More panic as MMM launches in Kenya, Ghana

Reactions have continued to trail the creation of the Mavrodi Mondial Moneybox (MMM) in Kenya and Ghana, barely 48 hours after its activities in Nigeria was suspended for a month.

While the development has caused increased panic among Nigerian MMM participants, Chiamaka Ugorji, wife of Chuddy Ugorji, a leading MMM Nigeria promoter, attempted to calm nerves by writing an open letter to participants, but this measure has failed to reassure Nigerians that their investments were safe.

A civil servant, Charity Okafor, said “I participated in the scheme twice by investing N500,000 and one million naira respectively and I got my money back with the large interest. However, I felt I should not participate in the scheme any longer and I am lucky I had people around me who convinced me not to reinvest. I would have turned into a crazy woman if I had money there during this suspension.”

Ebube Okoh, a housewife, said she believes the launch of MMM in Ghana and Kenya had everything to do with the Nigerian chapter. “According to the website, the ban on withdrawals is due to negative reports by the media, heavy workload experienced by the system, and an attempt to prevent problems during the New Year.
I believe the money obtained in Kenya and Ghana will be used to make up for the deficit in Nigeria, since both countries have higher currency values when compared to the naira.”

Already, thousands of traders at the popular Ogbeogonogo Market in Asaba, Delta State who deposited their funds with the MMM scheme are currently having sleepless nights. At the ever-busy market yesterday, many of the traders who used to be active in the beehive of activities, especially ahead of the Yuletide celebrations, were seen looking downcast in apprehension of the perceived collapse of the scheme.

One of the traders, who spoke to The Guardian, Madam Elizabeth Nwandu, said: “I have invested almost N500,000. I can’t get my money again this December, I’m finished.”

Apart from the traders who claimed to have invested into the scheme, investigations revealed that some police officers and top government officials in the state are also involved.

Furthermore, many of the affected participants have deserted their homes in Asaba and environs after they had allegedly took loans to participate in the scheme and their creditors asking for refunds of their money.

A landlord in Asaba, Ogbueshi Allanna Abel, described the scheme’s suspension as havoc wreaked on Nigerians desperate to find a cushion to the harsh effects of the recession.

“Ancestors will not forgive the founder of MMM. It has put people in debts, some of our family members borrowed money to participate, we are even afraid if this rumoured collapse will not kill people,” he said.