The desire to get rich quick at any cost is so rampant among Nigerians. The unfavourable economy contributed largely to this fact. Due to this, Nigerians can do literally anything to get easy and fast money. They’ll literally grab any opportunity available to get such money.
MMM needs no introduction in Nigeria. This current pyramid scheme is trending and spreading rapidly in Nigeria. This is how the scheme works. It promises a 30% Return on Investment (ROI) after 30 days. Financial analysts have thoroughly analysed it and it is a Ponzi Scheme. It’s a fraudulent investment where the operator (usually an individual or an organisation) pays return to its investors from new capital paid to the operators by the new investors rather than from profit earned through legitimate sources.
MMM originated from Russia and it was involved in one of the biggest Ponzi schemes in the 1990s. It was estimated that thousands of people lost up to $10 billion after which the police shut it down for tax evasion. It already crashed in Zimbabwe and South Africa. The Security and Exchange Commission (SEC) has severely warned Nigerians about the dangers of MMM, however, Nigerians already witnessed in the scheme totally disagree. Instead, they say it’s a “donation community”.
Here are some reactions and views of Nigerians on the scheme. (due to confidentiality, all real names have been withheld)
“I’m not proud to say it, but I’m actively involved in the scheme. Things are very tough in Nigeria at the moment and I’ll grab any opportunities I see to make extra cash. I actually planned to stop but it’s quite addictive.”
-Dr Tolu Fasina( A youth Corp member in Ondo State)
“MMM has helped my finances as much, I don’t care if it’s legit or not, as long as I didn’t steal or kill to get the money, I’m good to go.”
-Ademola Gboyega.(student, University of Ilorin)
“I can’t engage in such rubbish. It’s highly fraudulent and I don’t want to be found doing such. As much as I wish I had more money, MMM isn’t just the way to go about it.”
–Dr Bola Ogunjobi (Lecturer, Osun State University)
“The only reason I’ve not done MMM is because I don’t have spare cash. If I do, I’ll have done it.
–Mrs Clara Fadojutinmi (Housewife based in Lagos)
Despite several publicity and warnings, MMM is still flourishing rapidly. Nigerians are in no way threading with caution. Judging from the bad history of the company, only time would tell how much more longer it’ll stay in Nigeria. However, Nigerians should therefore be very careful. MMM only brings out the greed in you. Once one starts, it becomes very addictive and therefore very difficult to stop. It’s like one is robbing Peter to pay Paul. As tempting as it may seem, Nigerians should imbibe caution while engaging in it.