Fear grips millions of Nigerians as Ponzi scheme freezes

Millions of Nigerians are panicking as popular Ponzi scheme

MMM Nigeria has shut down for a month due to what the operators call "heavy workload."

On the message board of the site, the operators said people won't be able to withdraw their money in December. This action was taken in order to avoid difficulties in the New Year.

With this latest development Nigerians have started expressing their fears on social media that MMM would crash.

The founder of the controversial Ponzi scheme, MMM, Sergey Mavrodi reportedly wrote an open letter to the Nigerian government.

In his letter titled 'Open Letter from Sergey Mavrodi to the Nigerian Authorities', the Ponzi scheme founder said MMM is meant to restore social justice as it redistributes wealth from rich Nigerians to poor Nigerians.

ALSO READ: How Nigerian government made MMM popular

He asked the government why they want MMM to fail, and noted that the failure of the scheme would bring more hardship to Nigerians who are already suffering. He accused the Nigerian government of trying to look good by calling MMM a scam.

In a live poll by Pulse Nigeria on Thursday, December 1, 2016, Nigerians said that popular Ponzi scheme MMM has better interest for them than the Central Bank of Nigeria.

A total of 917 Nigerians voted for MMM while 147 Nigerians voted for the CBN.

"MMM has healed the wound of Nigerian wise citizens caused by Nigerian corrupt government... MMM is the best testimony after good health" wrote Ikem Azubike on Pulse Nigeria's Facebook page.

By the result of the poll, it is evident that Nigerians have lost faith in this administration and are relying on Ponzi schemes such as MMM Nigeria and Ultimate Cycler to survive.