Something
sinister has been predicted might eclipse the success being recorded by
participants of popular ponzi scheme - MMM Nigeria.
MMM is an infamous pyramid scheme. It was wrong on the first day.
It was wrong in December of 2016. It is wrong today. And it will be
certainly wrong on the calamity day. It should never have been allowed
in Nigeria. Its entire operation is based on the following mechanism:
The owner of the scheme takes money from the first person and pockets it. Now, he is owing one person.
Then he takes money from two new people to pay the first person and keeps a part of it to himself. Now, he is owing two people.
Then he takes money from four people to pay the two people and keeps a part of it for himself. Now, he is owing four people.
Then he takes money from eight people and pays the four people and keeps a fraction for himself. Now he is owing eight people.
The system continues to grow like a pyramid – more and wider number
of people paying to cover fewer people that came before. At each point,
the owner of the scheme is making money for himself because he keeps a
portion of each new money people pay.
The first people that have been paid are happy and the owner of the
scheme is making big money for himself and is happy. But what about
those who have not been paid and those who are yet to put their money
into the scheme?
This is where basic knowledge of Mathematics and Economics comes
in. Mathematically, you understand the concept of infinity and the
opposite. The only way to keep paying out money to everybody is if the
new people putting in their money are infinite, i.e., if the population
is infinite. Once you realize that the number of people paying is no
endless, you will know that time shall come when the scheme will not
have enough new money to pay old claims. That is Mathematics there for
you. Then Economics will have taught you that there has been really no
value movement to justify the 30% you expect to receive in 30 days on
the money you paid in. That will tell you that it is other people’s
money that you are expecting to pocket and walk away with.
The inescapable logic is that there is a calamity date down the
line. It will come the day the owner of the scheme fails to pay. That
moment came in December 2016. If all those who were owed and who could
claim had claimed in December, that would cause the calamity day to
come. But the owner of the scheme played a fast one. He suspended all
payments. As he reopen in January, he still knows that he cannot pay all
claims. The claimants (GHs) are now too big for the new subscribers
(PHs) and all GHs cannot be paid. So, they are reducing the number of
GHs to be paid while encouraging more PHs to pay in. They are only
postponing the Calamity date.
I got involved in this matter because some of the qualified GHs in
December were aggrieved when they could not get money as they were
promised and they sensed a foul play and they considered legal help and
came to me.
The calamity will come and very soon. It cannot be postponed much
longer. ECULAW and Co. will help all those that will be stranded as of
the calamity day. This logic is inescapable and we are preparing for
that unfortunate day.
-By Emeka Ugwuonye
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