MMM Founder, Sergey Mavrodi has allegedly written an open letter to the Federal Government of Nigeria explaining the benefits of the scheme.
The letter was displayed on the page of all participants of the Scheme.
Recall the the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) had warned Nigerians against participating in the scheme which it described as a “Ponzi”.
The House of Representatives in October also ordered an investigation into the operation of the scheme.
According to the letter, Mavrodi implored the government to look at the benefits of the scheme rather than be against it without knowing how it was helping Nigerians.
He insisted that if the government was really interested in the welfare of the Nigerian participant, then the scheme should be left alone arguing that MMM was helping the over 3 million Nigerian participants.
Read below the full script of the letter:
Open Letter from Sergey Mavrodi to the Nigerian Authorities
Honorable authorities,
Quote
So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.
What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?
You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.
You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?
You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works……… And finally. If you know what is right for people, why is the life so bad in the country?
Sincerely yours, Sergey Mavrodi.
P.S. As for your statement that “everything will collapse soon”. The system has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”? :-))
I have been reporting on latest news from Nigeria for almost 10 years now. I report on every possible news area I come across, but always ensure my reports are compiled with dignity and fact to uphold my personal values and duty as a journalist
Posted: at 11-12-2016 08:35 PM (8 years ago) | Addicted Hero
419BigBoy at 11-12-2016 08:49 PM (8 years ago) (m)
Sergey Mavrodi
the real 419 big boy
Posted: at 11-12-2016 08:49 PM (8 years ago) | Gistmaniac
MMM is a scam...ponzi schemes like this no be today...Nigeria is a grest economy and its probably giving him thr biggest return worldwide..By the time the revenue dwindles or freezes,yiur money fon go..no be today we sabi all this legitimate Scams
Posted: at 11-12-2016 08:56 PM (8 years ago) | Newbie
Erekosima at 11-12-2016 09:33 PM (8 years ago) (m)
I have heard many people benefiting from this MMM of a thing but it is not well explained, I studied a little bit about online business and every online business must have a product otherwise it is called pyramid scam and pyramid business is not accepted in many international countries, if it does they bring that site down, my question is why are these people particular in Africa especially Nigeria, secondly If they get money from the rich to give to the poor, from which rich people and how? Lastly if any international business is not found in these countries at the same time, then be careful: Canada, America, Britain, Germany, France (I mean at the same time) because these countries watch what must be operated in their countries.
Posted: at 11-12-2016 09:33 PM (8 years ago) | Upcoming
kingcalors at 11-12-2016 10:07 PM (8 years ago) (m)
We have crude oil at our beck and call yet Petrol is costly in Naija. Our economy is bad. Our health and Education sectors are very bad. People are dying every second. Poor men can't afford to eat and train their children in school. The President, CBN governor, Bank Managers, Efcc chairman and all the members of House Rep. You are all well taken care of. While the RICH is getting richer, the POOR is getting poorer. MMM HAS COME TO STAY IN NAIJA, WEDA U LIKE IT OR YES.The poor masses must survive. God brought MMM into Naija and it will never collapse IN JESUS NAME, AMENOOOOOOOOOOOOOO!
Posted: at 11-12-2016 10:07 PM (8 years ago) | Gistmaniac
Deprince3 at 12-12-2016 06:08 AM (8 years ago) (m)
MMM FOR LIFE , MMM HELPING PEOPLE , MMM NA THERE WE DEY , MMM YOU DEY KEMPE, SAY I STOP MMM UNLESS I SEARCH THE LINK AND I NO LONGER SEE IT ON WEBSITE BUT AS FAR AS IT IS THERE MMM IS MY BEST FRIEND IN NIGERIA.
Posted: at 12-12-2016 06:08 AM (8 years ago) | Upcoming
emma4love3 at 12-12-2016 07:27 AM (8 years ago) (m)
hehehe abeg scam or not......i don use the mmm buy more bikes...scam fire....who the govt help MMM is the way for me now......so let those govt kiss ma ass.....xxx
Posted: at 12-12-2016 07:27 AM (8 years ago) | Hero
MMM is a scam...ponzi schemes like this no be today...Nigeria is a grest economy and its probably giving him thr biggest return worldwide..By the time the revenue dwindles or freezes,yiur money fon go..no be today we sabi all this legitimate Scams
Is there any Scam greater than the Nigerian government??? people think MMM is about robbing Peter to pay Paul...how about the Nigerian government that robs both Peter,Paul and John??? I believe that if Servey Mavrodi comes out for a presidential election here in Nigeria, he'll definetly win, not because of MMM and it's benefit, but because he's a man that knows how to plan, strategies and carry out his plan...he knows how to carry everybody along....Whether you like it or not, SERVEY MAVRODI to an extent has done what the President, Senators, governors and other criminals cannot do, and that is: eradicating poverty.
Posted: at 12-12-2016 09:18 AM (8 years ago) | Gistmaniac