Skip to main content

Security and exchange commission has warned Nigerians against "Loom"

The Security and Exchange Commission has warned Nigerians to stay away from ponzi scheme called "Loom money Nigeria."
The acting Director General of the Commission, Mrs Mary Uduak in a news conference in Abuja gave the warning, and stated that, “We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’.
“The platform has embarked on an aggressive online media campaign on Facebook and WhatsApp.
“They lure the investing public to participate by joining various Loom whatsapp groups to invest as low as N1,000 and N13,000 and get as much as eight times the value of the investment in 48 hours.
“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.
“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum.
“Also, its operation is not registered by the Commission,” she said.

Comments

Post a Comment

Popular posts from this blog

Lies! This man died since 2012- LEDAP

News circulated last week about one Mr Olatunji Olaide, who was imprisoned for 24 years, for a crime he never committed, by the leader of the Joint Legal action Aids(JLAA), Kinsley Ughe. Well an NGO, Legal Defence And Assistance Project (LEDAP), has refuted the claim, revealing that Mr Olaide died in 2012, shortly after he was released, and that no one should make any cash donation on his behalf. They have these to say; Our attention has been drawn to the fraudulent reports circulating on social media platforms requesting for cash donations from the members of the public to assist Olatunji Olaide who spent twenty four years in prison for an offence he never committed. We were also notified that one Mr. Kingsley Ughe, the Chief Lawyer of Joint Legal Action Aid claimed to have represented Mr. Olatunji Olaide at the Court of Appeal on his conviction for murder. This information is a gross misrepresentation of facts. Late Olatunji Olaide was convicted by Honourable Justice A. O....
Post a Comment
Read more

(video) Boy barking like a dog after drinking Colorado

A video with caption "SAY NO TO DRUGS", has a boy making weird sound after allegedly taking a hard drug, called 'Colorado." In the 41 seconds video, a boy within the ages of 19-20, was seen barking like a native Nigerian dog, also called 'Ekuke", as they were pouring water on his head, in a bid to restore him  to  normal condition. as if the water they were pouring on his head was making his condition worse, he slammed himself on a bare floor, rolling uncontrollably, as his sympathizers keeps pouring water on him.  Watch video 👇 👇 View this post on Instagram #Saynotodrugs : Man seen reacting badly after taking 'colorado' A post shared by MORE JUICY NEWS B4 D LAST POST (@famousblogng) on May 18, 2019 at 3:06am PDT
Post a Comment
Read more

Naija2dcore Newspaper review of June 7

In our today's mainstream Nigeria newspaper review of Friday, June 7, we are going to focus on the suspension of AIT/Raypower, Emir Sanusi's misappropriation of N3.4b, Goje Lawal's endorsement, Battle of the Deputy Senate's seat and many more. PDP, NGE, Others bash FG, as NBC suspends AIT/Raypower.   In all honesty, every reasonable Nigerian should be worried that this is happening in a democracy. It is more like there is an attempt to shackle the media, from what we are seeing. Today it is AIT, tomorrow you don't know who will be next. I just also want to hope that the president is not aware of how this started, and that he will intervene. Perhaps this is just the action of an overzealous head of government agency. Somebody who is a journalist. For crying out loud, Lanre Modibo Kawu has spent a better part of his career as a broadcast journalist on radio, and also a columnist on so many news papers, before getting this appointment. And he used to be...
1 comment
Read more