MMM is a scheme that promises 30% return on investment(ROI) on any amount put into the system for 30 days. Users can provide help and request help with an additional 30% of the money initially remitted. It has since then proved to be a financial succor to many Nigerians in this economic recession.
The past few weeks have been full of uncertainty and a certain level of panic for participants of the popular money doubling program, MMM. This coming on the heels of the the crash of the website of another copycat scheme, Ultimate Cycler, and repeated warnings by Govt agencies and mainstream media about the imminent collapse of the MMM scheme. This has prompted many participants to become skeptical of the system and to withdraw their money out of it.
But the founder of MMM, Sergey Mavrodi has written an open letter to the Nigerian Government and the Nigerian public at large in a bid to assure all parties concerned of the viability of the scheme. The notice, posted on the site, is visible to all and posits some questions to the government. The open letter, in it’s entirety, is reproduced below.
“Open Letter from Sergey Mavrodi to the Nigerian Authorities
So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.
1. What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?
2. You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.
3. You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?
4. You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works. Isn’t it completely irresponsible of you to make all these allegations and play with the lives of millions of ordinary people?
5. And finally. If you know what is right for people, why is the life so bad in the country?
P.S. As for your statement that “everything will collapse soon”. The system has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”? :-))”