Less than a minute
93 words
1 view
Ponzi scheme Mavrodi Mondial Moneybox (MMM) has resumed operations in Nigeria. Even though no official statement has been released, Nairametrics has confirmed from several participants who received messages regarding the resumption. In order to forestall a stampede in withdrawals, MMM has stated that they will be limited to a fixed amount daily. Priority will be given to withdrawals in small amounts. Despite warnings by the Securities and Exchange Commisssion (SEC) on its illegality, MMM drew a large followership in the country. Over three million Nigerians are thought to have participated in the scheme.