Monday , January 21 2019
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Ernest Chigozie Mbanefo: MMM chief promoter in Nigeria

Mbanefo, owner of MMM scheme in Nigeria unmasked

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A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo is the mastermind of the suspected Ponzi scheme known as MMM Nigeria.

According to an online report, Mbanefo is based in South Africa.

Nigerian Communications Week said Mbanefo  registered the site MMM-Nigeria.net domain  on June 7, 2016 about at about 5 pm Nigerian time.

NCW quoting  Pageone report written as far back as September said Mbanefo made a single year domain payment.  The domain will expire on June 7, 2017.

It was also revealed that  MMM Nigeria is not part of MMM Global – a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s.

MMM Global  was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.

The name of the company was taken from the first letters of the three founders’ surnames (MMM)

But like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 per cent return on investment.

Around the world, MMM is feared.

In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered.

MMM recently crashed in Zimbabwe: Thousands of ‘Mavrodians’ in Zimbabwe were left in tears when the scheme crashed, losing tens of thousands of their lifetime savings.

PageOne gave Mbanefo’s address as 1 ROYAL STREET, LINDBERG PARK, JOHANNESBURG, SOUTH AFRICA.

According to Page One, on the 15th of July, Ernest was awarded a certificate of completion of an online course titled ‘MMM Guiders School’. The certificate was supposedly signed by Sergei Mavrodi himself. He has since given himself the nickname the ‘Super Guider of MMM’.

To share news and information about MMM, Ernest also operates a subdomain ‘news.mmm-nigeria.net. The site praises him and projects him as the leader of the Ponzi Scheme in Nigeria.

“He is described as: MMM Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigeria Participants whether or not they fall under his downline structure. The brain behind the MMM NIGERIA REVOLUTION operation has been working selflessly and tirelessly towards the education, information and proper guidance for the MMM Nigeria Community’

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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123 comments

  1. Na one day monkey go go market and him nor go return. Na sidon look I dey look this ponzi scheme.

  2. What shall it profit a man if he gains d whole world and looses his soul?

  3. Enjoy it while it last but, it is schemed to dupe at the end. You will see.

  4. Do we have conscience in this country?if yes let us do the right thing pls,let stop doing ourself all is vanity.Gov gives us good life.

  5. Another umana umana scam loading…

  6. Everybody one be rich by 4rce. It is not the starting oo! but the end matters a lot. Don’t trouble ursv by somebody oo?

  7. How do you verify this Clem if it is true or not , because people just wake up to write what they like and they want some body to believe them

  8. If really your the owner of mmm then I want to say a big thank you for keeping young people out or the street at least crime rate has reduced this time around . God bless you.