In better climes, it would have been impossible for a dangerous ponzi scheme capable of ruining and distorting the economy to have been allowed to operate for even one month. But in Nigeria, Mavrodi Mondial Moneybox (MMM) deceived gullible compatriots since November 2015… and impoverished some of their three million subscribers by the time it disappeared in January 2017.
Only feeble warnings by government agencies, including the Central Bank of Nigeria, were issued when frustrated and unemployed citizens were fixated on any means of survival and hope.
President Muhammadu Buhari should have been very worried about the plaque that tormented his people for the following reasons:
- Three million subscribers to a ponzi scheme is too huge a figure to ignore.
- The number of subscribers tells a sad tale about the hopelessness in the polity with rising unemployment figures and troubled economy.
- It revealed too sad a tale about the intelligence of Nigerians, with many of them openly embracing and recruiting subscribers to one of the world’s stupidest scams. It is a sad tale on our education system, that many heard the word ‘ponzi’ for the first time.
- Such schemes easily distort the economy, rubbishing indices and frustrating recovery efforts.
- It is so dangerous that any site can operate here unhindered without government being able to stop it. The website operated freely, recruiting subscribers and linking them undisturbed.
If it was something more dangerous, the story would be different today.
All through the time MMM deceived Nigerians, the site was up and its promoters smiled to the bank… mocking us all and out-smarting the government.
Now, another set of ponzi schemes, over 20 of them, are on the lose, continuing the scams…