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Pastor Ernest Mbanefo who stays in South Africa is the owner of MMM

 The brain behind the ponzi scheme known as MMM in Nigeria has been linked to Ernest Mbanefo, a self proclaimed pastor who, according to an online reporter is based in South Africa.

According to Nigerian Communications Week, Mbanefo registered on June 7, 2016 at about 5pm Nigerian time the site MMM-Nigeria.net domain.

Information gathered from NAN quoting NCW and Pageone showed that the domain will expire on June 7, 2017 as Mbanefo made a single year domain payment. This report was written as far back as Semptember 2015.

MMM Global is a Russian company that has been known to be responsible for one of the world’s largest ponzi schemes in the 1990s, owned by Russin politician Sergei Mavrodi, his brother Vyacheslay and Olga Melnikova. Many Nigerians has believed that the MMM Nigeria is affiliated with MMM Global, however, it was also revealed that the former has no ties with the latter, as it operates independently of MMM Global.

MMM is an acronym derived from the first letters of the three founder’s surnames- Mavrodi, Mavrodi and Melnikova. Though both companies are not affiliated, the MMM Nigeria is also a pyramid scheme where investors gets a 30 per cent return on cash investments after a month.

MMM is feared both in Nigeria and in the outside world. The Chinese government for instance, banned MMM in January 2016 claiming that it is a pyramid scheme (ponzi) and has no legal operational rights. In Zimbabwe, thousands of Mavrodians were left in tears as the ponzi scheme crashed leading to the loss of tens of thousands of lifetime savings.

Described and nicknamed as ‘Super Guider of MMM’; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigerian users whether they fall under his downline structure or not. These assistance has come through information, education and proper guidance for the MMM Nigeria Community mostly through his subdomain ‘news.mmm-nigeria.net’ which lauds him as the leader of the Ponzi Scheme in Nigeria.

Read also: Ultimate Cycler (Ponzi Scheme) Website confirmed crashed.

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Michael Onyemah

Michael Onyemah is a young Entrepreneur, a web developer, system engineer and IT Solutions provider and a gentle man.

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