A Twitter user, @EngrSeries, took to his page yesterday, Sunday, October 30, to reveal how the controversial 'money doubling scheme' - MMM was advertised in a Redeemed Christian Church of God (RCCG) during the service.
According to him, the church might have done it all in the name of getting numerous referrals which means more money for the church. Read the tweet and reactions below:
Nawa oh, does this mean RCCG supports MMM? The entrance of Mavrodi Mondial Moneybox popularly known by its abbreviation, MMM, into the country sent Nigerians into a frenzy as many hop into the quick-money train. The company which was founded in Russia 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova recorded a rapid growth but in 1994, it came crashing down as it was closed over tax evasion.
Described as the biggest Ponzi scheme in the 1990s, it was estimated that thousands of people lost up to $10 billion dollars. The scheme which has been banned in China has found its way to South Africa, Zimbabwe and recently Nigeria where it has attracted “investors” who put money into it and receive 30 per cent “profit” ant the end of the month.
People are asked to register and put in money and after 30 days, they receive a 30 per cent profit plus the invested money. Due to the larger number of people who participate, it is possible for money to circulate in a case described as robbing Peter to Pay Paul.
Do you think it is okay for a church to advertise this scheme in church?