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Pastor believed to have brought MMM to Nigeria says he has never met Mavrodi


Pastor Ernest Mbanefo believed to be behind the popular money doubling scheme known as MMM, has denied the allegations against him, stating that he has never met with the founder of the scheme in person.

Pastor Mbanefo, according to reports on Friday, December 2, had been quoted as the Nigerian founder of the ponzi scheme, with the Nigerian Communication Week (NWC) reportedly stating that he registered the scheme as on June 7, 2016.

The South Africa-based clergyman has now cleared his head from the whole issue, saying he was neither the founder, nor has he met with Sergei Mavrodi, believed to be the Russian who founded the scheme.

“I do not own MMM Nigeria. The original website of MMM Nigeria is

“All I’ve done is to use my knowledge of web designing to launch,” Pastor Mbanefo said, adding that “I have never met Sergei Mavrodi before. Mavrodi does not not even know about my activities in the MMM programme.”

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Meanwhile, media reports about the crash of the website of one of the ponzi schemes in Nigeria, Ultimate Cycler, has unsettled Nigerians who have invested their money in MMM.

The Ultimate Cycler acclaimed popularity among Nigerians following its promise to pay 300% return to its investors within 45 days.

The huge return on investment offered by the scheme lured many to join it with some even abandoning MMM Nigeria which offers 30% returns on investment.

But as reports filtered in on Thursday morning, December 2, around 10.30am that the site had crashed, a wild wave of panic was visible among Nigerians who have patronize similar schemes.

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