Have you wondered why
While there are several reasons to this such as Nigerians loving quick cash, we cannot deny the role played by the Nigerian government.
Nigerians have had trust issues with the government for decades so when the Central Bank of Nigeria advised people not to invest in the Ponzi scheme, many people did not listen to the warning.
The head of the Consumer Protection Department of the CBN, Suleja Kassimwarned Nigerians not to invest their hard earned money in the scheme during a mentoring program for students.
The advice fell on deaf ears as the popularity of MMM has continued to soar. According to the Alexa, the website of MMM Nigeria now ranks higher than the popular social networking site. MMM is the fifth most visited site in the country while Facebook is now the sixth.
ALSO READ: EFCC investigating MMM
Another reason why MMM is extremely popular with Nigerians is that people view the government as against the masses. Politicians in government can spend millions on themselves and steal public funds but when poor Nigerians start making money on the side, the government tries to shut it down.
Nigerians flocking to sign up for MMM is a protest move against a government that has done little or nothing to reduce the hardships faced by millions of people during this economic recession.
MMM is not the only Ponzi scheme that Nigerians are signing up for. There are now new schemes that promise people double the money they invested in it.
The CBN has issued a warning and the House of Reps have ordered that the EFCC shut it down, but MMM is still making money and no one is doing anything about it.
Will the MMM bubble burst or will it continue to enrich Nigerians during these hard times.