Today was crazy. (Thank you, Shereen). Scratch that – the past few weeks have been crazy. I have been wanting to write about the MMM rave for a while, but couldn’t find the time – so I have had to be content with liking other people’s posts and dropping sarcastic comments here and there on Facebook. Right now I need a break from writing recommendations and thinking about foreign exchange, so I have decided to finally write this.
First some context for the uninitiated. MMM is
an investment scheme that offers 30% returns on a monthly basis. Yes. You read
that right. 30% monthly. To help put that in perspective, if you invest
provide help of N100,000, you can expect returns to get help of N130,000
in thirty days. If you leave this N100,000 in for twelve thirty-day cycles, it
becomes N2.3 million at the end of the period. That is a 2329% annual rate of