E-Financial
MMM: Participants Worry as January 13 Draws Close
MMM, the Ponzi scheme also known as Mavrodi Mondial Moneybox, sent its participants into panic last month when it announced that all accounts used by Nigerians had been frozen.
According to Daily Post, precisely on Tuesday December 13 2016, one day after the Eid-el-Maulud holiday, Nigerians woke up to the news which many MMM enthusiasts, who fondly call themselves Mavrodians, received with mixed feelings.
MMM had sent out the unexpected circular to all Nigerian users explaining why accounts will remain frozen for a period of 30 days.
The circular urged participants to be calm and unperturbed, saying the development was to help prevent any problems in transactions, among other reasons, during the New Year season.
With the duration expected to lapse on or before January 13, 2017, investors are anxiously looking forward to mid-January, with the hope that they finally will be able to have access to their accounts once again.
But while some participants say they believe the accounts would be reopened, others have remained in a worrying state, expressing doubts about the assurance given by MMM.
“My brother, I don’t sleep well these days. I cannot wait for middle of this month to hear and see the good news,” said a respondent who wishes to be identified only as Chuks.
“I blame myself for not totally resisting the temptation because I put money just 4 days before MMM froze accounts.
“My friends have been pledging, putting money and getting 30 per cent. Since it wasn’t hearsay, I eventually decided to give it a try with N500,000.
“My money is hanging now and I just want to get it back. I did for two weeks, so obviously my interest and profit is due for collection. Let MMM please unfreeze the accounts; I know millions too are waiting for that day.”
Another MMM investor, Toyin, told DAILY POST that she was confident the scheme would bounce back.
The self-employed lady in her early thirties further lectured our correspondent on why accounts were frozen.
“The December period is when many investors take their money and this would affect the aim of MMM which is to put money in people’s hands.
“Assuming the accounts were left open, 70 percent of people would have cashed out. The effect is that when people seek assistance, they will not get money in 9, 10 days, unlike normal circumstance when you can get within 48 hours.
“MMM foresaw this and from experience, they know that pledges reduces during Yuletide. It was a timely decision that Nigerians will still appreciate.”
On how the popular scheme works, Toyin said participants can register themselves or have someone do so for them.
“If you come to me that you want to invest and decide to pledge N100,000, I will help spread it. An amount can be shared into as many as 4 places or more, depending on what the computer generates.
“I pay on your behalf to those accounts and then inform the owners of your payment; I also send proof. After this process, I continue to monitor. This of course is why people like me get 5 percent referral bonus. I have 13 participants under me.
“Those who have thousands of participants under them are the Guiders. They are the MMM multi-millionaires; the ones you see buying cars, houses and living large.
“What I noticed is that many actually prefer to give money to others to invest because they don’t want to go through the stress of staying online or making payments. Theirs is just to see credit alert.”
Meanwhile, top MMM Nigerian guiders have continued to assure Nigerians that there is no cause for alarm.
While one, a self-styled Nigerian pastor, Ernest Chigozie Mbanefo, boasted that MMM will run smoothly until Jesus Christ comes, another threw a lavish end of the year party in Lagos, apparently to boost investors’ confidence that all is well.
Similarly, MMM founder Sergey Mavrodi, a fortnight ago warned critics to stop castigating the scheme.
“Leave MMM alone and let us work. Nothing has collapsed, and MMM will perfectly resume its work in January. We can change the world!” he asserted.
But President of Omega Fire Ministry, Apostle John Suleman, predicted doom for the Ponzi scheme in his prophecies for the year 2017, concluding that money-doubler will crash.
While investors and Nigerians await the next news about MMM, the arguable fact is that the current recession in the country helped to make the scheme popular in Nigeria.
But for MMM, the freezing of accounts in Nigeria does not stop it from launching in other countries as it recently did in Kenya and Ghana.
During the launch in Kenya, MMM noted that it is “a community of ordinary people, selflessly helping each other. The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial Apocalypse! Before you join, be sure to get acquainted with our IDEOLOGY!”
Before Nigeria, MMM had taken its message to other African countries like South Africa and Zimbabwe. In 2016 though, South Africans who took part in the scheme had their accounts frozen and up till now, it has remained that way.
MMM was founded by Mavrodi, former Russian politician, who went on the run when the original MMM collapsed in the late 1990s. By different estimates, from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the owners.
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.
Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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