The illusive founder of the MMM global scheme has been vilified countless times by the media and the government. However in a recent attempt to clarify his intentions founder Sergey Mavrodi penned an open letter to the government directly, as Mavrodi aims to legitimize his scheme. This move came in defense of the company after the Central Bank of Nigeria sent out letters warning of the risks and telling consumers to prevent using the service.
The MMM scheme has been persecuted by various entities including the Central bank and government. Nigeria is thought to be especially vulnerable to these schemes as the offer of high interest rates often provides the only income source for families in an otherwise stagnating and declining economy.
However there are considerable risks attributed to the program as while many consider it morally wrong as a form of gambling, investing can damage your financial portfolio and lead to major financial loss. Due to the unstable nature of these schemes one could see his money vanish in a matter of days even though avoid claims the scheme will not fail.
Here is an excerpt from the open letter itself.
The warning is a red text on a yellow background placed on most prominent place of the website. 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?
To conclude while Mavrodi attempts to clarify the system which has remained obscure for a long period of time, the letter does highlight some hard hitting truths about the Nigerian economy. Highlighting a poor economy as justification for his scheme, Mavrodi clearly attempts more to play, but as with any gambling activity your capital is at risk so do not play more then you can afford to lose.