MMM: 4Yrs After Nigerians lost N18 billion to Ponzi Scheme


January 2020 marks four years since the gruesome announcement of the crash of MMM, a Ponzi Scheme introduced to Nigeria by Sergey Mavrodi.

The announcement left a lot of Nigerians in a state that some may not have recovered from. Some collapsed, some were left in hardship and some even committed suicide.

About three Million Nigerians lost N18 billion to MMM, according to the Nigerian Deposit Insurance Corporation (NDIC) report.

Some in millions, some in hundreds of thousands, while some in a few thousands.

A Twitter user has taken to his account to recall his personal experience with MMM, and as many as could relate, more experiences were shared.

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See tweets below;



Meanwhile, protecting and ensuring that workers in Nigeria earn enough to function with a bearest average living cost is far from it’s reality.

In an analysis made by, a foreign company which deals in coupons, Nigeria ranked the country with the highest increase in its minimum wage from N18, 000 to N30,000 in 2019.


However, in its study which included 54 countries that operate national minimum wage, despite the increase in its national minimum wage in 2019, Nigeria still ranks the country with the second lowest minimum wage of all 54 countries considered.

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