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Twinkas Making Wave Among Nigerians Despite MMM Failure

Twinkas and MMM

Despite the fact that over three million Nigerians lost N18 billion in the Mavrodi Mundial Movement (MMM) Ponzi scheme in 2016, Twinkas, a similar scheme is making wave among many Nigerians at the moment. [#mmm]

Investigation by the News Agency of Nigeria (NAN) in Abuja showed that a large number of residents of the Federal Capital Territory (FCT) were willing to take chances with the Twinkas as MMM scheme.

Some of the residents, who spoke with NAN on Sunday, attributed their willingness to investment in the scheme to the present economic recession in Nigeria.

According to them, the economic situation has encouraged many Nigerians to participate in money-doubling schemes such as MMM, Twinkas and others in spite of the possible risks.

The residents said the scheme provides them with 100 per cent interest on their investments.

Valerie Dada, a civil servant, said that she was encouraged to participate in Twinkas, because salaries were delayed sometimes. “Salaries are sometimes delayed and I have bills to pay, so I decided to take some of my savings and invest in the scheme.

“There are many schemes that arose after MMM, which is suspected to have crashed and these schemes have better packages and interest rates to attract people.

“I am currently participating in Twinkas because it has proven to be reliable so far, with an interest of 100 per cent on all amounts of money invested. “That is a package I feel is worth the risk, so that I can afford to pay my bills,” she said.

Speaking during the NDIC day at the 38th Kaduna International Trade Fair, the Managing Director, Alhaji Umaru Ibrahim, said despite repeated warnings by the Central Bank of Nigeria (CBN) and the NDIC on the activities of the fraudsters, Nigerians still patronized the #MMM.

Ibrahim, who was represented by the Deputy Director, Corporate Affairs, Alhaji Hadi Suleiman, warned against trading in Ponzi schemes or virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, and others, which are not authorized by the CBN due to the risks involved in their operations.

The NDIC Director stated that “The scheme is the phenomenon of illegal fund managers, otherwise called ‘wonder banks,’ which have continued to defraud unsuspecting members of the public of their hard-earned money.”


Rev Francis Waive

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