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Backlash As Netizens Criticize Rumoured Resurgence Of MMM Ponzi Scheme

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Nigerians on social media have criticized the purported resurgence of MMM, a Ponzi scheme that persisted for years before its closure.

The original scheme, Mavrodi Mundial Moneybox, sparked significant controversy on social media when investors realized they had been deceived.

It was established in 2011 but collapsed in December 2016. Nevertheless, in 2017, MMM declared its comeback but did not successfully initiate operations

MMM did not only operate in Nigeria at that time but also operated across many other cities of the world.

On March 26, 2018, the founder of the scheme, Mavrodi, who was also an ex-convict, died of a heart attack and this led to the shutdown of the scheme in April 2018.

However, on December 4, 2023, and also in the early hours of today (Tuesday) social media went into uproar on the alleged return of the scheme. On the X (formerly Twitter) platform, ‘MMM is back’ became a trending topic.

It was reported that MMM has been renamed as MMMkrypto with claims that the sponsors are determined to ensure that the scheme “accomplishes its mission.”

This was seven years after the initial scheme had crashed in December 2016.

In a viral image posted online, the said rebranded scheme allows users to “earn up to 36 per cent referral bonus,” amongst other tempting benefits.

Reacting, an X user and author, Osinakachi Kalu, with the handle @OsinakachiAkuma, shared he and other persons had spoken and debated other similar Ponzi Schemes invoked at that moment.

He wrote “Imagine MMM in this present administration?” when there is a hash economy. He, however, warned people to stay away from it as people are already lining up for it.

He regretted his family fell into the crashed scheme, saying, “That’s how I shouted initially and my own family ended up falling for it.”

While @ChuksEricE wrote that “it is unwise to invest in it” and @scholarbanty also wrote sarcastically saying “MMM is back! Invest now & cry later! Invest at your risk!”

For @geoffreydpr, he advised it shouldn’t be tried. He shared that he lost his two years the savings to the previous one that crashed.

“The MMM where I lost my hard-earned money. The money I worked for two years. MMM na God go punish you people I’m ready to spend my last money to spoil you people don’t even try it,” he tweeted.

@Dajibawo1 on the other hand wrote: “I Just pity the many that would fall victim out of greed”

For @Sochi_Simba, wrote, “December don reach, if you be the person to buy bags of rice for another person. Go ahead.” And@ChequerSpell believed “anyone who falls victim to this scheme should be the one jailed.”

While reacting to the said scheme, the spokesperson for the Economic Financial Crimes Commission, Dele Oyewale urged Nigerians to adhere to extant banking rules and regulations and stay away from transactions that have any hint or colouration of criminalities.

“Nigerians should always conduct due diligence on any investment move. They should adhere to extant banking rules and regulations and stay away from transactions that have any hint or colouration of criminalities,” Oyewale said.

As of this time of filing this report Nigeria Police Force Public Relations Officer, Muyiwa Adejobi, is yet to confirm if the Force is aware and taking action against the sponsors of the fraudulent scheme.

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DPRP, Congo National Oil Consider Strategic Partnership

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Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

The national oil company of the Republic of Congo, the Société Nationale des Pétroles du Congo (SNPC) and Dangote Petroleum Refinery & Petrochemicals (DPRP) are discussing a strategic partnership aimed at strengthening the Republic of the Congo’s supply of refined petroleum products.

The parties also have on the agenda, advancing regional energy cooperation and industrial integration across Africa, Biztellers can report.

SNPC Managing Director, Maixent Raoul Ominga, who led a delegation from his country on a visit to the DPRP, described the facility as a strategic asset for Africa and expressed the national oil company’s interest in developing a long-term partnership with Dangote.

“We have visited this remarkable refinery, which represents a major industrial achievement for Africa. The Republic of the Congo has refining capacity and we are keen to explore strategic cooperation that will help strengthen the supply of refined petroleum products while creating value for both organisations,” Ominga said.

