WHAT IS REALLY MMM?
MMM was founded in 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova. The name used for the company (MMM) was derived from the initial letters of the three founders’ surnames of this scheme. Clearing the misconception, it is not a Money Making Machine as many people think.
“Mavrodi was arrested in 2003. While in custody, Mavrodi was given until January 31, 2006 to read the documents in his fraud case against him. At the end of April 2007, Mavrodi was convicted of fraud, and given a sentence of four and a half years. Since he had already spent over four years in custody (2003-2007), he was later released less than a month later, on May 22, 2007. He later went on to creating yet another pyramid scheme called MMM-2011.
In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a “30% per month” return through a “social financial network“. Also, in 2016, MMM launched a website targeting the Nigerian audience.
In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered).” Source: Wikipedia.com
What is MMM?
MMM (www.nigeria-mmm.net) is a scheme company that guarantees people a 30% interest in addition to their initial registration fee after 3-4 weeks. The system solely relies on referral system in where the company guarantees you commission of a certain percentage when you refer someone to their network.
The MMM-Nigeria based website reads thus:
“MMM is a community of people providing each other financial help on the principle of gratuitousness, reciprocity, and benevolence.
In MMM you don’t have to make contracts or pledge your property. In MMM there are no lenders and no debtors. Everything is very simple: one participant asks for help — another one helps.”
The Securities and Exchange Commission (SEC), has recently warned the general Nigerians on the activities of some online investment scheme specifically tagging this ponzi scheme called MMM.
The SEC’s website warning reads thus:
“The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net).
The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.
“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”
Therefore, the Securities and Exchange Commission (SEC) urged the general public to stay-off of this online scheme which is a deceptive one. Also, adding that this is unsystematic risk that is whoever joins this scam does so at his/her own risk. Describing this as an unsystematic risk shows that it is just a scam because nobody gets compensated for an unsystematic risk; it is a risk you can avoid, that is, it is an avoidable risk.
Before my analysis to prove you that MMM will soon crash, we have all heard and read the news that South African and Zimbabwean branches of the MMM scam have crashed in which many people have lost huge amount of money. With this news, Nigerians remain adamant and still putting their money in the scheme. Funny enough, you see many Nigerians defending the scam scheme; I think my mail will be bombarded with responses and other negative words with the fanatic members of this scheme after reading this article.
It is advisable to stop risking your money on such system. Though you might be making your cool cash money from it, there is a high possibility that you will lose it all. I am telling you, it is just a matter of time till the law catches on, or Sergey Mavrodi decides to close down the racket.
The only thing that MMM demands from its participants is, to be honest and kind to each other. You ask for financial help when you need it, you give financial help when you are able to do it.”
It doesn’t matter if people are making money. One day you will get burned.”
MMM is not actually the first ponzi scheme, you can also read here: 10 Of The Biggest Ponzi Schemes In History
Any comment or contribution? Use the comment box below to express your opinion.
Amazing Tips for Overcoming Fear of Starting a Business Venture
Is it the right time for me to start a business venture? What if my company fails? I do not have enough experience to start my own business venture? Should I wear my tedious work at the office to go to the unknown? Well, these are some of the concerns that prevent many people from starting their own business venture. Indeed, many will have the right plan, but taking the first step is always the hardest.
These are some fantastic tips to overcome the fear of starting a business venture.
Failure is a part of the business venture
Asking why they should start their business, although they set up a business plan five years ago, the majority of people will say they are afraid to fail. If I fail, how can I maintain my family? Will not I get into a much worse financial position? It is true that most companies fail in their first three years. However, it is also true that even the most successful businesses did not fail once, not twice but many times before they even broke.
There is no perfect plan
I’m waiting for the complete plan before taking my business trip. My plan still has a few grey areas and will not work. The truth is that there is no perfect plan. Unfortunately, many people spend a lot of time on the same idea or postponing. Business is a journey and no destination. And the only way to be successful in learning the mistakes. The sooner a person accepts that there is no perfect plan or perfect timing, the easier it is to start a business.
