At last, the cracks that have constantly appeared in rave of the moment Ponzi scheme, Mavrodi Mundial Moneybox (MMM) has escalated into a full-blown crisis. The scheme has officially frozen all accounts in the system until next year, meaning that withdrawals cannot be made. To many, this is the beginning of the end for the scheme.
The controversial scheme has gathered popularity among Nigerians, many of whom are poor and desperate for a way to make more money in the period of this recession. This is despite several warnings from the Federal Government, EFCC, CBN and the Senate. An estimated 3 million Nigerians are already involved in the scheme.
Why Nigerians in the scheme should be very afraid is that the same pattern initiated the final crash of the MMM system in Zimbabwe and South Africa. What is likely to follow is that the scheme will announce that the points system has crashed after which they will promise that money in the system will be refunded. The refund will never happen.
While several attempts have been made to contact the support center for more information have proved abortive, many Nigerians are starting to come to terms with the fact that not all that glitters is actually gold.
Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience is blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins the Nairametrics team as our Lead News Editor and Content curator.