Nigerians groan as MMM suspends further payments to subscribers

Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers.

The members woke up on Tuesday morning to a disclaimer on the scheme's website informing them of the move.

But the promoters of the scheme it won't go burst just yet, adding that the setback will only last for a month.

The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones.

Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom.

But the MMM said the move was only to prepare its system for intense activities ahead as part of its preparation for a new year, which arrives in less than three weeks.

"As usual, in the New Year season, the system is experiencing heavy workload," the message, seen by those who logged on to their account this morning read.

The promoters also blamed the hysteria that has greeted the emergence of the scheme in the Nigerian media, as well as attempts by Nigerian government to shut it down.

Comments

Abuja Airport threatened! as herdsmen, hawkers take over

As herdsmen, hawkers take over, enjoy field day By ROMANUS UGWU Rightly or wrongly, first time visitors form impression of their host country from their contacts at the airport. This is particularly true for those coming by air. Sometimes, this may end up as permanent impression about the host countries judging from the standard and organisation of their airports. The airport, especially the international wing, serves as the gateway or key indices to empirically assess and measure the infrastructural and development level of the country concerned. This accounts reason governments concentrate so much resource in standardizing and making the roads to the airport not only motorable but beautiful just to create the impression of a model city in the minds of the foreign and local visitors. However, the reverse is fast becoming the situation at the Nnamdi Azikiwe International Airport (NAIA), Abuja. The airport has become anything but model. It is now a common sight t...

Senate threatens to go on strike over rerun elections

Gives INEC Dec. 10 ultimatum to conduct polls From Fred Itua, Abuja The Senate yesterday issued the leadership of the Independent National Electoral Commission (INEC) till December 10, 2016 to conduct the pending National Assembly rerun elections in Rivers State. Failure to adhere to the ultimatum, the Senate threatened to suspend plenary. It stressed that the non-representation of the state in the National Assembly was unconstitutional and condemnable. The Upper Chamber adopted the resolution following a motion sponsored by the Deputy Senate President Ike Ekwerenmadu and co-sponsored by the Leader of the Senate, Senator Ali Ndume. Presenting his lead debate, Ekweremmadu bemoaned that despite the resolution of the Senate taken on September 27, 2016, which urged INEC to conduct the election, the commission refused to act accordingly. Ekweremadu said: “lNEC has failed, refused and or neglected to conduct re-run elections in Rivers State into the Senate, H...

Obasanjo's Ex Wife Taiwo Begins a New political Party

By Taiwo Amodu Taiwo Obasanjo, is ex-wife of former president, Chief Olusegun Obasanjo. In this interview, she unfolds her plan to float a political party, with the name, Abundant Blessing Congress. She says her mission is a “divine assignment from God.’’ Why are you interested in floating a political party? What exactly is your mission and why not find accommodation in existing platforms? I have a divine assignment from God to come out with something like this. It has a divine agenda. What is the divine agenda? What is the agenda? It is to create a selfless platform for people to come together and become the custodian, part and parcel towards rebuilding this nation. We shouldn’t leave it to only the government of the day to run. It is going to be a kind of shadow government, that will also externalise itself in all that they want to do for the nation. The Abundant Blessing Congress will also be internalizing what they want to do and that’s what we are going to...

Tekno Singer finally delivers diversity with new single "RARA"

With ‘Rara’, Tekno ends the year on a high, and proving that he has more than just what has been released this year within his artistry. Holy crap! That’s the feeling one gets as the sounds of Tekno’s latest single ‘ Rara ’ begin to filter into your ears and connect with your brain. These sounds travel through the entire brain and activates the pleasure and reward centers, which in turn give you the feel-good chemicals stumlate happiness all around you. Simply put, it owns you. And it is on that note that he comes through with ‘Rara’. Produced by the prolific Selebobo, Tekno diversifies on this one. DOWNLOAD HERE DOWNLOAD HERE Tekno Before ‘Rara’, Tekno appeared to have one single working formula. It is this formula that has propelled him to become the prince of African music. There’s a certain method to the production of ‘Duro’, ‘Wash’, ‘Where’, ‘Pana’ and ‘ Diana’ that remains consistent, even in the audio and vi...

