Nigerians Have Not Learned As Twinkas Replaces MMM

For the about 3 million Nigerians who reportedly lost over N18 billion to the all-but-confirmed-dead Ponzi scheme, Mavrodi Mondial Money (MMM), it is time to move on. For many of the hardy investors, who blame the current state of the economy, for their investment in the scheme, they cannot stop investing in these risky Ponzi schemes as many of them have moved over to Twinkas, which they say pays 100% interest on their investment.

Many do not seem distraught over the money they lost to MMM but are rather willing to risk another Ponzi scheme. ““We know the risks of these programmes and we know how some people became suicidal after MMM failed, but we have all learned from that. We know that we have to put in only the money we can afford to lose and not the money we have kept aside for something important.” said an investor.

“I took part in MMM scheme for a year and I lost some money at the end of the year. I later learnt of other schemes that paid more money than MMM and I decided to take part in some of them, but I will make sure I don’t exceed six months in each scheme.” said another investor.

These experiences show that Nigerians definitely have not yet learned from the disastrous collapse of MMM but still believe in Ponzi schemes despite the losses they suffered and warnings from regulatory bodies such as the Nigerian Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN).