STUDENTS of Federal
Polytechnic, Bida, have
blamed a Ponzi scheme
popularly known as Mavrodi
Mundia Movement, MMM,
for the delay to pay their
school fees.
Result of an interview
conducted from a cross
section of students in the
institution shows that a large
number of students are yet to
pay their school fees as they
put the blame on the epileptic
services from the scheme.
According to Utek
Solomon, HND2 Banking
Finance student, “I was
warned not to get myself
involved with the scheme
but I did not listen; I used
the whole money I gathered
during the last semester
break to do ‘MMM’ hoping
that I would have enough
money to pay my school and
accommodation fees; now
I am left with nothing and
yet to pay my school fee as a
result of ‘MMM.’”
Narrating her ordeal
with the scheme, an ND2
student in Computer Science
Department who simply
identify identified herself
as Princes said: “As soon as
we vacated from school last
semester, reaching home, my
parents gave me the money
that I will need for the next
session, as that has been
the tradition every session.
Foolishly, I invested the
money on the Ponzi scheme,
with the hope that I will get
double of what I invested
before the resumption of
the new session; but now
the reverse is the case; I lost
everything. I am in a mess
and cannot call my parents
asking for another money to
pay my school fee.”
Similarly, a HND2 student
of Mechanical Engineering
Department, Augustine
Ajide said “I am in a very
tight corner because I am
the one fending myself
from the onset; now I am
in this difficult situation of
not hbeing been able to pay
my school fee as a result of
It would be recalled that
the Ponzi scheme became
popular last year and was
functioning very well, but
started having problems on
December 14, 2016, when
it froze its participants’
Although, on January 14,
this year, MMM unfroze
participants’ accounts but its
services have since been so
MMM was established
in 1989 by Sergei Mavrodi,
his brother, Vyacheslav
Mavrodi, and a woman, Ogla
Melnikova, all Russians.

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