BUS CONDUCTOR COLLAPSE AS CIVIL DEFENCE USES TEAR GAS ON HIM BECAUSE OF 100 NAIRA- SEE PHOTOS

Today as about 1:30pm along the popular ring road in the city of benin a civil defence offcer was seen running for his dear life as he was been chased by some group of angry bus drivers and conductors. It was gathered that due to the refusal of the bus conductor to give the officer the regular sum of 100 naira he placed handcuffs on him and opened the tear gas he was holding into the eyes of the conductor. He also attacked the bus driver when he tried to interrupt him...The Driver sustained an injury on his nose. The whole drivers around there as at the time of this incident moved towards the Officer to give him the beaten of his Life but he ran for safety to a government building close by. WATCH VIDEO HERE He was seen trying to make a call and i was wondering if he was trying to call president Buhari because as at that time he was still in benin... The Drivers and conductors started screeming "No more 100 naira for the Police" and that they dont wan...

Famous Warri rapper Erigga signs multi-million Naira deal with Emirate Empire

Popular Warri pidgin English Lyricist and entertainer, Erigga, has i nked a new record deal with Emirate Empire run by Anonymous M an and Associate, and the deal is said to be worth millions of N aira. Speaking from the set of his music video-shoot for his fo rthcoming single 'Cooperate', with Clarence Peters, shot at a l uxury Beach in Lagos, Erigga told his publicist that he's excited a bout the new deal because it came with so many goodies and t hat finally his new and old fans should expect epic moves from h im. Erigga Paperboi fondly called "King of the South" by his fans is c urrently the most sought after rapper from South-South Nigeria a nd was nominated for 'Lyricist on the Roll' and 'Best Street Hop' in 2012 Headies.

Job Opportunity at The Federal University Lokoja – Job Nigeria

The Federal University Lokoja was established by the Federal Government of Nigeria in February 2011. The University is presently operating at its Adankolo campus (take-off site) situated in the heart of Lokoja, behind the Kogi State Specialist Hospital while its Permanent Site is located at Felele, along Lokoja – Okene Road. The University’s vision is to be the best among the twelve new Federal Universities established within the same period and one of the top ten (10) Universities in Africa. It is committed to developing high level of manpower and innovative individuals to drive the vision of its founding fathers and Nigeria as a whole. Applications are invited from suitably qualified candidate to fill the soon to be vacant position below in the Federal University Lokoja: Job Title: Registrar Location: Lokoja Job Description The Registrar is the Chief Administrative Officer of the University and shall be responsible to the Vice-Chancellor for the day-to-...

Uyo church building collapse: How Gov. Udom survived, over 200 dead during service

The Reigners Bible Church International Incorporation, Uyo, Akwa Ibom State, after it collapsed… on Saturday Tragedy struck in the least anticipated place, yesterday, Reigners Bible Ministry, Uyo, Akwa Ibom State capital, after the church building collapsed during a service. Conflicting accounts put the death toll at between 50 and 200 while Governor Udom Emmanuel, who was present when the incident occurred, survived. Meanwhile, no fewer than two of Udom’s commissioners and another aide were said to have been seriously injured. An unconfirmed report said one of the aides died. Journalists were also said to be among the victims. Eye witnesses said the building, under construction, collapsed around 11 am, about 30 minutes into the programme to enthrone the church founder, Apostle Akan Weeks, as bishop. Weeks, it was learnt, escaped unhurt. ...

The unbelieveable history of MMM - A must Read

МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders. Russia MMM was established in 1989 by Sergei Mavrodi , [2] his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders' surnames. Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion , leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatisation. This effor...

Search This Blog