Search for a mentor
Just like a child starts to crawl before he walks, business is the same. It did not matter how competent and informed you are, starting a business comes with its challenges. One of the most common concerns is lack of confidence or proper guidance. Such problems can be overcome by looking for a business mentor. A good mentor will have hands-on experience with a similar type of company. He will guide you and minimize errors.
As long as we remember, starting a venture has always been a big challenge. The main reason for not going into business is still due to failure. This probably explains why two-thirds of Americans are employed. The above tips for overcoming the fear of starting a business venture will be useful to any ambitious entrepreneur. The winning formula does not reflect on how to do it but do.
Reasons You Must Not Use Your Personal Email for Business
Personal email accounts are accessible almost everywhere. They are types of mail you use to receive messages from friends and family members. Most personal email services have web-based mailboxes, where you can read, write and edit emails from any computer. Though there are some email accounts that can only be opened at work, such is described as a business account. As an adult, you need characters and skills to keep up career.
Do you wonder how many employees use their personal email accounts for business purposes? Who uses your email for personal reasons?
Business and personal emails are two different things. Every entrepreneur or business persons must have both personal and business email addresses. These two email addresses must be separated and used for different reasons. Though there are some jobs that don’t require you to differentiate the two email addresses. However, there are some which you must have different emails, such as Sales representative, Accounting related job, medical health, freelancer, Marketing officer, Administrator, Credit Analyst, Agriculture Inspector, small business, combining entrepreneurship with health profession, engineer and many more.
The capabilities of each email address depending on the type of personal email account you choose to use and the type of account you have. The call to have two different accounts also mean there are different functions for each.
See these 3 good reasons why you should not use personal email for businesses.
It is not professional
Professionalism does not require informal activities. The communication through your email about your personal life is not professional. Therefore, it will be wrong to use a personal mail for an activity that requires a business email address.
Also, it would be abnormal to use your business email address to chat up your friends or family members. You should also know what to use these different emails for. Many officials likely to reject your mail is not sent with an appropriate email address.
If you are an employer or external translator, your personal business email may have been subject to an impairment. This can increase the risk of inappropriate communication and lost email. Also, if you are sending messages to other companies, business experts or customers, it will be wrong to use your personal email address.
Moreover, sending important information with your personal email does not look professional. Communicating with a potential customer using your personal email address as your primary email address does not look impressive.
Privacy is one of the things professionalism value. Personal communication using business email address is risky. You need to be careful how you use your email address when you are at the office. Many employees are not cautious of this situation. Men often use personal email for business communication, log in to their accounts and send emails regarding their work.
It is a security risk
It is crystal clear that many people use their personal email more often to communicate at work. However, it is risky for business security. The fact is that the files transferred might be vulnerable to viruses and other malicious activities as mails go in and out.
The use of personal emails for work is a risk that that can even cost your job. However, before you send any sensitive information, you must take operational safety into account and bear in mind that you have signed any document that prevents you from sharing important information. Security risk would make an employee to be responsible for the leak or lost information.
If these reasons stated above are not enough to stop using personal email for businesses, consider combining work and private life. We believe every individual needs safety tips for your career. Though we would advise you to have both personal and business email address for their different purposes.
Why Most States in Nigeria Cannot Pay Workers Salaries – Dr. Joe Abah
This morning, I want to talk about why I think some states don’t pay workers salaries. As always, my intention is to explain, not to justify. It is immoral and wrong not to pay ANYBODY that has done agreed work, both in public and private life: civil servants or domestic staff.
Many states are public service states. In some, the main economic activities in the state revolve around the public service. The only good jobs available are public service jobs. Public servants are the elite. Everybody’s ambition is to join the public service. It’s prestigious.
The public servants are, if you like, the representatives of those in the rural areas. They are the educated elite who tell others what to do, even what to think. The salary of each public servant supports 30 dependents. They know how to write petitions. You don’t mess with them.
