Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

MMM places one month ban on withdrawals

13 December 2016, 11:18

Port Harcourt - Popular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), has placed one month ban on all withdrawals starting from Dec. 13.

A letter displayed on the page of participants of the scheme cited “heavy workload on system” as reason for the ban.

This means that members of the ponzi scheme who are due to withdraw both their capital and 30 per cent return on investment will no longer be able to do so until sometime in January 2017.

According to the letter, the ban on withdrawals is partly due to negative reports by the media on the scheme.

The letter reads in part; “one-month freezing of confirmed Mavros.

“Dear members, as usual in the New Year season, the system is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by authorities in the mass media.

“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!..it is better to avoid taking risk, Moreover, there are just three weeks left to the New Year.

“On the basis of the above mentioned therefore, all confirmed Mavros will be frozen for a month.

Also readAcess Bank opens up on MMM, writes customers

“The reason for this measure is evident. We need to prevent any problems during the New Year and then, when everything calms down, this measure will be cancelled, which we will definitely do.

“We hope for your understanding, Administration.

It could be recalled that the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) have warned Nigerians against participating in the scheme which it described as a “Ponzi”.

The House of Representatives had in October ordered an investigation into the operations of the scheme.

- NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.

- NAN

Tags mmm national
NEXT ON NEWS24 NIGERIAX
&nbps;

Read more from our Users

Submitted by
Isaac Asabor263
Separating kitchen politics from ...

Like everyone else, I believe that the most popular definition of democracy is “government of the people, by the people and for the people”. Read more...

Submitted by
Bethel Tanifo
Ministry of Niger Delta Affairs, ...

Like NDDC Unlike MONDA. This notion is an intuition that does not portend political participation, affiliation, intrusion or aggression but a submission with the intention of completion of the previous administration's noble vision. Read more...

Submitted by
Bethel Tanifo
Nigerian Constitution versus Corr...

The problems of Nigeria is not in its conventional composition, formation, functionality, constitution or treaty, while the solutions are not disintegrations as promulgated by some faiths fanatics and bigotries.  Read more...

Submitted by
Abdulsalam Jubril
Much Ado about Trump’s Presidency

It was unbelievable when the social and mainstream media all over the world began airing the breaking news of Donald Trump’s victory in the most contentious US Presidential elections in recent years. Read more...

Submitted by
Mike Daemon
Nigerian author highlights gay ch...

A new novel by a prolific young Nigerian author features gay characters, which could help increase the visibility of the gay community and possibly lead to greater understanding of LGBT Nigerians. Read more...

Submitted by
Isaac Asabor263
Your Excellency, I will call you ...

Your Excellency, Governor Adams Oshiomhole, as a leader that pays attention to details, I understand that the odd title of this piece would definitely arouse your curiosity.  Read more...