CONFESSION TIME! We Put Our School Fees, Project Money In MMM, Varsity Students Lament
MMM!
The amount I invested in the MMM scheme was
N100,000. I was expecting my 30 per cent profit when
I got the news that our accounts have been
suspended. It was a bitter news. Being a student, the
fund was raised to pay my school fees and to meet
other basic needs. It is a great risk but many students
enrolled in the scheme to make profit and to live a
better life. If MMM crashes, I would accept it as my
fate. I will have to look for other ways to source my
school fees. There is nothing I can do. I will only
learn from it and not engage in such a scheme again.
— Ozadhe Russell, Civil Engineering department,
LAUTECH, Ogbomoso
A friend introduced me to participate in the MMM
scheme. Being a lucrative one, I decided to benefit
too, having heard of the success stories. I invested
N40, 000 in the scheme. The money is for my final
year project and my feeding allowance. It will be very
painful if MMM crashes. Considering my investment,
it will be a big loss for me. My plan was to use the
profits from the scheme to finance my final year
project and to meet other needs. I am seriously
praying that the suspension should be lifted so I can
reclaim my funds.
— Faniyi Inumidun, Accounting department,
AAUA
A friend in my department started talking about
MMM excitedly. He said MMM was a new online
business platform that credits you with 30 percent
interest of your payment in 30 days. I said waoh! I
never took interest in it until the need to tackle
certain needs arose.
On Tuesday when the news that the MMM had been
suspended came in, I was expecting bank alert of
roughly N500,000. I raised the fund to participate in
the scheme from my pocket money. If the scheme
crashes, it will be a big loss to me. Just last week, I
lost to an online business called ‘coin fever,’ it all
happened within minutes. I have always known that
MMM would crash soon. If it crashes, it will hurt me
but life goes on. I participated in the scheme despite
the risks to upgrade my life and to beat the current
economy recession. There are so many financial
needs to meet up with such as paying my school fees,
buying text books and other learning materials as
well as other dues in the school.
— Chukwunyere Chimobi, Electrical Electronics,
FUTO
The latest investment I made in MMM was N100,000,
but in total, I invested over N250,000 in the scheme. I
got money to invest in MMM from other businesses
that I run as a student. I didn’t have any special plan
for the money I would make from MMM. With the
profit, I would upgrade my lifestyle and improve my
life. I had always known that it would crash one day
as it is not a sustainable scheme. But I always prayed
that my money doesn’t get stuck when it eventually
crashes. I will feel the impact of the loss if it crashes.
MMM is not my only business. I do other things that
fetch me money.
— Martin Mundus Unakwe, Electrical and
Electronics Engineering, FUTO, Owerri
A friend of mine told me to join MMM when I told
him I needed some money. I decided to try my luck
with the money. When I saw many students making
money, I joined the trend. I actually participated in
the scheme because I needed to meet up with some
basic school needs. For example, when I offered to
provide “help” of N50,000, in the following month, I
collected N75,000, with a gain of N25,000 without
working or stressing myself.
I basically invested in it because of the high return on
investment. In this period of recession, it became a
way out. I will say I belong to the lucky category of
investors. I got all my money back last month before
the accounts were frozen; I decided not to participate
in it again because I was scared.
It is hard to believe that the money of other
participants is going to be paid back. I hope and pray
they lift the ban in January as they promised.
— Ifediora Sylvia, Federal Polytechnic, Bida,
Niger State
Someone introduced me to MMM and he talked
excitedly about it. I invested N30,000 in the MMM
business. The money was what I made from a project
I did for someone. Being a final year student, I am
already preparing for graduation. I figured out that
before my NYSC, there are things I could do if I have
some cash. It will be painful if the scheme crashes
Against an imminent crash, which I have been
praying against, I will move on with life. This is
because, from the outset, I understood the risk
involved.Life is all about risk.
— Tunde Afuwape, Biochemistry, LAUTECH,