including Algeria, Ghana, Mali, Nigeria, Senegal, and others. That same year during the Autumn season, Louis Vuitton Foundation in Paris hosted a major exhibition dedicated to African art. According to Artnet, sales of contemporary African artists reached $40 million by 2021, a 434% increase in just two years. Today, Sotheby holds African auctions twice a year, and in October 2023, they raised $2.8 million.

In Russia, this process manifests itself through cultural dialogue: exhibitions, studios, and educational initiatives create a space of trust and mutual respect, shaping the understanding of contemporary African art at the local level.

Do you think geopolitical changes are affecting your professional work? What prompted you to create an African art studio?

The international context certainly influences cultural processes. However, my decision to work with African themes was not situational. I was drawn to the expressiveness of African visual language—colour, rhythm, and plastic energy. This theme is practically not represented systematically and professionally in the Russian art scene.

The creation of the studio was a step toward establishing a sustainable platform for cultural exchange and artistic dialogue, where the works of African artists are perceived as a full-fledged part of the global cultural process, rather than an exotic one.

To what extent does African art influence Russian perceptions?

Contemporary African art is gradually changing the perception of the continent. While previously viewed superficially or stereotypically, today viewers are confronted with the depth of artistic expression and the intellectual and aesthetic level of contemporary artists.

Portraits are particularly impactful: they allow us to see not just an abstract image of a “continent,” but a concrete personality, character, and inner dignity. Global market growth data and regular auctions create additional trust in African contemporary art and contribute to its perception as a mature and valuable movement.

Does African art reflect lifestyle and fashion? How does it differ from Russian art?

African art, in my opinion, is at its peak in everyday culture—textiles, ornamentation, bodily movement, rhythm. It interacts organically with fashion, music, interior design, and the urban environment. The Russian artistic tradition is historically more academic and philosophical. African visual art is distinguished by greater colour expression and dynamic form. Nevertheless, both cultures are united by a profound symbolic and spiritual component.

What feedback do you receive on social media?

Audience reactions are generally constructive and engaging. Viewers ask questions about cultural codes, symbolism, and the choice of subjects. The digital environment allows for a diversity of opinions, but a conscious interest and a willingness to engage in cultural dialogue are emerging.

What are the key challenges and achievements of recent years?

Key challenges:

  • Limited expert base on African contemporary art in Russia;
  • Need for systematic educational outreach;
  • Overcoming the perception of African art as exclusively decorative or ethnic.

Key achievements:

  • Building a sustainable audience;
  • Implementing exhibition and studio projects;
  • Strengthening professional cultural interaction and trust in African

contemporary art as a serious artistic movement.

What are your future prospects in the context of cultural diplomacy?

Looking forward, I see the development of joint exhibitions, educational programs, and creative residencies. Cultural diplomacy is a long-term process based on respect and professionalism. If an artistic image is capable of uniting different cultural traditions in a single visual space, it becomes a tool for mutual understanding.

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Ukraine Reveals Identities of Nigerians Killed Fighting for Russia

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russia ukraine war

By Adedapo Adesanya

The Ukrainian Defence Intelligence (UDI) has identified two Nigerian men, Mr Hamzat Kazeem Kolawole and Mr Mbah Stephen Udoka, allegedly killed while fighting as Russian mercenaries in the war between the two countries ongoing since February 2022.

The development comes after Russia denied knowledge of Nigerians being recruited to fight on the frontlines.

Earlier this week, the Russian Ambassador to Nigeria, Mr Andrey Podyolyshev, said in Abuja that he was not aware of any government-backed programme to recruit Nigerians to fight in the war in Ukraine.

He said if at all such activity existed, it is not connected with the Russian state.

However, in a statement on Thursday, the Ukrainian Defence released photographs of Nigerians killed while defending Russia.

“In the Luhansk region, military intelligence operatives discovered the bodies of two citizens of the Federal Republic of Nigeria — Hamzat Kazeen Kolawole (03.04.1983) and Mbah Stephen Udoka (07.01.1988),” the statement read.

