Nigerians have been warned to stay off Loom Money Nigeria by the Securities and Exchange Commission, SEC, who alleged that it is being ran by fraudsters. According to Mary Uduk, acting director-general of the commission, the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi. In a news conference in which she was represented by Efe Ebelo, SEC’s head of media, she stated that Loom Money Nigeria had taken over the social media.

She further revealed that those behind the ponzi scheme “carry out their illegitimate activities” via social media platforms like Facebook and WhatsApp, and they lure young Nigerians to invest as low as N1,000 and N13,000 and to get as much as eight times the value of the investment in 48 hours. The SEC who warned Nigerians to stay off Loom Money Nigeria which has no tangible business model, said;

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and WhatsApp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts."


https://unclesuru.com/2019/05/17/stay-off-loom-money-nigeria-sec-warns/

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Ok

Lol buh the Federal Govt don loom us to China

An average Nigerian will not be successful. They don't want to learn skills, they don't invest in themselves. They don't go to seminars, they will never read. They prefer to be hunting for use 1k to get 500k. As if that makes any sense.

Loom

I hope Nigerians listen to this

A Word is enough 4d wise

Then no dey hear word


Na so one idiot was advising me to invest in it. That he has made upto 500k him and his group. I tell am god punish am to his face


Pple no dey ever learn till dem vamoose with una money

loom for loominijibiti

Doom

Nigerians like reaping where dey didn't sow

they won't listen till someone commits suicide

How will you sow APC and expect to reap good

How will you sow Buhari and expect to reap Atiku

Campusparot:
How will you sow APC and expect to reap good

How will you sow Buhari and expect to reap Atiku

Will you go and put down your mummy's phone now before she wakes up, and get ready for school.
STOP typing incoherent rubbish online.

You know a 12 year old when he types!

Where is mmm chudi Nigerians are daft people

They gave credit to mmm this time... Lol

No, let them remain there.

All those loom programs would crash in 2 to 3 weeks from now.

Loom money also Doom money

Why is it that some people have decided that they will never have sense?

Nigerians are very stubborn people despite all these awareness and caution to avoid all these fraudulent scheme some gullible ones will still invest their money.. after they have been duped by the fraudster their last resort is to begging, see They are the one begging online for money..

loom cannot crash because it doesn't have website. ...it's just WhatsApp group tinx. ...abi WhatsApp go crash?
it's more or less like contribution stuff....It can only slow down but it can't crash

unclesuruoffi:
Nigerians have been warned to stay off Loom Money Nigeria by the Securities and Exchange Commission, SEC, who alleged that it is being ran by fraudsters. According to Mary Uduk, acting director-general of the commission, the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi. In a news conference in which she was represented by Efe Ebelo, SEC’s head of media, she stated that Loom Money Nigeria had taken over the social media.

She further revealed that those behind the ponzi scheme “carry out their illegitimate activities” via social media platforms like Facebook and WhatsApp, and they lure young Nigerians to invest as low as N1,000 and N13,000 and to get as much as eight times the value of the investment in 48 hours. The SEC who warned Nigerians to stay off Loom Money Nigeria which has no tangible business model, said;

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and WhatsApp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts."


https://unclesuru.com/2019/05/17/stay-off-loom-money-nigeria-sec-warns/

Why not trace there IP and know who created the site.... If it's a whatsapp, you guys can pretend to invest and lure all the admin and arrest all of them.

Let those who have ears hear!

It's mainly greedy and ignorant people that fall victim of these schemes

Una just dey wake? When some people don dey regret falling for the scam already.






Selling cheap and super neat laptops is what I do.


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