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Ultimate Cycler,MMM,icharity : Ponzi Schemes flood Nigeria

Emma Nwachukwu

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mmm - Ultimate Cycler,MMM,icharity : Ponzi Schemes flood Nigeria
  • Ponzi schemes flood Nigeria as recession continues to bite hard

  • Nigerians turn ‘deaf ears’ to government’s warnings

  • Many believe schemes are ‘gifts from God’

Despite the several warnings issued by the Federal government, EFCC and the CBN on the dangers of patronizing ponzi schemes like icharity, MMM, Ultimate cycler etc. Nigerians are still signing up in their hundreds on these fraudulent platforms with many saying they are ‘gifts’ sent by God to help them cope with the recession.

The biggest of  these schemes is the now viral ‘MMM’ which means ‘Mavrodi Mondial Moneybox’, created by a Russian mathematician, Sergei Mavrodi. MMM, which is already banned in several countries of the world(banned in all top-tier countries) promises a return on investment of 30% after a period of 1 month.

The ‘wonder bank’ has seen millions of Nigerians pouring their money into it, with some selling their properties to raise money for ‘investment’. In recent times, Organizers/recruiters for the scheme called ‘guiders’ embarked on social corporate responsibility(charity) by giving relief items to IDPs in Northern Nigeria but some believe it was an attempt to whitewash the scheme’s shady image and bad history.

ultimate cycler 1 - Ultimate Cycler,MMM,icharity : Ponzi Schemes flood Nigeria

Another scheme that is gaining much popularity now in the country is Ultimate cycler. This money-doubling setup is a little different from MMM, it promises larger returns.

Here is the catch : User ‘A’ signs up by and depositing a sum of N12,500 to a fellow member, he/she signed under. When the deposit or ‘donation’ is approved, the Ultimate Cycler systems registers four other users under user ‘A’ ,who will pay N12,500 to User ‘A’ resulting in N50,000. Basically User ‘A’ pays N12,500 and gets N50,000 in return.

Now that User ‘A’ has 4 users under him/her,the Ultimate Cycler system upgrades user ‘A’ to grade 2 level. On this level, User ‘A’ will pay N25,000 from his/her N50,000 gain to another grade 2 member. After this, the system will put 16 people under user ‘A’ who will then pay user ‘A’ N25,000 each. At this stage, User ‘A’ gains N400,000.

icharity 1 700x394 - Ultimate Cycler,MMM,icharity : Ponzi Schemes flood Nigeria

iCharity on the other hand is much similar to MMM, only difference is  a user chooses who he/she want to pay money to or ‘help’ (peer to peer). Unlike MMM, where a system matches users with who they are to pay to, icharity allows its users to choose.

 


9 Comments

9 Comments

  1. Felix

    December 1, 2016 at 8:11 pm

    which of this scheme are you a member of, for me mmm is the best among all of them.

  2. AduKWU OKOLO

    December 2, 2016 at 12:39 am

    It may be very clear to every ear that those schemes may end up with fatal ends, but what is to be consider best now is how to relatively meet the basic need. So every one take risk to survive. Am taking the risk with MMM and am surviving.Thanks

  3. Femcharles

    December 2, 2016 at 11:14 pm

    Is it like icharity that demands 5 referers to pay you back your money?

  4. Chasario

    December 4, 2016 at 1:27 am

    Who is asking if one is happy with buhari’s leadershhp, when all knows that its a capital “NO”! The Bible Said, “When The Enemy Shall Arise Like A Flood Against Us, The Lord Shall Raise A Standard For Us Against Them”. Buhari Is The Flood That Has Risen Against Us. MMM Is The Standard (Escape Route) God Sent 4 Us.

  5. Apata

    December 8, 2016 at 1:46 pm

    well, it is a laughing matter that Buhari is the Flood and MMM is the Standard, all what i know is that is not only Buhari that is ruling this country all the senator and the representative member are those cause a lot of damages to our Economy. our prayer is that may God Almighty save our country and our souls from this this so call reception.
    Moreso, MMM is real and it can no collapse.
    Our Leader think good for us, stop creating wide gap between the rich ad the poor.

  6. Jenny

    December 9, 2016 at 7:09 am

    Well as for me i have taking the risk so to hell with recession and those behind it

  7. Typearl

    December 22, 2016 at 10:42 am

    I had that MMM nigeria has crashed

  8. Yewande

    March 7, 2017 at 8:46 am

    I registered on pairfund.com and I was matched immediately and get paid 200% of my money back in less than 3 hours. Just want to share this since they are kind of new and now will be a good time for anyone that want to invest in it before it become over crowded.

  9. Joyce Yalley

    September 9, 2017 at 8:02 pm

    Why do people always say what they have no idea about, does that make your website popular. Don’t kill dreams because of what you do.
    Have you tried ultimate cycler yourself?
    Be real,we want real stuffs.

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