Yesterday, I speculated in an article that the letter allegedly sent from the CEO of MMM, Sergey Mavrodi to President Muhammadu Buhari was a publicity stunt gone right.
Suggested read; How MMM used the Nigerian media to spin PR magic
But a notification sent to “Mavros” as MMM beneficiaries are called to notify them on an intended freezing of their account points to the fact that the letter may not be just to amp up publicity. The letter/notification which had “One-Month Freezing of Confirmed Mavros” as the subject showed that the purported letter to the president was also a cushion of sorts for the shocker.
The notification reads verbatim;
As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)
Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.
The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))
We hope for your understanding,
MMM has not crashed , but one of the reasons Nigerians keyed into MMM was because of the economic recession and general hardship. So freezing their monies when the festive period is fast approaching completely trumps the essence of the scheme.
We will keep eyes peeled and inform you on any further developments.
On January 27, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship.
Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.
Listen to Built in Africa, a podcast by Techpoint Africa