The meteoric rise of one of the world's largest Ponzi schemes in Nigeria

(CNN)In spite of the government's warnings against it, many Nigerians continue to invest in Mavrodi Mundial Movement (MMM), a Russian company that was responsible for one of the world's largest Ponzi schemes of all time.

On 13 December, the company said it was 'freezing' all confirmed accounts. While many that are opposed to the scheme believe the suspension may be an indication of an imminent collapse, MMM Nigeria assured its members it was only freezing the system for a period of one month.
"The reason for this measure is evident. We need to prevent problems during the New Year season, and then, when everything calms down, this measure will be canceled," the administrator said in a message sent to all members.
    In spite of the indication that things may not be in order with MMM, Ifeanyi Okoro and some other members remain confident in the scheme.
      The founder of the MMM financial pyramid Sergei Mavrodi waves as he leaves the Matrosskaya Tishina prison in Moscow, 22 May 2007.

      Confidence remains

      "Even with this minor setback, I still strongly have confidence in MMM. The government and the press will amplify this but we all know that MMM is not going anywhere," Okoro said.
      Joe Sanya revealed that he had already invested NGN1 million in the scheme. While expressing confidence in MMM, he warned that the only thing that could harm the system is the fear the news would instill fear in MMM's prospective members and confirmed account holders.
      "The abrupt action of MMM has brought