LATEST NEWS ON MMM: WILL NIGERIANS AFFORD MMM CRASH IN ADDITION TO THE RECESSION

According to an online user who shared this with us he said “In the mid eighties it was Resources Managers, otherwise know as Umana Umana Bank or Wonder Bank. A certain criminal character, Dr. Umana Umana had set out with a scam of an investment model that pays an upfront interest of 40% and another 100% at the end of every month. Port Harcourt was his base. Banks were ran aground because depositors withdrew all their investment and deposited same with the wonder bank! It was a frenzy that caught up with everyone. Even military administrators were not left out. People went to their villages and coordinated market and village women into cooperatives and collect their monies and deposited in the wonder bank. Even bankers moved depositors monies to the wonder bank for some quick turnaround.

As expected, the fall of Umana’s wonder bank was devastating. A lot of depositors lost their life savings and their lives when IBB ordered Umana’s arrest and prosecution. As it turned out Umana was simply stockpiling tones of cash in a warehouse in Port Harcourt pending his final plans to disappear into thin air.

In 2007 or there abouts came Nospectco, a company that was purportedly into oil and gas in the Persian gulf. They claim they will pay 10% monthly interest on any amount deposited with them. And paid they did! They were simply robbing Peter to pay Paul. At the end of the scam 23billion naira of depositors funds disappeared into thin air with over 20 deaths recorded as a direct consequence.

Now again there is MMM! and people are trooping out in their millions waiting to be scammed. When will Nigerians realize that there is no business that will pay these kind of returns and survive?. What is the duty of consumers protection council of Nigeria in this matter? Can we afford the crash of MMM in addition to the recession and the resultant deaths that will follow?

I chose to post this in case one sensible soul will read it and retrace his or her steps. Let he who has ears hear what I am saying now

I will continue to cast my bread upon these stagnant waters for there will be this comfort about it, if lazy fellows grow no better I shall be none the worse for having warned them for when I sow good sense, the basket gets none the emptier”.