According to the statement, both men served in the 423rd Guards Motor Rifle Regiment (military unit 91701) of the 4th Guards Kantemirovskaya Tank Division of the armed forces of the Russian Federation.

UDI said that they signed contracts with the Russian Army in the second half of 2025 – the deceased Mr Kolawole on August 29 and Mr Udoka on September 28.

“Udoka received no training whatsoever — just five days later, on October 3, he was assigned to the unit and sent to the temporarily occupied territories of Ukraine,” the report read.

It added that no training records for Mr Kolawole have been preserved; however, it is highly likely that he also received no military training, but his wife and three children remain in Nigeria.

Both Nigerians, the report added, were killed in late November during an attempt to storm Ukrainian positions in the Luhansk region.

“They never engaged in a firefight — the mercenaries were eliminated by a drone strike,” UDI stated, warning foreign citizens against travelling to the Russian Federation or taking up any work on the territory of the “aggressor state”.

“A trip to Russia is a real risk of being forced into a suicide assault unit and, ultimately, rotting in Ukrainian soil,” the statement read.

In an investigation earlier this month, CNN reported that hundreds of African men have been enticed to fight for Russia in Ukraine with the promise of civilian jobs and high salaries. However, the media organisation uncovered that they are being deceived or sent to the front lines with little combat training.

CNN said it reviewed hundreds of chats on messaging apps, military contracts, visas, flights and hotel bookings, as well as gathering first-hand accounts from African fighters in Ukraine, to understand just how Russia entices African men to bolster its ranks.

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Today’s Generation of Entrepreneurs Value Flexibility, Autonomy—McNeal-Weary

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Tonya McNeal-Weary Today's Generation of Entrepreneurs

By Kestér Kenn Klomegâh

The Young African Leaders Initiative (YALI) is the United States’ signature step to invest in the next generation of African leaders. Since its establishment in 2010 by Obama administration, YALI has offered diverse opportunities, including academic training in leadership, governance skills, organizational development and entrepreneurship, and has connected with thousands of young leaders across Africa. This United States’ policy collaboration benefits both America and Africa by creating stronger partnerships, enhancing mutual prosperity, and ensuring a more stable environment.

In our conversation, Tonya McNeal-Weary, Managing Director at IBS Global Consulting, Inc., Global Headquarters in Detroit, Michigan, has endeavored to discuss, thoroughly, today’s generation of entrepreneurs and also building partnerships as a foundation for driving positive change and innovation in the global marketplace. Here are the excerpts of her conversation:

How would you describe today’s generation of entrepreneurs?

I would describe today’s generation of entrepreneurs as having a digital-first mindset and a fundamental belief that business success and social impact can coexist. Unlike the entrepreneurs before them, they’ve grown up with the internet as a given, enabling them to build global businesses from their laptops and think beyond geographic constraints from day one. They value flexibility and autonomy, often rejecting traditional corporate ladders in favor of building something meaningful on their own terms, even if it means embracing uncertainty and financial risk that previous generations might have avoided.

And those representing the Young African Leaders Initiative, who attended your webinar presentation late January 2026?

The entrepreneurs representing the Young African Leaders Initiative are redefining entrepreneurship on the continent by leveraging their unique perspectives, cultural heritage, and experiences. Their ability to innovate within local contexts while connecting to global opportunities exemplifies how the new wave of entrepreneurs is not confined by geography or conventional expectations.

What were the main issues that formed your ‘lecture’ with them, Young African Leaders Initiative?

The main issues that formed my lecture for the Young African Leaders Initiative were driven by understanding the importance of building successful partnerships when expanding into the United States or any foreign market. During my lecture, I emphasized that forming strategic alliances can help entrepreneurs navigate unfamiliar business environments, access new resources, and foster long-term growth. By understanding how to establish strong and effective partnerships, emerging leaders can position their businesses for sustainable success in global markets. I also discussed the critical factors that contribute to successful partnerships, such as establishing clear communication channels, aligning on shared goals, and cultivating trust between all parties involved. Entrepreneurs must be proactive in seeking out partners who complement their strengths and fill gaps in expertise or resources. It is equally important to conduct thorough due diligence to ensure that potential collaborators share similar values and ethical standards. Ultimately, the seminar aimed to empower YALI entrepreneurs with practical insights and actionable strategies for forging meaningful connections across borders. Building successful partnerships is not only a pathway to business growth but also a foundation for driving positive change and innovation in the global marketplace.

