Millions Of Nigerians Dump MMM, Embrace Other Local Ponzi Schemes

A report by The Authority has revealed that millions of Nigerians have abandoned MMM for other local Ponzi schemes.
This is due to the recent crash of MMM which left many Nigerians stranded.
The participants have now jumped into the local versions which sprang up to fill the gap the failed MMM venture created.
This is despite warnings by the monetary regulatory authorities in the country that such financial ventures are risky and not approved.
As soon as the MMM scheme crashed, many other sites suddenly opened with varied claims and mouth-watering financial promises.
Many Nigerians who are crazy about fast and easy money have already registered into the new projects.
The popular ones now which have attracted large patronages are;
1. Get Help World Wide
2. SwissGold, Money Network and
3. Twinkle Money Star, amongst others.
Their systems of operations are similar from what MMM offered but interests on investments differ.
For SwissGold, they claim to operate what they called “market programme which operates as a money earning network marketing structure for those who are interested in getting involved”.
It claimed that the scheme is “Expert ways to make money online”.
A participant in one of the scheme, who gave her name simply as Victoria, said: “It is a business for those who want big money fast and are ready to take high risks”.
She said most people who engage in the business are aware of the CBN’s warning but pointed out that “there is nothing wrong in going into high risk business, since gov­ernment cannot take care of the common people”.
She said she was part of MMM but had to jump into other similar projects when her friends approached her.
“I was part of the MMM business and when my N350, 000 was trapped, I had to bear it and follow one of my friends to the one many people are now trooping into.
“The new scheme has a tenure of one month and interest of 30 percent if one is to be paid in local currency or 50 percent if the participant choses to be paid in Bitcoin”, she said.
Another online money scheme, Get Help World Wide has one month tenure of investment, and between 30-50 percent turn on investment.
According to a participant, Okechukwu Ngene, “Apart from the high interest embedded in this scheme, there are other bonuses which those who register enjoy.
“Life is all about risks and Nigeria is now a jungle where only the hard-heart­ed survives; if you wait for the government to give you a job, you will die while waiting”.
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