I am not trying to promote MMM neither am I trying to encourage people to continue to patronise the scheme. Whatever MMM stands for is not in any way my concern but my concern lies on the interest and incessant awareness/campaign of fear being created by firstly, SEC followed by the CBN and now Reps.
As I was about to go home after the business of the day, a friend drew my attention to the news alert titled “Reps asks security operatives to arrest promoters of MMM”.
This quickly gave me a lot of concern as I kept thinking where exactly lies the interest of our leaders.
Some years back, innocent Nigerians were acquiring shares of various companies, banks etc. So many of these acquired shares from the NSE has become NULL and VOILD. People bought millions of units of the defunct Afribank, Spring Bank and Bank PHB just to mention but a few. Staff of these banks were granted loans and forced to buy those shares. Even when the banks were taken over by new investors, staff were as well mandated to fully pay down on those loans. As we speak today, these shares have no value as these banks are CAPUT.
These questions quickly came to my mind:-
1. Where was CBN, SEC and the Reps when investors lost their hard earned monies invested in above mentioned organisations?
2. If MMM is a scam or wonder bank, what will you call the Stock market where investors are at no one’s mercy?
3. Are there policies in place to mitigate these issues raised? So many banks are distressed today and I am envisaging future acquisitions. Are shared holders protected?
If you ask me, I will say that Stock Market is the real scam or wonder bank as investors are on their own but thank God no one asked me so in turn, I have not said anything.
Since people can no longer depend on government for daily bread, I suggest people should be allowed to invest in whatever they feel like. Whether MMM or Stock market etc. After all, Scam is Scam whether registered or not. However, there should be caveat as well. Just like “VEHICLES ARE PARKED AT OWNERS RISK” instead of “DO NOT PARK YOUR VEHICLE HERE”. People’s money, peoples risk. Who cares? Only NFCS does …..
NB: This post is not in any way an attempt to promote MMM or any other money making machine wonder bank scheme but I am just here to seek for answers but Sen.Ben Bruce would rather make common sense.

I'm not going to support or condemn MMM either but I see people starting up businesses with money gotten from MMM, couples funding their weddings from MMM, most prostitudes quiting their 'jobs' cos of MMM, and yet govt want to shut it down why because to them, it is a scam? I know about 6 bankers who were laid off their jobs that are into MMM and 4 of them have delved into business and the future looks promising to them. I suggest they let them be. They already know it is a risky deal ( what is not risky now?) if at the end of the day it crashes, then they'll bear and endure the losses, besides it's not like there are that too many ready jobs to keep nigerians engaged and fulfilled.

jopretty:
I'm not going to support or condemn MMM either but I see people starting up businesses with money gotten from MMM, couples funding their weddings from MMM, most prostitudes quiting their 'jobs' cos of MMM, and yet govt want to shut it down why because to them, it is a scam? I know about 6 bankers who were laid off their jobs that are into MMM and 4 of them have delved into business and the future looks promising to them. I suggest they let them be. They already know it is a risky deal ( what is not risky now?) if at the end of the day it crashes, then they'll bear and endure the losses, besides it's not like there are that too many ready jobs to keep nigerians engaged and fulfilled.

Exactly my thought.. Everything in Nigeria is drama. Let's see how far they can go. We are watching in 3D.

jopretty:
I'm not going to support or condemn MMM either but I see people starting up businesses with money gotten from MMM, couples funding their weddings from MMM, most prostitudes quiting their 'jobs' cos of MMM, and yet govt want to shut it down why because to them, it is a scam? I know about 6 bankers who were laid off their jobs that are into MMM and 4 of them have delved into business and the future looks promising to them. I suggest they let them be. They already know it is a risky deal ( what is not risky now?) if at the end of the day it crashes, then they'll bear and endure the losses, besides it's not like there are that too many ready jobs to keep nigerians engaged and fulfilled.

Exactly my thought.. Everything in Nigeria is drama. Let's see how far they can go. We are watching in 3D.

Misplaced priority of our legislators.

JBUZZ:
Misplaced priority of our legislators.

You can say that again