Since the house wants to clamp down on MMM, here’ a comment I pulled off the comments section of PremiumTimes that got me thinking…
Abegi have they stopped Bet9ja? and other betting sites? have they stopped baba ijebu? don’t people loose money on these sites? are the risks 100% covered?
just because they are able to get a piece of these businesses, its no problem, but MMM cos the structure is a community one, you cant hold any one person then they are using megaphone to say they are saving us.
who beg them. if i want to soak my money in water and tear it, its my business, if i want to spray it on owambe its my business, if i want to invest in MMM, again its my business. There are a lot more things the House could be doing.
some years back i lost all i had on the stock market, i nearly killed myself, did the house say ” NDIC give him back his principal?” we lost money on the stock market they made money, we lost money in forex, they made money. Grow up and stop thinking we are fools, we know you dont care for us.
You see, my position has swayed in the past few weeks wrt MMM. If you remember, I posted this piece, and this one that really had a pastor rattled. My position has changed not because I don’t think MMM is a pyramid scheme, it is because I have witnessed first-hand how it has helped quite a lot of people (at least a single mum, an undergraduate and an about-to-wed etc.) meet financial obligations.
I got to know that besides the 30% commission/bonus/topup, they pay salaries to “consultants”, they also come together to have these community-focused projects.
The other thing I’ve witnessed is the lengths they go to ensure they maintain a “honest” system; but with all due respect to the south-easterners….”Nnnaahhh maeen, Una own too much!!”
Let me repeat, MMM is a decentralized (at least the remittance model), well-designed, well-run, “experienced” pyramid scheme wrapped in crowdfunding coating. But so is every MLM business that the government “blesses.”, and they don’t try as hard not to screw participants over.
At the end of the day, there will be only ONE (type of) loser, and that’s those people who were “lured” in without fully understanding (and un-der-stan-ding) that shit can indeed hit the fan.
In this case, who would be responsible – the one who did not go to great lengths to disclose the ins and outs of the scheme.
My Fear …because government people can be so detached from reality
Currently a lot of MMM wannabes crop up every day, but the MMM community members are quick to shut their fake ass down. And That’s good.
I hope those in government however don’t go bashing every rock with a mallet. If they succeed in shutting MMM down, then they would have ended up creating an environment where more MMM clones will thrive…then they would have succeeded in actually forcing people to lose their money to unscrupulous entities.
At a point in the near future, the government (which by the way?) would be confronting a hydra…and the relevant institutions in Nigeria will not be able to handle the monsters that would have been set on the lose. Eventually, the government would have walked itself into a knot, in circles, caused more harm than good…and wish they had just done what I am about to say next.
If the government is really interested in protecting Nigerians, they should dump the thought of “regulating” and rather figure out how to WORK WITH (this) MMM – yeah, that sounds creepy, but it’d be worth the effort to make it work.
If you are reading this in the future and SMH, then know that some Nigerian reps really made a mess.