My take on the Latest Financial Trend in Nigeria

There is something interesting going on in Nigeria. Nigeria is in recession according to many sources, as the economy is shrinking many individuals are searching for various ways to survive, among which some have found temporary hope in what they call, "Financial empowerment", some call it "Mutual benefit funds", some call it by the name of their promoters, others just keep mute about it.

If you are in Nigeria and you have not heard of MMM and other Multiple Level Marketing (MLM) schemes , then you need to give yourself a very hard pinch to confirm if indeed you are still alive.

These schemes have gone viral but the most interesting part of it is that almost every week there is a new scheme and I am sure after I finish writing this post, before even publishing it another one must have started.

Note: I am not here to promote or support any of these schemes. I am just airing my view about some of them.


About the so called Mutual benefit schemes like MMM, Giverforum, MMMunited, Get help worldwide etc, schemes.

I have a few questions for the promoters and those involved that has been disturbing me for quite sometime.


1. Where and who is behind them?,In the case of MMM there is the face of a Russian "Guy" on their website but for the others, all we see is pictures of participants and consultants so,

 Who is actually behind these schemes in Nigeria?

2. If you have issues you can contact something like the customer care service to sort out issues for you.
    a). Where are these people located?

    b) Who is responsible for paying their salaries?

    c). Who pays for maintenance of the site, the server and other related issues, because the traffic to these sites are very huge and some claim they have over 1.6 million registered users in Nigeria alone alexa.com rate some as the top 10 most visited sites in Nigeria.


3. I noticed that on these sites there are no ads by GOOGLE or AMAZON, where I can say they probably generate money from ads, but they do not have such.
So how do they generate money to run the scheme itself?.
N/B I am not talking about bonuses and "interests". 

4. There is a warning on all of these sites if I may paraphrase where it states that you are participating at your own risk and reminding you it is not an investment.


The reason why I am writing this is because so many business people have become redundant due to these schemes, although the Central Bank of Nigeria (CBN) the SEC and other bodies have warned Nigerians but there are a few items that you can sell or trade with that will give you such profit in such a short period of time, It is indeed tempting.


These schemes survive by ensuring they have steady influx of new members or participant, immediately the system is fully saturated , the end is definitely near.


My advise to everyone participating is to "sleep with both eyes open", If you must ( which I think you should not) and be aware that nothing good lasts forever. 

I hate to be the one to say I told you So!

Safety FIRST!!!