"MMM is Back": Photo of People Showcasing Ponzi Scheme Surfaces Online, Promises 36% Profit

• A photo trending on social media shows a group of people flying the banner of an investment platform suspected to be a Ponzi scheme
• The banner boldly declared that the Mavrodi Mondial Movement (MMM) was back, and it offered a 36% return on investment
• The photo has attracted many condemnations from social media users, with some even calling for the arrest of the MMM promoters

A photo shared on social media showed a group of people promoting what is suspected to be a Ponzi scheme.

The group was spotted promoting the Mavrodi Mondial Movement (MMM), which failed years ago and ruined investor's funds.

The banner clearly declared that MMM was back and would offer investors a 36% return on investment.

According to the banner, the failed investment scheme was back to accomplish its mission.

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In 2017, the Nigerian Deposit Insurance Corporation (NDIC) estimated that three million Nigerians lost N18 billion in MMM.

The latest promotion of the failed investment scheme has sparked reactions among Nigerians after it was shared on Twitter by Roy Biakpara, who condemned the move. The photo is not dated, but many Nigerians are calling for the arrest of the promoters.

See the tweet below:

Reactions as a group promotes MMM

@RBiakpara said:

"I mean, in Kaduna some years ago, there was one called “Gaseous” and people still pumped their money in."

@JamesLekwauwa said:

"I believe this is an old video."

@ehimaggie commented:

"They're supposed to arrest all of them here."

@Uyanwunechuks said:

"They said "affliction shall never rise the second time" I hope I got the quote correctly."

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@McCartney000 said:

"Keyword: to accomplish its mission."

@Awoken9ijaYouth commented:

"Wait! MMM, that was a confirmed scam! I still dey wait for help since 2016."

@D_lone_wolf_ said:

"These people want to finish what they've started. Even the original owner of MMM is dead."

AfDB DG speaks on investment portfolio in Nigeria

Earlier, Legit.ng reported that the AfDB's DG said portfolio investments in Nigeria at $4.4 billion ranked among the greatest in the region.

He, however, noted that the investment dropped from 36% to 32% in the first three quarters of 2023.

He said 48 distinct fundings were split equally between the nation's public and private sector operations.

Source: Legit.ng