SERGEY MAVRODI, founder of MMM, has written an open letter to the Nigerian government to justify the importance of the popular Ponzi scheme.
Reports have it that the letter was displayed on the page of all participants of the scheme.
MAVRODI warned the Federal Government that if the Ponzi scheme collapses, millions of Nigerians will suffer, noting that “MMM is their only means of livelihood”.
He stated that the money being made from the scheme was being redistributed among Nigerians as a way of “restoring social justice”.
MAVRODI further noted that the MMM has been working in Nigeria for a year, and according to estimates, the total number of members now is about three million people.
Recall that the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have previously warned Nigerians against participating in the scheme while the house of representatives also ordered an investigation into the operation of the scheme, in October.