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Nigerians react to MMM's ban on further payments

13 December 2016, 16:11Tony Smart

Lagos - Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers for a month.

The members woke up on Tuesday morning to a disclaimer on the scheme’s website informing them of the decision.

The promoters however assured that the setback will only last a month.

Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to increase.

“As usual, in the New Year season, the system is experiencing heavy workload,” the message, seen by those who logged on to their account this morning read.

The promoters also blamed the hysteria that has greeted the emergence of the scheme in the Nigerian media, as well as attempts by the Nigerian government to shut it down.

“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.”

The alert came two days after the scheme’s founder, Sergey Mavrodi, wrote President Muhammadu Buhari over the move by his government to shut down a business that has supported ‘over three million Nigerians’.

The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones.

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