This is an interesting piece on four classes of Nigerians that contributed immensely to the collapse of the popular Ponzi Scheme – MMM.
It is no longer news that the Russian wonder bank Mavrodi Mundial Moneybox in Nigeria has ‘crashed’ but what had eluded the news is the people whose actions actually led to the crash of the popular Ponzi scheme.
Every participant who put their funds into the Ponzi scheme has been calling for the head of Mavrodi, however, as an observer I sat down, analyzed and finally was able to fish out the real major culprits who should be blamed for the crash of MMM Nigeria.
1 The MMM Nigeria Guiders:
Chuddy Ugorji during his talk-of-the-town wedding ceremony
As a guider in MMM Nigeria, you get 10% of the help provided from every downline or referral that are duly registered. This means that if you as a participant is to provide help of N100,000 your guider will get N10,000 richer. Now, a guider that has about let’s say 100 downline for example and each of the downlines are providing help of N100,000 that means that the guider will get N10,000 X 100= N1Million each month for doing nothing. So cool right? Wrong!! Pulling out such huge amount will lead to a major financial strain on the system, that’s why a lot of people couldn’t get help anymore.
A perfect example is the Number 1 guider Chuddy Ugorji. If MMM has a participant of over 3Million people and each of the people provide an average help of about N10,000 monthly, this means that Chuddy the number 1 guider will be cruising with N10,000X 3M= N3Billion monthly. This amount alone is enough to crash the system as one man eats virtually almost all the cake.
Now, add all the guiders (over 12,000 guiders) to this equation and you will see that the guiders were eating the lion’s share of the cake without giving help back. All what a guider do is to log in, check how many people have provided help and then cash out. Most do not even provide help at all that’s why the system crash.
Honestly, these guiders don hammer on top participants head.
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