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Mixed Feelings as MMM Resumes Operations

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MMM
  • Mixed Feelings as MMM Resumes Operations

The controversial Mavrodi Mondial Movement (MMM) sprang a surprise come back yesterday, 24 hours ahead of its scheduled resumption, after it suspended the operations last December.

The Ponzi scheme, which has enlisted over three million Nigerians in its books, however, dropped another frightening condition for the members, as it opted to start payment from those with little stake, described as “poor” ones.

This means that it is not yet over for the majority of it participants, who are big ticket, “Helpers,” as they address themselves, as the operator of the MMM said they would also be settled in batches.

Besides, they also noted that a daily limit has been set to forestall or control panic withdrawals.

Announcing the return, the operators, in a statement signed by the Founder, Sergey Mavrodi, read: “The holidays are over and we are now open, just as promised (You might have already noticed that we always stick to our promises).
“Actually, we promised to be open on January 14, but we are open now, January 13, as you can see, which is a day earlier. (Well, I hope, the members of the System will forgive us for that).

“It is related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they have managed to nearly give the members of the System a heart attack and have frightened them out of their wits…”

But it was a cocktail of mixed feelings by some members who spoke to The Guardian on the condition of anonymity at the Murtala Muhammed Airport in Lagos.

While some were visibly attending to customers in a hurry to get the space and log into their accounts to place “request,” others left their duty to get the “early bird” slot.

Unfortunately, those who succeeded in logging in were told that they could not be honoured at the moment, either because the payment time has not started or they are big ticket members.

One told The Guardian: “I want to get my money. I don’t think I would come back again. Maybe, I will try with N20, 000 whenever I decide to come again.

“Now that they have said they would pay gradually, it might be a sign that the money is not complete. There might be need for more people to join, so that more money will flow. But who would want to join?”

Another said: “I have about N800, 000 to claim. I will get to the end of it this night, as I will continually try to place my request until I succeed.”

Yet another one said: “My own is double portion, because I have not collected for once. I reinvested my own when it was due. I am still afraid now that they ant to start from small amounts.

A lady in her early 30s, who operates the scheme, along with her husband and does not want her name in print, said: “I can confirm that MMM is back in full blast. My expectation and confidence was that MMM will be opened and will be stronger than ever.

“MMM is now made in way that no one can post a fake teller; there is a way the system will detect a fake user or people who are on the platform to cheat others.

“I was hundred per cent positive that the scheme will be back, in fact I paid N350, 000 to people that requested help same day the account was frozen; there was not a day I doubted it and I never lost my sleep. It was normal for people to express anxiety over it but I called over a dozen people who registered under me almost every time to allay their fears.”

A man in his late 20s, who simply wanted to be identified by his first name, Chibueze, said, “I wasn’t scared when the news hit the media that MMM had been frozen; I read what was posted on my personal account telling me the date the scheme will resume, I was calm and asked people that registered under me to also let their mind be at rest.”

Meanwhile, patronisers of the Mavrodi Mondial Moneybox (MMM) have become panic as introduction of new rule, which will involve using bitcoins for transactions, has made Nigerians feared for their unpaid money before the platform closed in December 2016.

The platform was said to frozen the accounts of participants last year based on the numerous number of people who wanted to get help.

A Nigerian who claimed anonymity said, “MMM resumed online yesterday at 12 noon and I have requested for my money but ever since then I was not merged with people who will make payment to my account.

“This is not usual, because I have done so many transactions with the platform. But this got me weary, when I heard about the bitcoin strategy, I don’t know how it works and I hope it’s not a step that will deny me of getting my money back.”

Another investor who claimed anonymity also said, “I have just been exercising patience because I do not want to believe that it’s a scam, because when I heard and read it online that due to the fact that the platform is meant for the poor, therefore, only those who need little money will be attended to first before they attend to those who seek for bigger help. I think this is a fraudulent statement if it is true,” she said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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Appointments

The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

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Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

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Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

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Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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