Pastor Ernest Mbanefo denies ownership of MMM

Pastor Ernest Mbanefo, the man, who is believed to be the founder of the ponzi scheme currently making waves in Nigeria has denied ownership of the scheme.

The media was awash with the news on Friday that the South Africa-based pastor was the owner of MMM Nigeria, a ponzi scheme that promised its members 30 per cent return on investments.

According to an online report quoted by NAN, Mbanefo is based in South Africa.

Nigerian Communications Week said Mbanefo registered the site, MMM-Nigeria.net domain, on June 7, 2016 at about 5pm Nigerian time.

NCW quoting Pageone report written back in September said Mbanefo made a single-year domain payment. The domain will expire on June 7, 2017.

It was also revealed that MMM Nigeria is not part of MMM Global – a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s.

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