Money

Nigerian University students who put their school fees in MMM cry out after it crashed

Many Nigerians are lamenting the unexpected freezing of all accounts and impendent collapse of popular ponzi scheme, MMM.

Since the annoucement of the freezing of all mavros, those who risked their life savings or borrowed money in other to gain a 30% interest now have themselves to blame.Others who are anguishing are students who staked their school fees with the hopes of getting back 30% interest after 30 days.

Read their stories…

Ozadhe Russell, Civil Engineering department, LAUTECH, Ogbomoso

“The amount I invested in the MMM scheme was N100,000. I was expecting my 30 per cent profit when I got the news that our accounts have been suspended. It was a bitter news. Being a student, the fund was raised to pay my school fees and to meet other basic needs. It is a great risk but many students enrolled in the scheme to make profit and to live a better life. If MMM crashes, I would accept it as my fate. I will have to look for other ways to source my school fees. There is nothing I can do. I will only learn from it and not engage in such a scheme again.”

 — Faniyi Inumidun, Accounting department, AAUA

“A friend introduced me to participate in the MMM scheme. Being a lucrative one, I decided to benefit too, having heard of the success stories. I invested N40, 000 in the scheme. The money is for my final year project and my feeding allowance. It will be very painful if MMM crashes. Considering my investment, it will be a big loss for me. My plan was to use the profits from the scheme to finance my final year project and to meet other needs. I am seriously praying that the suspension should be lifted so I can reclaim my funds.”

— Chukwunyere Chimobi, Electrical Electronics, FUTO

“A friend in my department started talking about MMM excitedly. He said MMM was a new online business platform that credits you with 30 percent interest of your payment in 30 days. I said waoh! I never took interest in it until the need to tackle certain needs arose.

On Tuesday when the news that the MMM had been suspended came in, I was expecting bank alert of roughly N500,000. I raised the fund to participate in the scheme from my pocket money. If the scheme crashes, it will be a big loss to me. Just last week, I lost to an online business called ‘coin fever,’ it all happened within minutes. I have always known that MMM would crash soon. If it crashes, it will hurt me but life goes on. I participated in the scheme despite the risks to upgrade my life and to beat the current economy recession. There are so many financial needs to meet up with such as paying my school fees, buying text books and other learning materials as well as other dues in the school.”

 — Martin Mundus Unakwe, Electrical and Electronics Engineering, FUTO, Owerri

“The latest investment I made in MMM was N100,000, but in total, I invested over N250,000 in the scheme. I got money to invest in MMM from other businesses that I run as a student. I didn’t have any special plan for the money I would make from MMM. With the profit, I would upgrade my lifestyle and improve my life. I had always known that it would crash one day as it is not a sustainable scheme. But I always prayed that my money doesn’t get stuck when it eventually crashes. I will feel the impact of the loss if it crashes. MMM is not my only business. I do other things that fetch me money.”

Ifediora Sylvia, Federal Polytechnic, Bida, Niger State

“A friend of mine told me to join MMM when I told him I needed some money. I decided to try my luck with the money. When I saw many students making money, I joined the trend. I actually participated in the scheme because I needed to meet up with some basic school needs. For example, when I offered to provide “help” of N50,000, in the following month, I collected N75,000, with a gain of N25,000 without working or stressing myself.

I basically invested in it because of the high return on investment. In this period of recession, it became a way out. I will say I belong to the lucky category of investors. I got all my money back last month before the accounts were frozen; I decided not to participate in it again because I was scared.

It is hard to believe that the money of other participants is going to be paid back. I hope and pray they lift the ban in January as they promised.”

Tunde Afuwape, Biochemistry, LAUTECH, Ogbomoso

“Someone introduced me to MMM and he talked excitedly about it. I invested N30,000 in the MMM business. The money was what I made from a project I did for someone. Being a final year student, I am already preparing for graduation.  I figured out that before my NYSC, there are things I could do if I have some cash. It will be painful if the scheme crashes Against an imminent crash, which I have been praying against, I will move on with life. This is because, from the outset, I understood the risk involved.Life is all about risk.”

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