Higher institution students in Nigeira who were caught in the web of waiting for a big pay day with the popular multi-level finance scheme, Mavro Mondial Movement (MMM), after investing their school fees in the scheme in a bid to make extra cash, have confessed that their situation is dicey, as school authorities in Nigeria have refused to accept the digital monetary scheme Bitcoin as payment option for school fees, even as the scheme’s regulated operation resumed on Friday. CHIJIOKE IREMEKA reports
The new payment option announced last weekend by the operators, the Bitcoins, does not allow for physical cash, rather it’s a digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. It operates independently like a central bank in its payment pattern.
However, the Vice Chancellor of Osun State University, Prof. Labode Popoola, said on Saturday that the institution would collect the over N2bn debt students owe it whether they are able to recoup their money invested in the Mavrodi Mondial Moneybox or not.
Popoola said, “Some of them (students) used their school fees to invest in MMM. But whether MMM comes back or not, it is their headache. I have told them that we are not going to open the portal. If I see that a critical mass of the students pay, then we will decide to open the portal just for about 48 hours. But they must pay first.
“This is how we accumulated a debt profile of over N2bn, we cannot continue this way. They just have to pay the money.”
But MMM ‘investors’ have not been able to get their money back as of the time of filing this report.
In a chat with an MMM representative, one Juliana ‘Consultant’, told one of our correspondents that payment had not begun on Saturday but that the scheme would “pay soon.”
“Some accounts are frozen and ‘GH’ have commenced,” she said.