MMM: Students must pay their N2bn naira debt

Two days ago, MMM resumed operations as promised.

However, the Ponzi scheme is yet to cope with the huge demand to pay her members.

A great number of young folks, including students, invested monies into the scheme.

One school badly hit by the scheme is the Osun State University.

The Vice-Chancellor of the University, Prof. Labode Popoola, said students from his university plunged their school fees into MMM.

He said the estimated amount is over 2 billion naira.

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The Vice Chancellor, however, stated that the students must pay up whether they are able to recoup their money from MMM or not.

Prof Labode, “Some of the students used their school fees to invest in MMM.

“But whether MMM comes back or not, it is their headache.

“I have told them that we are not going to open the portal.

“If I see that a critical mass of the students pay, then we will decide to open the portal just for about 48 hours.

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“But they must pay first.

“This is how we accumulated a debt profile of over N2bn, we cannot continue this way. They just have to pay the money.”

But Mavrodi ‘investors’ have not been able to get their money back as of the time of filing this report.

A conversation with one of the promoters of the Scheme said payment had not begun on Saturday but that the scheme would “pay soon.”

“Some accounts are frozen and ‘GH’ have commenced,” she said.