Since the fall of MMM Nigeria, several Ponzi schemes have sprung up with more enticing promises.
One of such is Twinkas which promises members a 200% return of investment unlike MMM which promises 30%.
MMM which stands for Mavrodi Mondial Moneybox used to be the most popular scheme in Nigeria until in December 2014 when it froze the account of participants. It resumed operations on January 13, but it as good as dead because participants have not been able to get their money back. Many have also lost confidence in the scheme and are now running to other Ponzi schemes.
Twinkas is fast taking over. Presently, there are four categories where you have to donate the sum of either N5000, N10000, N20000 or N50000 and any amount invested in each of the categories would attract double the amount after one month maturity.
Information on its website says it was founded by a team of enthusiastic humanitarian specialists who wanted to overcome the routine and create a platform that would act in the market not only for business success but for the sake of humanitarian and financial empowerment services.
How popular is Twinkas?
Relative to other sites, Twinkas is ranked number 9 in Nigeria. According to Alexa ranking, it is ranked number 4,172 in the world.Twinkas.com receives about 106,500 unique visitors and 452,625 (4.25 per visitor) page views per day.
Just like every other Ponzi scheme, Twinkas has no product or service that it provides other than giving participants unreasonable amount of returns which activates the greed in its members.
The rush for money in this period of economic hardship is unending. Nigerians have not learnt their lesson from the fall of MMM and they are still patronizing Ponzi schemes.
Recall that they were warned severally against investing in MMM but they turned deaf ears.
The thing with all these Ponzi schemes is that those who join late are always the ones to lose out as those who joined earlier would have recovered their investment and cashed out.
Many Nigerians have been affected by the supposed crash of MMM and some have lost hope of ever getting their money back.
On Wednesday, February 22, an unidentified student of the University of Ilorin, attempted to end his life because he had been affected by the crash of MMM.
Recently, a young man, simply known as Adakole, who was about to wed last December drank insecticide following the alleged crash of Ponzi scheme. He passed away on Monday evening, February 20, around Kubwa in Bwari Area Council of Abuja.
The woman in the video below talks about MMM, calling it a scam.