Wednesday, 14 December 2016

MMM: “Stay away from quick return schemes,” EFCC cautions Nigerians

The Economic and Financial Commission, EFCC threw itself in the raging confrontation between proponents of the controversial money deposit scheme, MMM, and those who have remained sceptical since it was
introduced in the country several months ago.

After months of expectations and occasional hoaxes of its crash, the promoters of MMM announced Tuesday that they were suspending payments to participants, for now.

The announcement sparked online uproar Tuesday morning, and the EFCC was immediately dragged into it.

“Brav … no wait … MAVRO to them,” the agency tweeted in an apparent mockery of members of the scheme who also self-identify as Mavrodians.

The EFCC also asked Nigerians to “protect” themselves “not patronise wonder banks.”

“If it looks or sounds too good to be true, it almost always is.

“Respect your hard work and be content. Please stay away from quick return schemes. Please,” the agency said.

MMM allows Nigerians to sign up and pledge a monetary donation to people who are in need of it. The pledge is made with a guarantee of 30 per cent appreciation fee that is essentially an interest on the specific amount donated.

The MMM’s crash came two days after its founder, Sergey Mavrodi, wrote to President Muhammadu Buhari, tackling him for allegedly trying to shut down a business that supports more than three million Nigerians.


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