Following the announcement by the Nigerian handlers of the popular Ponzi scheme, MMM, that the mavro accounts of its participants which includes Mainlanders and a myriad of citizens from other parts of the country will be frozen until the new year, the Lagos State Emergency Management Authority (LASEMA) has issued a public notice for residents across the state.

The news of the frozen accounts is coming few days after handlers of MMM which thrives on providing and getting help within a community promised its participants in Nigeria a 50% bonus for any help provided during the yuletide season.

Before now, participants of the Ponzi scheme are only entitled to a 30% bonus on mavro and 10% interest on any referral.

According to LASEMA who responded to a tweet by a concerned Nigerian who predicted that suicide rates in the country will spike due to the panic and effect the MMM crash will have on its participant, the agency disclosed that residents should quickly dial the dedicated 112 emergency line if cases of such is noticed in any part of Lagos.

You will recall that participants of the Ponzi scheme were thrown into panic in the early hours of this morning after its administrators announced via a statement obtained by the press that as a result of “the New Year season, the system is experiencing heavy workload.”

The statement further explains the freezing of accounts that “moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk. Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.”

“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled,” the statement reads.

Since the news of the frozen accounts broke online, the fear of participants losing their money has increased. Also, it should be noted that the scheme crashed in other parts of Africa such as Zimbabwe and South Africa with participant’s accounts wiped clean when something of this nature occurred.