“If you cannot get the truth to buy, won’t you buy a lie?” As I type this article about an ongoing moneymaking scheme in town called MMM, and the General Overseer of The Synagogue, Church Of All Nations, Pastor Temitope Balogun Joshua, I am aware that there can be no objective definition of “truth” or “lie” in either case. Here and there, Nigerians talk about MMM, some kind of “wonder bank” where you invest some money and within weeks, you get a 30 per cent return. The scheme is apparently popular and a few people in my circle are involved as well. The MMM scheme does not work like other Ponzi schemes but it uses a business strategy that is unsustainable in the long run.
The question is not whether it will crash or not, it is a matter of when. I asked acquaintances who were involved if they were aware that the programme was a resurgence of “Wonder Bank” that collapsed just some years ago. They were quite aware even though they were positive that the MMM would last longer than “Wonder Bank”. I also asked if they knew that the MMM had failed in countries like South Africa and Russia; it turns out that they knew that detail quite well too. None of these folk, by the way, are illiterates (and no, I did not just suggest that non-literate people are incapable of making sound decisions).