ToBeCandidUpdate™

Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers. The members woke up on Tuesday morning to a disclaimer on the scheme’s website informing them of the move. But the promoters of the scheme say it won’t go burst just yet, adding that the setback will only last for a month. The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones. Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom. But the MMM said the move was only to prepare its system for intense activities ahead as part of its preparation for a new year, which arrives in less than three weeks. “As usual, in the New Year season, the system is experiencing heavy workload,” the message, seen by those who logged on to th

- Sergey Mavrodi, the MMM founder, has reportedly written an open letter to the federal government about the benefits of the ponzi scheme - Mavrodi assures the President Buhari-led administration that the scheme won't fail despite widespread reports that it would soon The founder of ponzi scheme Mavrodi Mondial Movement (MMM) Sergey Mavrodi is reported to have written a letter to Nigeria’s federal government. Tobecandidupdate reports that the open letter was displayed on the page of all participants in the scheme. In the letter Mavrodi listed the benefits of the scheme and urged the President Muhammadu Buhari-led administration to embrace the movement because of its many benefits through which it is helping Nigerians. He noted that the government would leave the scheme alone to keep helping Nigerians if it knew how well it was catering to people’s welfare. Mavrodi revealed that over 3 million Nigerians were already on the scheme. He also shot down arguments that the