Despite loosing a lot on MMM, more Nigerians still engage in ponzi schemes

In spite of the financial loss suffered by millions of Nigerians who participated in the failed Ponzi scheme, Mavrodi Mundial Moneybox, MMM, in 2016, Twinkas, a similar scheme, is making wave among many Nigerians.

Again, Nigerians throng another Ponzi scheme, Twinkas, despite losing billions to MMM

Investigation by the News Agency of Nigeria in Abuja showed that a large number of residents of the Federal Capital Territory, Abuja, were willing to take chances with the trending scheme.

The residents attributed their willingness to investment in the scheme to the present economic recession in Nigeria.

The residents said the scheme provides them with 100 per cent interest on their investments.

Valerie Dada, a civil servant, said that she was encouraged to participate in Twinkas, because salaries were delayed sometimes.

“Salaries are sometimes delayed and I have bills to pay, so I decided to take some of my savings and invest in the scheme.

“There are many schemes that arose after MMM, which is suspected to have crashed and these schemes have better packages and interest rates to attract people.

“I am currently participating in Twinkas because it has proven to be reliable so far, with an interest of 100 per cent on all amounts of money invested.

“That is a package I feel is worth the risk, so that I can afford to pay my bills,” she said.

Teju Akindele, an accountant, said: “we know the risks of these programmes and we know how some people became suicidal after MMM failed, but we have all learned from that.

“It is important for Nigerians who are participating in these programmes or schemes to avoid becoming greed,” she said.

“They should ensure that they don’t get tempted to invest more than they can because the programme has proven to be successful.

“I can’t blame anyone who is into this because the economy has not been too rosy in the last few months.”

Similarly, Kayode Olusemire, an entrepreneur said that he decided to partake in Twinkas and a number of other schemes to support his business.

He, however, cautioned Nigerians not to invest huge amount of money as well as not to exceed a specific duration.

“I took part in MMM scheme for a year and I lost some money at the end of the year.

“I later learnt of other schemes that paid more money than MMM and I decided to take part in some of them, but I will make sure I don’t exceed six months in each scheme.

“Greed is what makes people depressed after these schemes fail and we all know that these schemes have an expiry date after a couple of years.

“I also ensure that I invest only a certain amount of money and reinvest the profit made, that way, I wouldn’t feel depressed if the scheme crashes.

“The money I have gotten from these schemes has been beneficial to the survival of my business in this economy.

“As I wait for government to fix the economy, I think I will continue to take the risk with these money-doubling schemes,” Mr. Olusemire said.