MMM Founder SERGEY MAVRODI Finally Speaks Out Writes Open To "Nigerian Authorities"
Sergey Mavrodi, MMM founder, has allegedly
written an open letter to Nigerian Government
explaining the benefits of the scheme.. and he
asked some “serious questions” that needed
The letter which was sent as a tip-off was
reportedly displayed on the page of all its’
Recall the the Securities and Exchange
Commission (SEC) and the Central Bank of
Nigeria (CBN) had warned Nigerians against
participating in the scheme which it described
as a “Ponzi”.
The House of Representatives in October also
ordered an investigation into the operation of
According to the letter, Mavrodi implored the
government to look at the benefits of the
scheme rather than be against it without
knowing how it was helping Nigerians.
He insisted that if the government was really
interested in the welfare of the Nigerian
participant, then the scheme should be left
alone arguing that MMM was helping the over 3
million Nigerian participants.
Read below the full script of the letter:
Open Letter from Sergey Mavrodi to the
So far MMM has come under a constant
attack from you. In this regard, I would like
to ask you a few simple questions. Since you
are concerned with the interests of millions
of your fellow citizens, I hope that you would
be so kind to answer them.
What are you trying to get? Do you want the
MMM System to collapse and millions of
people to suffer? Who will support them then
if now MMM is their only means of
livelihood? Will you? You even don’t pay
wages to people? Or might you not care
about them? Might you be using a trendy
topic to make a good name for yourselves?
What will you say to a mother who will have
no money to buy food for her child? Will you
let her child die for the sake of the higher
interests of the economy?
You say that MMM is a scam. What is the
scam here, if all members are warned in
advance about all the risks, the possible and
impossible ones? They know there are no
investments at all. The warning is a red text
on a yellow background placed on most
prominent place of the website.
You say that MMM is bad. Why? Yes, it
produces nothing, but nothing gets out of the
country either. The money is just
redistributed among the citizens of Nigeria. It
gets from those who are richer to poorer
ones, in this way restoring social justice.
What”s wrong with that?
You have repeatedly stated that “it should be
investigated!.. researched!..” It means you
know nothing about this System yet; you
even haven’t understood how it works………
And finally. If you know what is right for
people, why is the life so bad in the country?
P.S. As for your statement that “everything
will collapse soon”. The system has been
working in Nigeria for a year, and according
to your estimates, the total number of
members now is about 3 million people. In
Nigeria the population is approximately 195
million. Can you calculate? Will it be
READ ALSO: The Senate Committee on“MMM Is
A Pyramid That Will Soon Burst” – Senate
Banking, Insurance and other Financial
Institutions has warned Nigerians that the ponzi
investment scheme, MMM, is a pyramid that
would soon burst.
Speaking in an interview with Vanguard,
Chairman of the committee, Senator Rafiu
Adebayo Ibrahim and other members of the
committee alerted Nigerians to the dangers of
investing in MMM.
“Any Financial institutions of any kind that is
not under the regulation of a Regulator such
as MMM is a pyramid that will soon burst.
We engaged the CBN and they have issued a
statement in the recent past. So Nigeria
should be wise and know that there is no free
money anywhere. One wonders which
investment can yield 30% flat any where in
For Senator Gbolahan Dada, APC, Ogun West, “It
is important for members of the Public to know
this fact. MMM was a Russian company founded
in 1989. The company was established by Sergei
Mavrodi, his brother named Vyacheslav Mavrodi,
and Olga Melnikova. The name of the company
was taken from the first letters of the three
founders’ surnames. MMM could be called a
wonder bank. Over 5 to 40 million people lost up
to $10billion in the 90s when it was introduced.
The company was shut down by Russian Police in
1994 and declared bankruptcy in 1997.
“It is unfortunate that some unscrupulous
Nigerians are capitalizing on the current
economic hardships to defraud unsuspecting
Nigerians by encouraging them to part with
their hard earned money with mouth-watering
interest or returns.
“MMM does not contribute or add value to
the economy because the records of such
transactions are not kept and not made open
to the public or regulatory authorities. It is a
product of fraud and nothing good comes
“The operator pays returns to the investors
from new capital acquired from new
investors and not from legitimately earned
profits. The operators entice investors with
mouth watering offers. The short term
returns are abnormally high and unusually
consistent. They may struggle to pay the first
returns but would bolt away with subsequent
capital or deposits made by investors.”
Speaking about the financial implications of
investing in MMM, Dada said,
“The money involved in MMM are usually
spent by the promoters on frivolities. The
promoters engage in ostentatious lifestyles.
They hardly have concern for the
unsuspecting investors. It is fool hardy for
any members of the public to fall prey to the
scheme despite warnings from stakeholders.
Those patronizing MMM will have a tale of
woes to tell after losing their deposits.”
On what can the Senate do to protect the
interest of Nigerians, the lawmaker said, “The
House of Representatives has taken a step to
condemn the Scheme and also promised to
investigate the scheme. Secondly, the CBN and
majority of the Banks have warned members of
the public from participating in the scheme.
“The EFCC also issued warnings to arrest
perpetrators of that scheme. My take is
simple. Any Nigerian who decides to
participate in the scheme is on his own and
should blame himself in the event of any
loss. The only thing the Senate can do is to
advise Nigerians to shun the temptation of
getting rich quick so as not to lose their
meager resources.”investment, it is a choice
of anyone. The question is, is MMM real, is
it actually threatening the financial
institutions in Nigeria; is it posing a security
threat and is it capital flight? Those
questions need to be looked into. I believe
that it is the consequence of recession, it is
not MMM, but about the desperation of
Nigerians looking for survival and nobody
needs to be blamed.
“If we see the kind of people that patronize
MMM, they are civilized, educated people
who actually know the consequences of
failed investment, but they still take the risk
and go into it. The only advise I can give
them is to be careful, they have the right to
go into it, it is their right, but they must be