Mega Dude that was funny, but I have sent your mates in Lagos my email address and bank details for another great plan they came up with. sorry but they got in first.
I have another story (I like stories...) After I left school 4 of my mates made a pact, they would each put $10 a month into a bank account and keep contributing until there was only one single guy left out of the original 4. The last single man standing would get the money....It was a typical dumb teenage guy thing to do, motivated by drink as you would guess. Anyway, this went on for several years until there was only one single guy left and the pot was worth close to $6,000! The last single guy, who we all suspected of being gay (not that there's anything wrong with that), decided to share the money with the other 3 by having a big night out. Now does that sound like insurance or an investment plan, or just a bunch of guys pooling funds with a plan on how to share it? Don't believe they had to register a business to do it either.