Pastor Mbanefo distances himself from MMM Nigeria ownership

A man widely acclaimed to be the owner of popular ponzi scheme, MMM Nigeria, Pastor Ernest Mbanefo, 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 South African based pastor.

Nigerian Communications Week said Mbanefo registered the site, 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.

MMM Global was founded by Russian politician Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.

The name of the company was taken from the first letters of the three founders’ surnames (MMM)

But reacting to the development, Mbanefo described the story as untrue and baseless.

He explained that he used his website,‎ to tutor interested investors on the workings of the scheme and thereafter direct them to register on the official website.

He said, “I do not own MMM Nigeria.

“The original website of MMM Nigeria is

“All I’ve done is to use my knowledge of web designing to launch”

On his affiliation with Sergei Mavrodi, the promoter of MMM Global, Mbanefo said, ”I have never met Sergei Mavrodi before. Mavrodi does not not even know about my activities in the MMM programme. “



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.