MMM Founder, Sergey Mavrodi has said the scheme has done a lot to improve the welfare of Nigerians and reduce poverty despite the fear expressed by the federal government that it is a ponzi scheme.
In an open letter, MMM founder urged the government to look at the benefits of the scheme to over three million Nigerians in one year of its existence in the country, especially, where the scheme is the only source of livelihood for some Nigerians.
The open letter read, ” 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.”
“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?”
The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) had warned against participation in the scheme while as the House of Representatives ordered a probe into its activities in the country.