Because each salary supports 30 people, having high salary costs as a percentage of the budget is not seen by the people as a big deal in the states. It is seen as a means of direct distribution. So, a governor MUST recruit, pay and do infrastructure. Borrow, if necessary!
In some cases, personnel costs consume as much as 90% of state resources, even though the public service of that state is much less than 5% of the population. If you sack people, you’ll lose elections. It’s that simple. You may be forgiven if you sack AND REPLACE, like el Rufai.
So, you have less than 10% of resources available to spend on infrastructure, healthcare, education, security, youth, etc. As a governor, you know that if you don’t build roads, you’ll lose elections. If you don’t build gigantic structures in bricks and mortar, you lose elections
Now, assume that you defeated the incumbent governor to become governor. A month before he hands over, he will recruit an additional
10,000 people and dump them on you. They’ll report for work IMMEDIATELY! When you are sworn in, to sack them is a problem. To pay them is war.
At a point, Ekiti State which has about the smallest allocation from the Federation Account had the largest civil service in the country: 60,000 people. Even the Federal Civil Service is only 82,000 …and some people say it is bloated. You take over as a governor, in shock!
Now, the public service in the states is TOTALLY politicised. EVERYBODY ACTIVELY belongs to the ruling party. The main preoccupation of the civil service is party politics. Any contestations are within the same party. The only exception I’ve seen is Ekiti: about 50% APC; 50% PDP
Remember I said if you don’t do roads and build white elephant projects, you’ll lose. The same civil servants will tell the whole world that you are not doing anything, so you are not sure of their loyalty. There is no money. People that invested in your election are waiting…
So, to get anything done, you have no choice than to borrow. If you ask your Ministry of Works or Education to give you a quote for re-roofing a school, they’ll quote N50 million. You know you can do it for N5 million. You ignore the Ministries and do it yourself directly.
Because each successive governor has ignored them, they haven’t done any work in years and years. Any capacity they came to the Service with is now COMPLETELY lost. Indeed, you’ll need some convincing that some even have degrees. Many have fake degrees but that’s for another day. So now, as a governor, you are asking yourself why you should be spending 90% of State resources on this “useless, unproductive” 2%. You find it totally maddening. Also, you can’t raise taxes either. You can’t make enough money to be politically independent of your political sponsors.
Because capacity is so low and the cost of going through the public service is so high, you bring in your own staff and just award contracts from government house. You decide to throw a big party for your wife. The civil service prepares its dossier for EFCC when the time comes.
The choices before you are stark:
- Do the right thing, sack some and risk your political future
- Continue to pay them, do no projects and lose re-election
- Borrow massively to do projects and leave the Federal allocation to them
- Raise IGR, annoy market traders and lose.
Many governors will choose Option 3 and borrow massively. The problem comes when you’ve borrowed so much that you can no longer service the debt. You can’t afford to default on your loans. FGN guarantees international ones and will deduct at source. Also, local debtors don’t give time.
All of a sudden, you realise you can’t pay workers salaries. You promise them you’ll pay. Don’t forget that 30 people depend on EACH salary. The heat is so much that you start looking to borrow more. If you get “bailout funds”, you either want to do projects or pay other debts.
Since the public service has captured 90%, if you don’t do projects, you don’t make any money for yourself in kickbacks. So you build schools nobody needs, a state university or even an airport with the bailout funds. You continue to owe, and that’s how the cookie crumbles. End!
Join the trend of workers salaries here https://twitter.com/DrJoeAbah/status/962235146933071872
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Cultivated Workplace: 4 Tips for Keeping a Clean Office
Collectively working together in a small space is a great way to build friendships and collaborate on projects. However, that can only be accomplished if it is a pleasant place to work. One of the key ways to a pleasant workplace is a clean office. Because of all the time employees spend in the office, it should be treated just short of being a second home when it comes to cleanliness.
Here are the four of the best ways to keeping a clean office.
