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Hope fades for 3 million investors as initiator of MMM Nigeria ‘flees’ with wife

Hope fades for 3 million investors as initiator of MMM Nigeria ‘flees’ with wife
January 25
19:03 2017
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Chuddy Ugorji, the initiator of the Nigerian faction of the Mavrodi Mondial Moneybox (MMM) ponzi scheme, has fled the country with his wife, Amaka.

The MMM number one guider has reportedly relocated to Philippines.

He fled the country when the three million Nigerians who invested in the scheme were anxiously awaiting to be paid back their money with the agreed interest.

Ugorji’s relocation happened after he released new conditions for the payment of investors.

He had given the impression that the ponzi scheme had started paying outstanding mavro (money) to Mavrodians, the participants of the scheme.

The new guidelines on the website of the scheme included limiting withdrawal to N31,000.

“As a necessary measure, we decided to set limit to withdrawal this week thus the N31000 maximum withdrawal on your PO,” read a statement on the website of MMM.

“We are still committed to paying smaller amounts first and gradually increase the amount to higher ones. The system does the calculations and knows how to calculate everyone’s mavros.

“Between Friday that we opened and today, hundreds of thousands of GH (get help) orders have been matched. More and more GH orders will be matched as time goes on. If you see error notification when trying to GH, just keep trying.

“PH (provide help) to GH is still a suggestion to be tabled before Sergey Mavrodi for consideration. Disregard any info suggesting that you must PH to GH till further announcement in your PO.

“Freezing of bonuses for now is another suggestion to be tabled before Sergey Mavrodi for his consideration. Which means if approved, you will only be able to GH your personal contributions for now until the system recovers and stabilises.”

Last week, Kolade Ogunwande, a participant, who said he managed a number of accounts, had told TheCable that N17,000 was paid into one of the accounts he handled for a friend.

“One of the accounts I manage for a friend finally got paid. She invested N20,000 on November 10, 2016, and her money has appreciated to N35,000,” he had said.

“When MMM resumed last week, she said I should withdraw all the money for her, which I requested for immediately. She was paired the day after.

“The two people she was paired with had to pay N17,000 and N18,000 to make up the N35,000, but only one person has paid.”

Many started having doubts about the scheme when it placed a month-ban on withdrawals in December.

Follow us on twitter @thecableng

Copyright 2017 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thecable.ng as the source.
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22 Comments

  1. Gbenga
    Gbenga January 25, 19:59

    What Is Happening I Av Been Matched With Four People But Dont See Any Payment May God Help…

    Reply to this comment
  2. BARIDAMON
    BARIDAMON January 25, 20:03

    MMM CAN BE BACK SOMEDAY ITS TRUE

    Reply to this comment
  3. Solomotion
    Solomotion January 25, 20:16

    This is the most fake news I’ve ever seen

    Reply to this comment
  4. Valor
    Valor January 26, 02:15

    MMM stay pays… Its come back is sure..

    Reply to this comment
  5. jindo
    jindo January 26, 07:58

    Let the medias feel concern with other things and not mmm

    Reply to this comment
  6. naike
    naike January 26, 08:20

    Mmm make una dey give una self hope. The realization that some people would eventually suffer for the profit others have made and fortune the schemers would make would soon sink. A lot of. People. Would pay by losing their money’s if not now already, then very soon. But am afraid it has started. Nobody you are paired with would bring in new cash.

    Reply to this comment
  7. Obama
    Obama January 26, 09:57

    Pls they should tell us the trueth about this MMM because. many of us borrowed.money from different. Places and they are in our neck pls we nigeria beg u all thanks

    Reply to this comment
  8. lala
    lala January 26, 10:43

    It’s only God that cannot fail. MMM is the ARM of Flesh and will fail.Cursed is any man who trust in the Arm of flesh. Repent of trusting MMM and put your trust in God. He will forgive you and restore your money back.

