Just last week, some dudes came to my office to offer the ever enticing money doubling schemes. I don’t think am being fair in calling Pennywise money doubling or S’ogun D’ogoji because man, Pennywise is something else!
This is how it works. You give them a paltry N2,500 for a slot and over a period of 9 weeks, the scheme will pay out a cumulative of N251,390. Effectively, you multiply any amount you put inside by 100 in 9 weeks. Interesting!
What if I decide to invest just N250K back? Further still, or what happens if I decide to roll over my investment every 9 weeks for a period of 1 year?
With my MS Excel, this is what I get:
|
Week
|
Naira
|
Dollars
|
|
0
|
2,500.00
|
19.23
|
|
9
|
250,000.00
|
1,923.08
|
|
18
|
25,000,000.00
|
192,307.69
|
|
27
|
2,500,000,000.00
|
19,230,769.23
|
|
36
|
250,000,000,000.00
|
1,923,076,923.08
|
|
45
|
25,000,000,000,000.00
|
192,307,692,307.69
|
|
54
|
2,500,000,000,000,000.00
|
19,230,769,230,769.20
|
So with my humble N2,500 in January 1, I could, by second week of January the next year, be worth over $19 trillion, isn’t that wonderful?
Yeah, this is Pennywise!
This was actually Penny n Pound dumb