What makes a ‘leader’ today, particularly, in the context of the emerging global business architecture?

In my opinion, a leader in today’s emerging global business architecture must navigate complexity and ambiguity with a fundamentally different skill set than what was previously required. Where traditional leadership emphasized command-and-control and singular vision, contemporary leaders succeed through adaptive thinking and collaborative influence across decentralized networks. Furthermore, emotional intelligence has evolved from a soft skill to a strategic imperative. Today, the effective modern leader must possess deep cross-cultural intelligence, understanding that global business is no longer about exporting one model worldwide but about genuinely integrating diverse perspectives and adapting to local contexts while maintaining coherent values.

Does multinational culture play in its (leadership) formation?

I believe multinational culture plays a profound and arguably essential role in forming the kind of leadership required in today’s global business environment. Leaders who have lived, worked, or deeply engaged across multiple cultural contexts develop a cognitive flexibility that’s difficult to replicate through reading or training alone. More importantly, multinational exposure tends to dismantle the unconscious certainty that one’s own way of doing things is inherently “normal” or “best.” Leaders shaped in multicultural environments often develop a productive discomfort with absolutes; they become more adept at asking questions, seeking input, and recognizing blind spots. This humility and curiosity become strategic assets when building global teams, entering new markets, or navigating geopolitical complexity. However, it’s worth noting that multinational experience alone doesn’t automatically create great leaders. What matters is the depth and quality of cross-cultural engagement, not just the passport stamps. The formation of global leadership is less about where someone has been and more about whether they’ve developed the capacity to see beyond their own cultural lens and genuinely value differences as a source of insight rather than merely tolerating them as an obstacle to overcome.

In the context of heightening geopolitical situation, and with Africa, what would you say, in terms of, people-to-people interaction?

People-to-people interaction is critically important in the African business context, particularly as geopolitical competition intensifies on the continent. In this crowded and often transactional landscape, the depth and authenticity of human relationships can determine whether a business venture succeeds or fails. I spoke on this during my presentation. When business leaders take the time for face-to-face meetings, invest in understanding local priorities rather than imposing external agendas, and build relationships beyond the immediate transaction, they signal a different kind of partnership. The heightened geopolitical situation actually makes this human dimension more vital, not less. As competition increases and narratives clash about whose model of development is best, the businesses and nations that succeed in Africa will likely be those that invest in relationships characterized by reciprocity, respect, and long-term commitment rather than those pursuing quick wins.

How important is it for creating public perception and approach to today’s business?

Interaction between individuals is crucial for shaping public perception, as it influences views in ways that formal communications cannot. We live in a society where word-of-mouth, community networks, and social trust areincredibly important. As a result, a business leader’s behavior in personal interactions, their respect for local customs, their willingness to listen, and their follow-through on commitments have a far-reaching impact that extends well beyond the immediate meeting. The geopolitical dimension amplifies this importance because African nations now have choices. They’re no longer dependent on any single partner and can compare approaches to business.

From the above discussions, how would you describe global business in relation to Africa? Is it directed at creating diverse import dependency?

While it would be too simplistic to say global business is uniformly directed at creating import dependency, the structural patterns that have emerged often produce exactly that outcome, whether by design or as a consequence of how global capital seeks returns. Global financial institutions and trade agreements have historically encouraged African nations to focus on their “comparative advantages” in primary commodities rather than industrial development. The critical question is whether global business can engage with Africa in ways that build productive capacity, transfer technology, develop local talent, and enable countries to manufacture for themselves and for export—or whether the economic incentives and power irregularities make this structurally unlikely without deliberate policy intervention.

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