Mavrodi Mondial Moneybox (MMM), upon announcing its restart, has been met with criticisms and disappointments by hopeful Nigerians who still have their money in the scheme.
The system first crashed in December 2016 leaving about three million Nigerians who had invested close to N12billion stranded, blaming it on heavy workload.
“Dear Mavrodians, the one month freezing of confirmed Mavros is a step to ensure the sustainability and stability of the MMM Nigeria system.
“Be rest assured that we will be back, bigger, more sustainable and stable,” MMM Nigeria tweeted after a plethoral of enquiries from panicky Nigerians subscribers.
It later reopened weeks later, promising small investors of their payment while the big ones would wait a little longer.
“Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the system operation will return to normal.
“As the system is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place; it means to the members with small PH (Provide Help) amounts. The richer can wait. Moreover, we’ve warned you repeatedly to only Provide Help with amounts that are not critical for you.”
With little attention to it and unfavourable response from investors, the scheme launched a strategy in order to woo participants to register new members as referrals to qualify for the contest to win between N30,000 to N500,000.
The Scheme finally restarts its operations and point fingers at Government and the Mass Media as being responsible for the decision to restart.
The System also promised old investors their money, as it continues to develop.
The financial system is not restarting only in Nigeria, it had already announced a restart in Myanmar, Indonesia, and Turkey in July.
Other countries include China, Thailand, South Africa, India and Kenya.
The Federal Government and the Central Bank of Nigeria had warned citizens against patronizing the scheme, saying it is not regulated and unknown to any business model
Other Deceptive Financial System
Just like MMM, there are quite a number of other deceptive financial system that works as pyramid scheme in Nigeria.
Claritta
The scheme is a member-to-member donation and referral platform.
For every amount you donate, the scheme will match you with four members who will donate the same to you within one week and the cycle continues.
Claritta also crashed earlier this year with close to 20,000 people losing their money.
Research discovered the site could be owned by a Nigerian, as statistics revealed that most of its visitors are Nigerians.
The scheme is running currently but participants who have money invested in it complained of non-compliance of payment.
Ultimate Cycler
Like other deceptive system, the scheme which started 2013 as Turbo Cycler, was launched by Peter Wolfing has crashed once in the past.
It works by a member paying certain amount to get into the first of the seven matrix level.
Your matrix has 2 levels consisting of 6 spots (2 on the 1st level, 4 on the second), your second level is your payline.
So when a slot is filled on your second level, either by your efforts or someone else’s, you earn 100% of those commissions.
Each $25 matrix pays out $100 ($25 X 4). When all 6 spots are filled, you cycle out and have the option to activate another matrix and get paid all over again.
Twinkas Solutions
In the case of Twinkas, one is free to open more than one account to earn money.
One may pay about N5,000 to a member assigned by the system, then 2 members are later assigned to the payer, paying you double of your initial amount in 21 days with 5% referral bonus.
It also has 4 levels which are Classic, Professional, Premium and Ultimate. And just like other fraudulent system, it had disappeared before.
These financial system do not have any contact addresses, no customer care feedback, no traces.