ALSO READ: PETROAN Calls for Dialogue over Fuel Prices

Discussions between both organisations, he said, focused on opportunities for collaboration in refining, petroleum products supply, energy security, industrial development, and knowledge sharing.

He praised the Dangote Group for demonstrating that Africa can successfully finance, build and operate world class industrial infrastructure, describing the refinery as an important milestone in the continent’s industrial transformation.

Ominga also commended the Group’s investments in the Republic of the Congo, particularly in the cement sector, noting that they have strengthened local industrial capacity, expanded production and improved access to construction materials.

On his part, President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, reaffirmed the Group’s commitment to Africa’s industrialisation through value addition, regional partnerships and investment across the continent.

“We are for Africa, not just Nigeria. Tell us what you need, and we will see how we can work together,” Dangote said.

He noted that the refinery has established a new benchmark for fuel quality in Africa by producing petroleum products that meet the highest international specifications, while improving access to cleaner fuels and reducing the continent’s dependence on imported refined products.

In the same vein, the Vice President, Oil and Gas, DIL, Devakumar Edwin, outlined the Group’s long term expansion strategy, which will increase its total refining capacity to 2.1 million barrels per day, comprising 1.4 million barrels per day in Nigeria and a planned 700,000 barrels per day refining complex in Kenya to serve East African markets.

He also disclosed plans by the Group to invest an additional US$46 billion between 2026 and 2028 across its refining, cement and fertiliser businesses as part of its drive to accelerate industrialisation across Africa.

The engagement underscores the shared commitment of SNPC and the DPRP to deepen African energy cooperation, strengthen regional value chains and promote greater self sufficiency in refined petroleum products as the continent advances towards enhanced energy security and increased intra African trade.

Also present at the meeting were Group Executive Director, Commercial, Oil and Gas, DIL, Fatima Aliko Dangote; Adviser to the President of the Republic of the Congo, Peggy Ndongo and advisers to the SNPC Managing Director, Aymar Ebiou and Norbert Mabiala.

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Navy Intensifies War Against Crimes in Nigeria’s Oil Sector

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As part of efforts to protect Nigeria’s oil revenues and energy infrastructure, the Nigerian Navy recently recovered approximately 22,870 litres of suspected illegally refined Automotive Gas Oil (AGO) in Rivers State.

It was gathered that the value of the seized petroleum product is put at about N39 Million.

The seizure, carried out under Operation Delta Sentinel, is part of an ongoing security intervention designed to disrupt illicit petroleum supply chains which the Navy says continue to undermine government earnings and legitimate operators in the oil and gas sector.

ALSO READ: Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser

According to the Navy, personnel of Nigerian Navy Ship (NNS) SOROH acted on intelligence reports and intercepted a wooden boat transporting 36 sacks of suspected illegally refined diesel in the Orashi Forest area of Okolomade Community, Abua/Odual Local Government Area of Rivers State.

In a media statement, Director of Information, Nigerian Navy, Captain Abiodun Folorunsho, revealed that further aerial surveillance and ground searches uncovered an additional 45 sacks of the product concealed under vegetation and inside ponds, bringing the total recovery to 81 sacks containing about 22,870 litres of AGO.

Navy Captain Forunsho stated that the operation highlights the growing use of intelligence and surveillance technology by security agencies to tackle crude oil theft and illegal refining activities, which industry stakeholders say contribute significantly to production losses, environmental degradation and reduced government revenue.

According to him, disrupting the logistics networks supporting illegal refining operations is critical to improving transparency in the petroleum value chain and safeguarding investments in Nigeria’s oil-producing region.

“The recovered products and the wooden boat used for transportation were handled in line with established anti-crude oil theft procedures.

Meanwhile, the Chief of Naval Staff, Vice Admiral Idi Abbas, reaffirmed the commitment of the service to sustain intelligence-driven operations aimed at dismantling criminal networks involved in oil theft and protecting the nation’s strategic economic assets.

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Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser

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President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.

Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.

The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.

Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.

“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.

The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.

Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.

President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.

She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.

A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.

According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.

ALSO READ: FG Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing – Oyedele

Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.

The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.

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