Business
Backlash As Netizens Criticize Rumoured Resurgence Of MMM Ponzi Scheme
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.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
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Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





