Nigerians, Greed and Wonder banks
My very close friend Olubusola Mada had some concerns she wanted to express on the MMM Phenomenon currently taking over Nigeria, so she decided to write this impassioned article on why people should not participate in the Scheme.
My parents invested so much in me so that I can differentiate between the truth and a farce, they let me know that if I’m too greedy I’ll loose my investment funds and when an opportunity seem too juicy with seemly little or no risk involved, I should take my time to analyze it, escalate to people who may know about it, listen to advice before going into it.
See what happened with the shares we invested so much in, shares are legitimate, the prices were raising speedily and came crashing as high as they rose. While we were still trying to come out of that shock, the wonder banks came to take the remaining money we had and crippled more people financially there by impacting negatively on our productivity and economy as a whole.
This MMM of a thing, I heard about it sometime in Feb/March but as usual, I don’t get involved with make quick money schemes so I declined, to my amusement it has become the order of the day, even bankers are involved. One can’t even breathe anymore without hearing about it. Well, The Bible says that wide is the way of destruction but narrow is the road to life, so who can blame them, you choose your own poison. Stop blaming the economy, and if to you this is supposed to be your consolation for the job promotion or business breakthrough you await, then you are just greedy. Have you thought of how you will return moneys back and the impact this scam is presently having and will have on our economy when it crashes????? The major people who will earn from it won’t even stay in the country talk less of investing the money here so what is the end game?
Here is my understanding of the MMM. It’s a pool where you were warned to invest only your spare funds because even the starters know that it will crash someday. You are meant to invest some funds by transferring the said amount in bits into accounts provided by another individual who have done the same. You will in turn be rewarded with 30% of your invested sum after 30days. After you get paid, you are told to send a thank you letter/video and if you don't, they threaten to yank you off their system and have I told you about the fact that its something you have to renew every 30day? This is bringing me to think its a modern day slavery for the elites by themselves. You were told somebody in your community is the one paying you that 30% right?, biko introduce me to those people (most people don’t even know where its coming from). I approached a colleague who also share my thoughts and here is what we deduced. The 30% is not manna from heaven and neither is it being paid by unknown persons, the 30% is being paid by the people you introduce into the community. You introduce someone who contributes to the 30% profit you will get and also introduce another person who does same (Ponzi Scheme). You continually add people who also start with little funds with every tendencies of doing more as time goes by. The initiators have been able to create a system that can run in a circle and makes you greedier at every investment.
Then there are these set of people who have vowed never to get involved with such scheme as this but will agree to allow someone take deposits into their account. They tell you “I’m not involved o, all I provided are my email, phone number and account number, I will get calls from depositors, ask them to make the payments into my account and he will give me a share of the profit, I don’t even have to invest your funds............ (Yet)”. If you are wise enough you will know that their game plan is not only the deposits that comes into your account but to give you a taste of the poison and show you how to get drunk with it for you to join in the charade soonest.
The more you invest, the more you pay into the coffers for the people at the top of the pyramid. Nigerians are professionals at making a blue ocean red. We like to jump at every *raining* opportunity, even the bible warned you from getting swindled by every wave of doctrine. Do you have to dive into every masked pond?
This community has become a leech to our nation and getting larger no thanks to the people feeding it with money. The people at the peak get richer and the lower cadre gets more risky. After all, it’s the lower cadre paying your supposed 30% profit. And like a leech, when and if this ever crashes, what’s going to be the impact on our economy? Is this going to kill us? Or has MMM come to stay? Oh you are one of those people who said “let me get my money and cash out before it crashes”? How smart do you sound?
I’ll probably loose friends after this post but I just have to do this because of the love I have for you. Don’t let anyone use money to play on your intelligence and if they did, you allowed them. Stay away from the norm. Make money you can be proud of, Think!
N.B: Did I mention how aggressive and violent the people who are investing in this scheme are? I'm beginning to wonder the type of spirit behind the MMM, a friend said MMM=666, I couldn't agree more.
I love the author of this post but my thing is most people who are neck deep in MMM and other Ponzi schemes actually know the risks involved but they don,t care, its like those poor guys in rural areas who take buckets to scoop fuel in pipelines, do they know its dangerous ? of course they do but hunger is a stronger force.
CBN has warned Nigerians, EFCC, all sorts but at the end of the day adults have freewill, with the returns people are making from this scheme mehn i don't blame anybody.
What do you guys think MMM or not? drop your comments below.