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Man Who Lost N750,000 to MMM Commits Suicide

An Abuja resident identified as Ada Kole who reportedly lost N750,000 to ill-fated ponzi scheme, MMM, is said to have committed suicide by ingesting a poisonous substance.

Kole who resided in Kubwa, a satellite town in Abuja, reportedly gulped a bottle of insecticide when it became clear he may have lost his savings of N750,000 to MMM, short for Mavrodi Mondial Movement, a scheme which promised investors 30 per cent returns within 30 days.
The scheme had announced a temporary halt in payments in December 2016 with a promise to return to full operations by January 14, 2017. It appeared to make a return on January 13 and sparked celebrations in many parts of the country.
Investors waiting to redeem their accumulated profits from the scheme have however been unable to demand payments ever since, an indication that they may have been swindled as earlier warned by authorities and observers.
Kole was one of many such investors unable to access their promised payments. According to the Punch, he had rescheduled his wedding from last December to May 2017, with the hope that he would have raised enough funds for the ceremony.
A source told the newspaper that “Kole died yesterday (Monday) evening and his body has been deposited in a mortuary. He died from the complications he suffered from the poison he took last year. He had a terrible stomach ache and was rushed to the hospital where he died.”
Kole was said to have opened up on his predicament during a phone-in radio programme in Abuja last December where he admitted making profits from the scheme before it crashed.
He said, “I believed it was real and I decided to increase my investment. Before then, my fiancée had warned me against it. So I went to my cooperative to obtain a loan and they gladly gave, thinking it was for my wedding.
“I put in N750k last month (November, 2016) hoping it would yield 30 per cent income this month (December) only to wake up one morning to discover that my account has been suspended.”
The deceased had told his interviewer that he took the insecticide because he did not know how to tell his fiancée that he had lost the money budgeted for their wedding, N750,000 to MMM.

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