‘I almost died’ — Nigerians recall MMM horror tales three years after collapse

2 minutes

Time they say, heals all wounds but does not erase all scars. These indelible scars remain constant reminders of the past and serve either as inspiration or warning to avoid repeating certain mistakes.

The experience of many Nigerians with the Mavrodi Mondial Movement (MMM) ponzi scheme is far from over.

The scheme, with subsidiaries in up to 110 countries, was first launched in Nigeria in 2016.

In January 2017, Sergey Mavrodi, founder of MMM, announced that all Nigerian accounts from 2016 would be frozen, asking that they pay some money into the system before they can cash out their prior investment.

That was the first time the company would fail with its return plans, subjecting some Nigerians to hardship. Some even commit suicide.

The Nigerian Deposit Insurance Corporation (NDIC) later announced that an estimated three million Nigerians lost N18 billion to MMM.

Recounting his experience, a Twitter user, @mrmikerezzy, said January 11 made it “4 years that MMM made me faint inside one Nkwobi Joint like that”.

Mike’s tweet elicited reactions from other Nigerians who had similar experiences. Replying to Mike’s tweet, @OmideyiOlaide, another Twitter user, said the scheme crashed two days after his neighbour’s wife invested the family’s feeding allowance for the month in it.

Another person said he lost N300,000 but smiled when he learnt his friend’s mother lost N3 million.

Below are the experiences shared by some Nigerians:

The scheme announced that it was shutting down in April 2018 following the demise of Mavrodi who died from a heart attack.
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January 18, 2020
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