Friday, December 2, 2016

MMM Nigeria: Pastor Ernest Mbanefo, The Man Behind The Scheme Unmasked

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

The pastor, based in South Africa named Ernest Mbanefo reportedly registered the site MMM-Nigeria.net domain on June 7, 2016 about at about 5 pm Nigerian time.

According to Pageone, Mbanefo, did a single year domain payment which means the domain will expire on June 7, 2017.

Also, 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.

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.

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

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