Live Update

Get latest news updates around the world, News updates, Breaking news, Sport news, Celebrity news, Entertainment news, discovery news, political news, economy news, banking news, oil news, forex news, world news, and lots more. Subscribe to get news via email

Why You Should not Join MMM Nigeria

A message from an MMM participant, not be though, just got this an felt like sharing:

*An MMM participant has this to say*

Everything in life is risk.... When intercontinental Bank is no more existn, it closed with 300k of my dad till now my dad no receive kobo and CBN refused to say anything...

My mum purchased a share worth 200k in access bank in year 2000, she wanted to sell it now the bank prized it for 16800…

My friend invested 500k on fishery he got 75k Buari no talk or Compensate him for the loss. I have 50k in first bank for more than 6 months when I got there I saw N49,866.

My friend invited me to join MMM with 50k I collected 75k when it is a month and two days.. Now CBN is telling me that MMM is fraud. I don't even pray for it to be real. Even I blame myself for not joining this fraud since ��������

                    My Own Analysis

CBN would term MMM as fraud because, economically speaking, it is to the advantage of the masses and also dispel all ideology of the banking industry and the stock exchange.

Many other organizations like MMM is rising fast and some are not legitimate so people should be warned.

MMM is good in economic time like this which Nigeria is experiencing, how ever, it would discourage investment in the Nigerian Stock Exchange, while banks would gain a little.

The conclusion is this, many companies get funds from the stock exchange than banks, and if the public masses fail to invest in the stock market, many companies would fold up, unemployment would increase, naira value would continue to fall because we are just rotating money to save our heads, but not producing.

If everything continues to rise, if you keep getting   30% profit from MMM, with time, that 30% increase would have no real value again when everything is expensive to afford.

For Nigerian economy to survive this recession, programmes like MMM should be created by manufacturing companies and not indibiduals who are not producing anything but just using Peter to pay Paul.

The decision to join or not to join is in your power, but I advise you to do MMM, but pls try to use your 30% increase to invest something that will create employment. If every single Nigerian can employ just 1 worker, unemployment rate will be reduced by 50% minimum and Nigeria will rise to become a producing country instead of a consuming nation and the price of Naira will be strong against the dollar and other currencies in the world.

My name is Joseph Erinle, an Economic analyst, infopreneur, addicted blogger and a business Tycoon. My friends call me Billionairejoe. You can share this to educate someone as knowledge is the only solution to ignorance.