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MMM | Students groan after losing fees to Ponzi Scheme

by on March 30, 2017
 
Eight out of the 37 stu­dents in Federal Poly­technic Bida, Niger State, who lost their school fees to the MMM Ponzi scheme have deferred their first semester till next session having lost their school fees to the scheme.
It was learnt that the school had fixed the dead­line for the payment of school fees for January 25, but had to extend the date following appeal from the school’s student union body on behalf of the af­fected students.
The deadline was shifted to three weeks before the commencement of the in­stitution’s examinations scheduled for April 3. The eight students however, de­cided to defer the semester since they could not meet up with the deadline for the payment.
According to one of the eight students, Gbenga Daniel, a National Diploma (ND) 2 student of the Mar­keting Department, he in­vested his school fees in the Ponzi Scheme in Novem­ber last year hoping that by January 2017, the money as well as its interest would be ready for him to “get help.” Daniel was one of the many victims whose accounts were frozen by Mavrodi Mondi Moneybox (MMM) in December last year.
“Up till now, l cannot get back the money I invested into MMM. I was stopped from writing my tests be­cause I have not paid my departmental fees. I de­cided to defer the semester because I will not be al­lowed to write the first se­mester exams since I have not paid my school fees,” he lamented.
Another student who didn’t want his name in print said, he is afraid of go­ing home to meet his par­ents because he invested his school fees into the Ponzi Scheme despite several warnings by his parents. It was also gathered that some of the affected stu­dents resorted to borrow­ing money from friends while others sold their appliances – TV, CD/ DVD and Home Theater sets – to raise their school fees.

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