Several warnings by the Central Bank of Nigeria that the money doubling scheme, MMM, is a scam meant to defraud Nigerians seem to have little effect as the scheme is variously embraced by many.
Despite attempts by the Central Bank of Nigeria (CBN) and the National Assembly to curtail the growth of the MMM scheme in the country, many Nigerians see the scheme as the best thing to happen to them since sliced bread.
They see the Ponzi Scheme as a blessing in disguise with the so-called 30% return on its investments over a short period.
The banks also are furious because they can’t just believe that any deposit scheme can promise a 30% interest rate after 30 days but there are die-hard devotees of MMM who see nothing wrong in what they do and are quick to point out the benefits of the scheme despite fears that it would have a serious implication when it crashes.
So why are Nigerians so hellbent on continuing with the scheme if the dangers enumerated by the CBN is so appalling?
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Here are 5 top reasons Nigerians have come to fall in love with the MMM Scheme.
1. Easy Money
The lure to make easy money from the scheme is a key factor why Nigerians are not in a hurry to heed the government’s warning to stay away from the scheme.
Nigerians are always quick to embrace any opportunity that gives them fast and easy money without necessarily working for it and MMM presents a chance to get that money and no amount of negativity would make them give up the chance.
They believe that if they invest a token and make a huge profit from it, what is there to lose. So they would rather take the risk than be left out on the bandwagon
2. Financial Problems
The country is in recession and everyone is financially incapacitated, so what is wrong in taking the risk if one can get extra money from it?
Financial problems can hardly leave the mind of a person and any scheme that seems capable of adding extra money into his pocket and augmenting his income is very welcome.
The subconscious mind of a person believes all of his financial problems can be solved and this is why MMM is a perfect place to escape from those problems.
3. Get Rich Quick Syndrome
Many Nigerians would not shy away from any scheme that would make them become rich quickly or overnight and as such, they keep pumping their money into MMM scheme despite stories of losses and ultimate suicide in countries that embraced it before now.
They would swap stories of how someone won millions in the scheme and is now living the life of a big boy, so anyone that tries to stop them is an enemy of progress.
4. Recession
The recession is real in the country and has brought with it untold hardship in the land that has made the average Nigerian unable to meet his financial obligation to his family.
Now the MMM scheme seems to have come to the rescue of Nigerians and they have embraced it with open arms and despite its alleged dark history, Nigerians are pouring their money into the money double venture.
Anything is better than just sitting down doing nothing as no one when the economy will come out of its current situation.
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5. High-Interest Rates
According to proponents of MMM scheme, the high-interest rates that come with it is an added attraction. There is no commercial bank in the country today that can boast of rewarding its investors with the 30% interest rate that MMM currently offers and as such, everyone wants to have a piece of the pie.
To some, MMM is a God-sent blessing to relieve Nigerians of the current hardship and as such, they will always see it as one venture they can be sure of getting high-interest rates.
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