CNN, BBC opens up what will happen to MMM Nigeria in future

The ‘Russian-made’ Ponzi scheme called MMM Nigeria has become not only popular in the West Africa country but also across the ocean as the international media has beamed its searchlight on what is now regarded as Nigeria’s biggest money-double scheme ever.

From their reports, the international media present a very bleak view of what the future holds for MMM Nigeria and other Ponzi schemes.

First to do a report on MMM Nigeria and others is respected British news daily Independent, which wrote that the Mavrodi Mondial Moneybox (MMM) is spreading like wildfire in Africa despite failing in Zimbabwe.

Independent UK takes a look at MMM Nigeria and others

It reported that MMM Nigeria continued to claim it was a legal entity even though the Central Bank of Nigeria declared it as not being so.

It noted also that founder of the scheme Sergey Mavrodi went on the run after the scheme first failed in Europe in the late 1990s, causing particip@nts to lose around $100million and also went on the run again, earlier this (April precisely) after another scheme of his, Republic of Bitcoin, failed.

It wrapped up its report with the revelation that South African banks had, as at when the report was written in September, already shutting down accounts linked to the MMM scheme.

For CNN which wrote its own report after the freezing of MMM scheme on Tuesday, December 13, the bone of contention was the ‘meteoric rise of the MMM Nigeria’ and how it all went to hell.

CNN says a host of factors helped the rise of MMM Nigeria which led to over 3 million people joining the scheme

It noted that the scheme was actually launched in Nigeria in November 2015 but became very popular in 2016. It noted further that despite government warnings against the scheme,
Nigerians went ahead to keep putting their funds into the Ponzi scheme.

Unemployment also played a part in the rise of MMM as fresh graduates and the unemployed turned to the scheme to ‘keep body and soul together’. It noted also that some religious leaders also helped to confer legitimacy on MMM Nigeria by allowing it to be preached from the pulpit by some members who are particip@nts in the scheme.

The BBC predicts a dark future for MMM Nigeria even after January 2017

In the BBC’s report, the theme is all about the big question ‘Will money frozen in the scheme ever be returned?’ It noted that Mavrodi was jailed for four years in Russia after the scheme lost families savings of up to $100million. He was released in 2007 and not long after started to present the scheme in Africa.

It reports that while it is unclear if people will ever get back their invested money which has been frozen in the scheme, BBC noted that for sure,
many people will lose their funds.

It ended its report with the doomsday prediction that “Even if MMM reopens in January as it claims, it is likely that the scheme would collapse at some point

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Unbelievable!! Only 40 Super-Rich Nigerians Pay Their Correct Tax

A government report commissioned by the Federal Inland Revenue Service and the Joint Tax Board has found that only 40 super-rich Nigerians pay correct tax on their income.
“With the assistance of international asset tracing professionals, the government has already identified that the number of potential tax defaulters is significant.”
A very reliable source in government told Punch during the week that the report was prepared from tax data collected from the 36 states of the federation and Abuja.
The source, a senior public servant, said the findings of the FIRS would influence the fashioning of a new tax amnesty programme to be launched by the Federal Government later this year. Additional findings also revealed that government would soon go after super-rich tax defaulters whose lavish lifestyles do not correlate with the small taxes that they pay annually.
A senior government official told Punch during the week that “in the process of tracing stolen funds, it has become apparent that a significant number of Nigerians have assets and fund lifestyles that are not consistent with their income as declared on their tax returns.
The tax report entitled, ‘List of individual taxpayers that paid N10m and above in 2016’, was prepared on January 24, 2017. The document was commissioned to examine the tax compliance of Nigerians who are “High Net-Worth Individuals (HNIs).”
For the purpose of the exercise, HNIs were defined as Nigerians who must have paid direct assessment tax of at least N10m in 2016 and, thus, were assumed to have made at least N40m and above in income in the same year.
The source said the main implication of the report was that most of the country’s rich and super-rich do not pay correct tax.
“Of course, there are more than 40 people who earn more than N40m in Nigeria in 2016. The rich are not paying. It is the reason tax is just six pe cent of our GDP,” the source said.
“Most HNIs are playing games with the system. They pay tax only on their salaries, which is just a fraction of their income and hide the rest. Where are all the big names that make hundreds of millions and billions every year?” the source asked.

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Question of the day: Is it nice to change Sim card after marriage?

I saw this post on NADIA BUHARI’S FACEBOOK TIMELINE and I felt like sharing it to you guys:
If you find it hard to read it via the image above, then you can read on below:

“I just ran into a newly married couple,the woman is angry that her husband changed her sim card immediately after the wedding.”Why should he go this far?” She complained.
The husband said her phone rings at every 5 minutes interval,and the kind of call she receives makes him uncomfortable,now they are married, she should do away with anything that will affect their marriage.
Why do you Guys think?
Is it a good idea to change sim card after marriage?
Guys, will you change your lady’s line after wedding?
Ladies,would you allow him to go that far?” marriage

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Rihanna calls Donald Trump Immoral pig for banning Muslims

Rihanna is now part of those condemning the decision of the President Of US over the Muslim ban. Rihanna took to social network to air her view. See what she posted below:

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