“There is no greater fraud than a promise not kept.” – Gaelic proverbs
The look on Ikenna’s face says it all. He has lost hope. He is frustrated. “I have been scammed”, he said. By who? I and Temitope asked in chorus. For half an hour, every day, since 14th January, Ikenna has not smiled nor slept well.
Before then, around September and October, 2106, he was really happy. He would call his friends, invite them to a garden and they would merry, eat dinner or launch as the case maybe and return home fagged out. It was the perfect time for him. It was looking good and beautiful like it will never be challenging again. It didn’t matter whether there was electricity from the Power Holders or not, light was constant in Ikenna’s house. It has all disappeared. The coast is clear. He and other subscribers have truly been scammed. Why?
What is really going on with MMM? “If it’s gone you should let us the participants know. This is what has become the daily memory verse of Ikenna. I have been trying to Get Help (GH). But it has really been tough. I am confused. What would I do now? I have my 2 million Naira in there”. Ikenna lamented.
Ikenna getting really infuriated continued, “they had a month to sort this out during the so-called break! So what then is this so called withdrawal limit that they are now talking about? Nigerians should better wake up before it is too late. If I knew that this would happen, I wouldn’t have become a participant.”
Are you now saying there is no hope for others? I asked. Ikenna, now looking more aggressive, responded, “let’s admit we have lost our money. Somebody like Dele have been matched with different people; three, to be precise and they have not paid him now, many days and months after.”
So, who is going to pay who? Now that it has turned messy like this? See, you have tried. Allow me have some rest.” Ikenna shouted.
Nigerians are known to be industrious, disciplined, intelligent and nice naturally. However, it should truly be told that, recent events in our national life seem to suggest that we as a nation have derailed. Every average Nigerian wants to drive a jeep without sweating for it, the ladies would say “no be love I go chop” and go in search of “Aristo” or full prostitution-corporate and personal to be embellished in the latest fashion fad in town.
You may ask yourself, why is it always that people mostly caught on drugs trafficking are Nigerians and fraudulent activities around the world and not some other Africa countries. Isn’t it glaring to us that Nigerians are given to making quick money? It is the same reason why ponzi schemes, like MMM have always thrived in Nigeria, so this get-rich-quick syndrome is not peculiar to the youths alone, it’s in our sub-conscious as Nigerians.
Experts have defined gullibility as a failure of social intelligence in which a person is easily tricked or manipulated on an ill-advised course of action. It can also be said to be closely related to credulity, which is the tendency to believe unlikely propositions that are unsupported by evidence. Many have come to state that poverty of the mind and the pocket with lots of greed thrown in made Nigerians bought into Mavrodians popularly known MMM.
Nigerians are known to be very intelligent, but, sadly, these intelligent people have long been ruined by frauds. There are few areas where skepticism is more important than how one invests one’s life savings. Yet intelligent and educated people, quite knowledgeable, have been ruined by schemes that turned out to be highly dubious and quite often fraudulent like MMM.
Ponzi schemes are ‘get rich quick’ investment scams which pay returns to investors from their own money, or from money paid in by subsequent investors. There is no actual investment scheme as the fraudsters siphon off the money for themselves. A fraudster places an advertisement for a non-existent investment that offers extraordinary returns in a short space of time. After receiving the promised returns on their investment, the first investors start to spread the word to family and friends. In this way, the scheme gains credibility.
Because the money isn’t invested in any kind of investment vehicle, there are no profits. Instead, the first investors are simply paid out from the money paid in by new investors. Ponzi schemes are created for all levels of income and have taken in investors in the top bracket as well as those on middle and low levels.
Typically, the fraudster will vanish with investors’ money, so the system eventually collapses with later investors receiving nothing – including their initial investment. Because Ponzi schemes are unauthorised and make no profits, you are very unlikely to recover any lost money.
So thank you Mr. Mavrodi, your efforts are greatly appreciated. You have done the worst that any non human could do. You have made the lives of three million Nigerians worse than when you met them for which we are saying thank you. God bless you and we pray that one day Nigerians will get to meet you on a personal basis to explain your investment plan. Above all, you have once again thought Nigerians lesson that only hard work pays. Ponzi schemes are shams, fraud and only the gullible ones trade in it.