Renewed fears mount over MMM removal of all payment requests

The jubilation and excitement that greeted the announcement of MMM return to business in Nigeria appears to be fading into another round of fears following the scheme removal of all payment requests on its system.

Nigerian participants were mocked, cajoled and caricatured when the scheme announced temporary shutdown of the site and promised to resume business on January 14.

Many never believed the scheme was ever going to return.

Announcing its return on January 13, 24 hours before the initial date of resumption was received with great joy by many of the participants. A song composed by one of its Nigerian participant and circulated on the internet sang praises of MMM coming back into business.

The singer alluded that his house rents, school fees among others, have come back with the return of MMM.

The Ponzi scheme had upon its return, after being out of operation in December 2016, announced that it will only make payment to participants who are poor or small investors.

It asked higher investors to bear with the scheme, promising that things will fall into place as soon as possible.

However about one week after the return, MMM is yet to be in full operation. What has baffled some of the participants most was the recent removal of all Get Help (GH) payment request.

By that removal, which some of the participants refer to as cancellation, even the poor or small investors in the scheme, have equally been frozen out.

Nevertheless, a recent statement by MMM argued that the payment requests were not ‘cancelled,’ as people are tagging it, but was only ‘removed’.

The statement read, “Please note that the GH orders were not cancelled because if cancelled, you will see it at the right-hand side as deleted. It was removed because of the following reasons.

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It gave the reasons to include an ongoing upgrade “because programmers are always working on the MMM system every day so the promised New Model can be unveiled as soon as possible”.

“More so, many participants have formed the habit of cancelling their GH orders and creating new GH orders hoping they will be matched earlier. There is no need for that anyway but to forestall that, the created GH orders were removed and that is why you can’t create new GH orders because the old GH orders have not been cancelled but removed and withdrawal is still pending,” MMM statement said.

MMM therefore called on its participants not to panic, assuring that it was going to meet payment requests of those who had asked for their monies.

Despite this explanations and assurances, Ripples Nigeria gathered that there is an ongoing renewed fear among many of the participants.

The complaints by some of them is that instead of the scheme working to ensure it begins making payment to higher investors, it has rather also “cancelled” GH payment request from smaller investors.

 

 

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