And let’s face it; amid repeated warnings from the Federal Government, Central Bank and even the EFCC, anybody venturing into MMM was playing Russian roulette with a scheme widely known with a shady background.
When Sergei Mavrodi founded MMM in 1998 in Russia, it was received with much fanfare and heavy followers, identical to what we have in Nigeria at the moment.
The business pattern of MMM was ostensibly expected to thrive proficiently in Nigeria.
An economy recession and a healthy population, people would obviously fall for its lure which promises 30% bonanza for every fixed deposit monthly (including other add-ons) as a means of survival.
And when Nigerian Chuddy Ugorji boastfully identified himself as the Ponzi scheme’s Number 1 Guider in Nigeria or put Top Representative in the country, going ahead to throw a lavish wedding in the company’s logo, it was a smart strategy from a cagey organisation looking to have a familiar face around, to wade off any threat of intense scrutiny into its practices.
However, the snake has swallowed the pig. MMM has frozen. Ugoriji is denying responsibility.
In a highlight his latest comments, shrugging off talks that the scheme has crashed, he said:
“The reason for this measure is evident. The system needs to prevent any problems that might arise during this festive season and this measure will be cancelled once the festive season comes.”
“Also let’s note that contrary to what has been published by cheap bloggers, Am not the Admin of MMM but one of the top guiders of this great community. And none of us has access to the site, I woke up on Tuesday and saw the News on my PO like every other person.”
“The MMM website is been managed in Russia by their control and supervisory team. They are responsible for every decision made, like pairing of participants to provide help and get help, resolving issues on the platform etc.”
Ugoriji, in contrast to his wife’s social media post insisting he brought MMM to Nigeria which has since been deleted, denied full responsibility of the scheme, stating categorically that he is not responsible for logistics of MMM, revealing they are all carried out in Russia. The same country founder Mavrodi was charged for fraud!
For a man who is the top guider of MMM in Nigeria, it is ludicrous to say the least that he has no allegiance to the day to day operations of the website.
And questions will be asked…
Why is MMM being run all the way far In Russia? A country that banned it and notoriously known for hacking and fraud?
Does MMM treat Ugoriji with so much disdain that he is unaware of the day to day activities of the website?
What is Ugoriji role in MMM?
Will MMM ever return?
Mr Chuddy Ugorji, the self proclaimed MMM Nigeria’s No 1 Guider latest comments were illogical, distasteful and utter dubious which further illustrates why the whole MMM franchise is a fraud and may never return in January.
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