    Reply to this comment
    • Ukulele
      Ukulele January 28, 12:45

      Am never among the cursed, in Jesus name, Amen! Only a mistake of the head & not of the mind, Amen!Henceforth, just repented of trusting mmm but putting my whole trust in God. God forgives me & restores my money back bicos as by the name of the God of Abraham, God of Issac & the God of Jacob He defends & sends me help only from the sanctuary. Curse, therefore, belongs not to me for I trust no mmm.Amen? Amen

      Reply to this comment
  9. Amo
    Amo January 26, 12:50

    Over 20 people committed suicide in Russia and uptill today those Russians have not gotten the over $100m lost to MMM there. Sergey is an evil and vile and heartless person with the blood and sweat of millions on his hands and head. Soon Almighty Justice will visit him and his promoters.
    …. Image if those 3m people invested just 50,000 naira each that amounts to 150,000,000,000 (150billion naira)!. Who’s going to GH them back?????? haaaah! I bet you the money lost was more than that it could run to a trillion naira, because some had PH in millions!!!!! Ponder on that.

    Reply to this comment
  10. dejazzyp
    dejazzyp January 26, 13:35

    make u guys excite patient for we are doing our best in setting a better goal to pay u all the investors

    Reply to this comment
  11. Atura
    Atura January 26, 14:11

    I wonder why the media has been discouraging d Masses, well I collected my money bak wen mmm resumes.

    Reply to this comment
  12. holystone
    holystone January 26, 15:48

    Medias are liars MMMNigeria still pays..Is Chuddy God? Why are u looking for him… Gossipers…Leave MMMNigeria community alone media said MMMNigeria has crashed in December… But here we are..U guys are now saying it’s open..And Chuddy has traveled…You all are full of lies..Pity the poor people lets them hv peace of mind…And stop spreading fake news…Chuddy is much around he didn’t travel…

    Reply to this comment
  13. dyoung
    dyoung January 26, 21:02

    the reason why people are not getting pay is because there is no cycle. the freezing of account allowed all the money to mature at the same time. that makes it possible for everyone to get help, so when one person is not paid it found it difficult to pay others. you should know that most people have more than one account. the way out is for someone to make sacrifices by paying and get paid latter. also let encourage people to provide help

    Reply to this comment
  14. Zuby3
    Zuby3 January 26, 21:37

    I stated mmm in sept,2016, ever since then i av been enjoyin finacial freedm, THE TRUTH IS DAT anybdy like me wil never wish mmm crased. Non-intrestd fellows can u pls leave intrested fellows alone.STOP DISCOURAGING. MMM IS SURVING IN JESUS’ NAME. ‘LIFE IS ALL ABOUT CHOICE’ JESUS CHRIRT IS D BEST CHOICE COMPARE TO MMM.

    Reply to this comment
  15. AIM
    AIM January 27, 09:16

    MMM is you and I not chudy or the media. We the participant can make mmm work again and stronger so long we keep PHing and Ghing. Let put the media to shame everyone participant we can do it. Let keep respond to payment and if u don’t have money then don pledge. Remember bcos God is happy at the success of others. And let keep Matthew 7:7 in our Mnd. God bless u all.

    Reply to this comment
  16. noble
    noble January 27, 11:16

    What’s happening? The money I invested is my business money. Pls how do i get my money. Pls I need my money oooooo.

    Reply to this comment
  17. Chinyere Egbe
    Chinyere Egbe January 28, 14:25

    Nigerians, please note that MMM is a Ponzi scheme and a fraud. The press is not blowing anything out of proportion. Please do a little arithmetic and some reasoning to see the fraud. A person invests N17,000 and needs to be paired with two people who must invest N17,000 each. These two people must now be paired with two people each. Now that’s four people before the second two people are paid. The four must now be paired with two each. Now we need 8 people, then sixteen and then 32 and 64 and 128. It will not take long before you need the whole of Abia State to be paid. Again your being paired will depend on people investing your amount or more. What if you invest N500,000 then it may be difficult to find two people who can invest that much money in a poor country like Nigeria.

    Please open your eyes.

    Reply to this comment
  18. Ikediashi
    Ikediashi March 08, 18:53

    MMM Nigeria can survive the pressure by implementing good conditions for the participant who needed to gain back there trust again for the sustainability of the system in future time. But ihatemmmnigeriawithpassion

    Reply to this comment
  19. Megy
    Megy March 11, 20:39

    If i gh for 2016 mavro witout ph wil they give me.?.

    Reply to this comment

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Exchange Rates

Sept 20, 2017USDGBPEUR
INTERBANK359.39485.28430.87
LAGOS369480437
KANO367473433
PH368474435
ABUJA366475433
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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