TheCable

Controversial Ponzi scheme MMM has announced a “restart”, leaving over three million Nigerians who participated in the scheme stranded.

In a message posted on its participants’ website on Saturday, the scheme said it has struggled to sustain its operations since the beginning of this year.

MMM blamed the development on the “incautious actions” of the government and the media.

“Unfortunately, we were unable to overcome the consequences of the crisis triggered by the authorities and mass media incautious actions at the beginning of this year. Despite all our efforts. The problems have been accumulating and, as a result, we have to announce a restart,” MMM said in the message.

“So, there is a restart.

“All old mavros (acquired before this announcement is posted) are frozen. We will gradually buy them back as the system develops.

“All transactions with new mavros (acquired after this announcement is posted) will be carried out on the usual terms with no restrictions.”

It announced some amendments to include: “Mavros will now start growing at the moment the request is confirmed (not at the moment it is created, as it was previously).

“Consequently, bonuses will start growing at the moment when the main contribution is confirmed (upon which bonuses have been rewarded on).

“Mavro-50% for the first contribution will not be available.

“We launch three-month contributions of two types: 40% and 50%. We’re confident that this measure (especially paragraphs 1 and 2) will significantly reduce the load on the System while also significantly improving its stability.”

In what seems like a glimmer of hope, the scheme said “a restart is not the end of the world” as “it’s just a restart of the system and nothing more”.

“Continue to provide help and you’ll get it all back (even if you’ve lost something now). It all starts from the beginning. It’s the most opportune time for participating,” it added.

PARTICIPANTS LAMENT

In one of its numerous Whatsapp groups, participants lamented over the development, with some of them saying the scheme is “gone forever”.

While a participant whose username is Lawrenro expressed his fears that “that means there is no reason for doing mmm because no one is a donor”, another with the username Donokha17 said: “No need of cajoling people to come and throw their money because as it is now, MMM is a bad wagon to enter.”

Another with the username Chris Oziwo simply handed over the case to God thus: “I pray God to give me all what it takes to overcome my lost”.

This is the second time the scheme is taking participants unawares with a major hitch in their operation — the first being in December 2016 when it announced that it was going on “pause mode”.

In 2016, the federal government had, through the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) warned Nigerians of the risk of registering with the scheme.