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Sometimes, I find it very hard to criticize the millions of Nigerians that are currently into Mavrodi Mondial Moneybox, popularly known as MMM. The situation in the country presently leaves people with fewer options. Due to an unfavorable economy, and a 12.7% current rate of unemployment in the country; many Nigerians appear to find succor in the MMM Ponzi scheme, which is described as a mutual aid fund where ordinary people help each other. It works in such a way that registered participants pledge and donate money to help other participants who request it, and expect the beneficiary to do same at a later date. What made this scheme so popular is the fact that it promises 30% monthly returns for participants who donate. Despite the fact that there is a caveat as to the fact that a participant may lose his or her money, yet, that has not stopped the over 2 million Nigerians who are currently registered from participating in the scheme.
This piece is not about MMM anyways (goodluck to those currently participating in the scheme) but about how government has pushed its citizenry to fall for things like this. Millions of Nigerians are finding it difficult to feed. Prices of goods (even basic foods) have gone up sporadically. Millions of young Nigerians are unemployed, and if care is not taken; the unemployment rate may jump from 12.7% to 15% by 2017. The government is either doing little or nothing to abate the current challenges being faced by many Nigerians. This is why repeated warnings from government and the Central Bank of Nigeria that people should desist from participating in MMM has fall on deaf ears. With millions of people seeking to survive under a government that has made life so difficult for them, a scheme which promises high returns (30%) has appeared to be attractive than the CBN and the Ministry of Finance policies.
Presently, Nigerians have more faith in Sergei Mavrodi (the founder of MMM) than in the entire Federal, State and Local government of Nigeria put together. Who government don ‘epp’ self? Politicians will promise heaven and earth during their campaigns, and then fail to deliver when they assume office. I remember this administration promised three million jobs per year. Two years almost gone in this administration, I doubt if this administration would have been able to create one million jobs by the time it is clocking two years in office. Even the popular Npower scheme being put in place to provide jobs has been full of irregularities. The administration also promised 23million Nigerians a monthly stipend of N5,000 monthly, it will take the special intervention of God for this promise to be fulfilled. All these are to simply indicate how politicians are only ‘talkers’, and not ‘doers’.
I do not think the government has a solution out of this recession at the moment and I doubt if the prices of goods that has gone up will be coming down soon or if they will ever come down again. People’s income have remained the same, salaries are not rising and yet, disposable income are on the increase. This is the reason you see both the working and the unemployed Nigerians falling for MMM. Fixed income salary earners are looking for ways to augment their spending. I have heard a number of them say the 30% on whatever they provide as ‘help’ can go a long way to fix some things in their homes. One would be surprised about the fact that salary earners are also into this. This is how collectively; government has failed. Both the employed and the unemployed are currently facing the music of an inept government. Truth is, it is not only MMM that is catching the fancy of the populace right now. Several of these schemes are now operating, and people are embracing them.
My advice to the government is that it should wake up to its responsibilities. One of the fundamental duty of government is to protect its citizenry in all spheres and ramifications. When this aspect is failing or has failed, the citizens would look for means of protecting themselves, and this is what is playing out. Every attempt by government and its agencies to stop the Ponzi scheme has not worked and the participants strongly defending their involvement in it, citing government’s failure to better their lives.
Like every other Ponzi schemes that have come in the past and gone, the future of MMM and its participants too cannot be guaranteed. Though the scheme has entered its second year in the country, experts have said that one day, “monkey go go market and it nor go return” which literally means that MMM would crash like its predecessors. This is why Nigerians are being admonished not to invest their entire savings in the scheme. Even the MMM website says “use your spare money” and not your whole money. But whether the schemes stay or crashes eventually, you can be sure that Nigerians will sure blame it on the government, and this is why it is essential that people in the position of authority wakes up from their slumber and strive towards making the lots of Nigerians better. This is where I will rest my case. Happy new month to you all and do enjoy the rest of the week.
