How MMM Warned Participants Before Freezing Accounts


Several hours before popular money doubling scheme called Mavrodi Mondial Movement (MMM) froze the accounts of its subscribers, the scheme apparently warned Nigerians not to be “unnecessarily greedy”.In an update on its Twitter page on Monday, December 12, MMM Nigeria advised participantsto use only their “spare mmoney”

“MMM has always advised that you use your#SpareMoney. Use your #SpareMoney and#SpareMoney only. Don’t be unnecessarily greedy,” it tweeted.The scheme put up a disclaimer on its website on Tuesday, December 13, informing Nigerians of a temporary freeze on payments to existing subscribers.The scheme blamed a “heavy workload” being experienced by its servers and the panic caused by the Nigerian government and media for the development, but said it will be back by mid-January, 2017.It also continued to encourage new users to signup and existing ones to continue making donations.Economic and Financial Crimes Commission (EFCC) reacted to the freeze just hours after reports began to emerge that the freeze could mean the beginning of the end of the scheme in Nigeria.The anti-corruption agency said on its official Twitter handle that there was nothing it could do if indeed the scheme had failed entirely.It noted that Nigerians had been warned about the scheme in advance and so there was nothing that it could do. Besides, it noted, there were more important corruption matters for it to face than MMM freeze.

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