President Muhammadu Buhari on Tuesday said any Nigerian who has another country to relocate to are free to do so while he stays back to solve the nation’s problems.
According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke while addressing Niger Delta stakeholders at the Presidential Villa, Abuja.
“We are determined to make life comfortable and affordable to all Nigerians. If anybody has a country to go to, let him go, we will stay here and salvage our country,”he said
Time to break the silence on MMM. I published some stuff earlier that I got from Wikipedia about MMM. Unfortunately I had not done any form of investigation into the scheme as at the time of publication. I sincerely apologize.
ReplyDeleteBetween 2005 and 2007, we witnessed numerous schemes that were referred to as wonder-banks that promised incredible returns after few months of investment. These returns were initially paid to the first set of participants and the scheme gradually got public attention and the account of these companies quickly grew to trillions of Naira before the scheme "crashed" Not because they couldn't pay participants but because the CBN under the leadership of Charles Soludo seized the money in the accounts of these wonder-banks and refused to refund the money to participants till date. Many people lost millions of Naira under a govt. that claimed to be protecting its citizens.
However, I decided to investigate MMM further after discovering that the first thing on google search indicated that MMM was a scam. The big question was why would someone give a business and bad name? I decided to do some more investigation and I discovered so many things about MMM. I saw the report about the purported crash in Zimbabwe, I watched videos on youtube and one of the interesting links you might want to checkout is https://youtu.be/OYr8j1pG8cI and I still went further to type phrases like "I lost money in MMM", "MMM did not pay me" etc (I found nothing related to my phrases)
I decided to look at the mathematical implication of a crash but there's not enough data to derive a suitable crash date. So I decided to look at it from a different perspective. So many of us are not interested in finding out if it will crash, we are more interested in knowing how sustainable or reliable it is.
Think about this;
1. Do banks have all the money's that have been deposited with them?
2. Have they crashed?
3. Are they making profit?
Now here is my explanation for MMM. Think about a scheme with 100 participants where 10 persons register everyday and make a deposit of 100,000 each.
For the first 30 days MMM will have a total deposit of of N30,000,000 (30days x 10 persons per day x 100,000) and pay 10 persons a total of N1,300,000 (100,000 + 30%).
This means that MMM still has N28,700,000 deposit.
Let us assume that the 10 persons paid still return with the same deposit of N100,000 (99.9% possibility)
This would mean that MMM only loses 300,000 from the pool of funds realized monthly. At this rate MMM would need 100 months (300,000/30,000,000) to exhaust the funds used to pay participants. That is 8.3 years!
This mathematical expressions haven't taken into cognizance:
1. Natural tendency for participants to return with higher sums (But may not be very significant)
2. Money paid to guiders, staff, bonuses and website maintenance cost.
3. Increased number of new and returning participants (Very Crucial)
4. Participants who may decide not to withdraw funds on monthly basis.
In conclusion, MMM may not have significant reason to crash for the next 8 years. This is my basic research results, I am still using data from various sources to check the sustainability of the platform. If you want to join and you are scared, you can always contact me for insurance policy signups.#copied#
Lol... This man is a big joke.. Shame on all of you that voted this scumbag..!!!!
ReplyDeleteShame on you man!
DeleteLoooolz @Finest voted for this brain dead man!!! Shame on you Finest ������
DeleteNt our fault we voted fr him,gej is nt a gud candidate also.
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DeleteNigeria is bad and you are still here. Shame on you Steve
DeleteImagine d abomination komin out frm his mouth.. such a pity!
ReplyDeleteWow! Now I believe what Mama peace said Abt this man!
ReplyDeleteThis man na oponu
ReplyDeleteChai..,, n dis one supposed to be a leader.. shameless man
ReplyDeleteSir I don't expect this from u
ReplyDeleteIs mama peace hands clean? They looted this country dry. Shame on you for mentioning that name. The most currupt people in the history of nigeria.
ReplyDelete