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Redefining A Ponzi Scheme From The Nigerian Lexicon – By Tolulope Oyebode

Tolulope Oyebode (Esq) 
Ponzi schemes are the latest hits on the Nigerian air waves, as well as various version of reports hitting the stands almost every day since August 2015. This author would not see things from a constrained perspective, hence a vivid look at the phrase and it’s almost evergreen existence in our country Nigeria.

Nigeria as a country is being run as a ponzi scheme since 1960. Civil servants work with their blood and are yet deprived of their monthly salaries; youths endure the rigour in the Nigerian education system, graduates to remain unemployed, the old citizens who retired from serving the country die of hunger because their entitlements were withheld by government for months,… The list goes on ad infinitum. This ponzi scheme bedeviling Nigeria is run by some faceless individuals called ‘cabals’. They sit on the accumulated wealth of the nation, earned from the toils and tax of Nigerians from the East, North, West and South. They dash away with ‘our’ money, building Eldorado for their generations yet unborn from it, taking food off our tables.

While Nigerian citizens being the most enduring people on earth are adjusting to the decades of hardship under a locally groomed ponzi system, another scheme stormed the country, this time an externally grown scheme. It’s emergence attracted attacks from the Nigerian media from the on set, with predictions that could foreclose any business however legit.  The latter scheme helped cushion the effects of the former, placing food back on tables of numerous families, a feat the former ponzi scheme failed to achieve in a long time.

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As the latter scheme thrived in Nigeria, the Media with an apparent mischievous intention shifted all it’s machineries to investigating the new ponzi scheme which was filling up a massive hole in the economy; with many hungry bloggers stemming up, it became a cheap means of getting publicity. Though some media outfits were objective, it was largely a run targeted at gaining wide public patronage which ignited a wild fire of panic to kill the scheme before it’s possible demise.

The “Nigerian ponzi scheme”, a devil having existed for decades with a monumental hardship on the citizenry will definitely outlive it’s “Angelic” counterpart which has a history of empowering, and enriching it’s participants however short its breath and cloudy its operations.

After the Nigerian media manages to kill the new scheme (assuming they succeed) and the citizens are left with the old rugged home grown ponzi system, it is hoped that the media will not relax in exposing the devil, call it the names it deserves, and push it to oblivion where it belongs. But I hope it won’t be a forlorn hope in this age where hard work, objectivism and investigative journalism is eluding the Nigerian media on a large scale.

The point being made here is, Nigeria has taken so much blow that has shattered so many dreams, claimed so many lives, halted so many jobs, from a political system and Economic structure that is synonymous to a ponzi scheme. And if truly a ponzi scheme is worth fighting with all machineries and devotion like it’s playing out with MMM, the media should channel it’s resources to unraveling, exposing and ending the most dreadful ponzi scheme ever in history which robs Peter to pay Paul, robs the poor to enrich the wealthy class.

It is a misplaced priority putting concerted effort on killing a cobra while a python is out of ambush killing with pleasure in broad daylight.

 Tolulope Oyebode is a journalist, an emerging lawyer and a social-political analyst. You may visit his Blog for other articles written by him.

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