The real scammers are the Nigerian banks who take your money and charge you more on useless services than they will charge interest on your saving only to turn around and lend at exorbitant rates
I have studied the MMM scheme and even though it has all the hallmarks of a ponzi scheme it is still far better than putting your money in a bank under the prevailing high inflation rate and ridiculous low interests paid on your savings.
In short, having money in your account is stup1d as everyday your money loses value.
Even investing in Nigeria today is a big risk since the economy is stagnant and declining rapidly. Property values have basically crashed so investing in land or property is only good for the long term in the hope the economy will improve and not as a short term venture like what we witnessed in the past 5yr boom periods.
Importers and Producers alike have it even worse off as they can't access forex and the very low liquidity has made retailing of services and goods suffer a more devastating deflation just as in the property sector.
Shares and bonds are totally not the way to go as the market keeps crashing daily . Ask Dangote, he has taken major hits below the belt on his gross net worth and it is all tied to the crashing stock market all thanks to the recklessness and ineptitude of Buhari's useless fiscal policy.
The only viable alternative in Nigeria today is to convert all your earnings and savings to forex. If at the beginning of the month after you get your pay cheque, convert all your money to dollars and see how by the end of the month your money would have grown instead of shrank if it were lying fallow and losing money in the bank.
That aside, the only people against MMM is the organised banking sector , stock market and economy who are fast losing depositor funds to MMM and having a lot of merchants bypassing them for MMM.
The govt has no clue on how to shut it down, since MMM has no office in Nigeria only their website and the govt can't block it since they don't control the Internet provision other than their useless snail paced galaxy.
I have figured how these guys make their money but I won't reveal it here because I want the MMM stuff to keep going as they will definitely force the banks and CBN to adjust lending rates.
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