Point out Benefits of Clean Workplace
There are several hidden benefits of clean workplaces that most office workers may not know.Coming into contact with this bacteria every day is going to lead to illnesses, and effect not only productivity but morale. Once everyone in the office knows the benefits of a clean office, then they will work much harder to keep it clean than ever before. A clean office will instantly boost morale and productivity of every worker. It will also help improve the health of everyone in the office. Bacteria loves to live in dirty confined spaces.
Create a Cleaning Schedule
It can be hard to get office workers to focus on cleaning when they are so focused on their job duties, so cleaning must be scheduled into their regular workday. The best way to do this is by dedicating at least one day a month to just cleaning the office. You may also want to make every employee responsible for cleaning one small area of the office throughout the week.
Stock the Office with Cleaning Supplies
It is simply impossible to keep an office clean if it is not stocked with the right cleaning supplies, like those offered by Mailander. This allows anyone to grab the right supplies any time there is a problem. Seeing the cleaning supplies every day will also remind everyone that they need to keep the office tidy. There is no excuse for having a big mess when there is a fully stocked supply closest.
Point out the Problems
If the office is going to stay clean over a long period of time, then there needs to be a way to report any problems. Put up a bulletin board that allows employees to complain about dirty areas of the office. This will create more awareness for the problem while also making everyone more responsible for their cleanliness.
Nobody wants to come into a dirty office every day. This makes it vitally important for every successful business to maintain a clean workplace. Implementing these four tips will instantly solve any of the cleaning issues in your office.
Career Tips: 4 Ways Working Adults Can Update Their Skill Set
You love your career but sometimes wish you were more knowledgeable and adept at your everyday tasks. You want to improve and progress in your company, possibly to a management or executive level, but don’t quite know where to begin. Furthering your education and your day-to-day skills can be accomplished by:
Taking Night and Weekend Classes
One of the best methods in which to improve oneself is to begin taking classes to keep up with others in your particular field. If you have been out of college for quite some time, be aware that much has changed in many job areas.
Choose the classes that will help you in your current career the most. You can also choose those classes which will prepare you for the next step up from where you are. You may say you cannot afford to go back to school right now. However, the truth of the matter is, you cannot afford not to.
Taking Online Courses
An excellent option for those with little time, with no reliable transportation, or with small children at home is online coursework. Courses in accounting, nursing, business management, and much, much more await the online student. Never before has the internet opened up so many possibilities for furthering an ambitious person in the work world.
For example, if you are a software engineer or web developer, it may assist you greatly if you took a course in coding languages, specifically Angular JS. This will help you create new and exciting applications in HTML. If you work in either of these careers and don’t know what these are. It is all the more evident that you need to take the online classes available. It is also important to learn more about these web applications.
Seeking a Mentor
Is there a person in your company whom you really admire? Is there an individual whose work ethic and decision-making skills are stellar? If there is someone whom you’d really like to learn from, approach that person about a mentoring arrangement.
A mentor is an individual who guides you toward those skills that you really need in the career that you are pursuing. They work either in the same career that you do or something similar. They also advise you and introduce you to the right people. This type of person is not afraid of sharing his success secrets with another individual who admires his capabilities.
If you cannot find a mentor, choose a famous person who has made it big in the field that you are working in. Read their biographies, outline their career steps, and learn from their mistakes.
Attending Seminars and Networking Events
If you really and truly do not have the time to attend regular classes. There are many evening and weekend seminars that you can attend to update yourself on various aspects of your job. Here you will meet others with like-minded goals and objectives.
And sometimes it is not what you know but who you know. Meeting the right person at exactly the right time can further your career more than any course of study. It is important to meet and greet individuals at networking events as they can be of huge assistance to you. They can be knowledgeable of openings that you might be interested in, training that is available or even is willing to show you the ropes in a career that you may be curious about.
If an individual really desires to stay abreast of trends and changes in his industry as well as increasing his skill sets, he will find a way to do it. If he doesn’t have time to engage in some of the preceding suggestions, it is important that he makes the time. This is what will help him become productive and successful in his chosen career.
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