Naija ancestors and village people for the win!! That is to say – I bow for una 🙌🙌! Remind me never to upset you people, haba! Naija people neither forgive nor forget, and MMM founder, Sergei Mavrodi, is the latest victim to find that out.
Who could forget the MMM crash and burn of 2016? The weep, wailing and gnashing of teeth? People lost heavily, and for many, the loss was more than just financial. People had leveraged house rent, children’s school fees, and even food money on a Ponzi scheme that could only implode. Poverty and the stress of daily living gave way to greed and savage responses to people who called out for moderation.
The MMM scheme became more than just a way to make money; it became a religion. Indeed, there were MMM posters in churches as even pastors and fellowship leaders invested heavily in a pyramid scheme. The Nigerian furore was so great that it even drew commentary from the MMM founder, Sergei Mavrodi, himself. He accused the government and naysayers of “hatin’ on a playa and generally beefin’ anyone making a dollar out of fifteen cents.”
But then shortly before Christmas 2016, the most expensive time of the year, when every Nigerian Mavrodian was mortgaged to the hilt, the pack of cards came crashing down spectacularly. The pain in the land was palpable as shock, rage, a slow realisation of all that had been lost hit the investors. Even the naysayers were so shocked by the magnitude of loss that the expected celebratory “I told you so” dance never came. It was horrific for many.
There was one more false start in 2017, but for the most part, MMM was dead in Nigeria. Yes, there were other pyramid, Ponzi, and get-rich-quick schemes (good evening, SwissGolden. Have you eaten?) but nothing matched the fervency and hysteria of MMM.
You thought it was all over? It is now! We were on our own today when the news came that the Russian businessman behind the
scam scheme, Sergei Mavrodi, suddenly died of a heart attack in a Russian hospital according to Russia media.
He’d been defrauding Russians for years and just sidestepping karma, this Teflon Don, even becoming a lawmaker at one time. He entered the same trouser with Nigerians, onku is no longer breathing. Wehdone sahs and mas. Village people, once again, I salute you!
I wish I could say that I am sorry to hear of his demise or to even wish him a peaceful rest, but I don’t. For sure, there is one born every minute, but to take advantage of people when they’re at their lowest? You deserve whatever you get, mate.
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