The Securities and Exchange Commission has issued a warning to Nigerians investing their money in an online investment scheme tagged “Loom Money Nigeria.’’
Mary Uduk, Acting Director-General of the commission, gave the warning at a news conference on Thursday in Abuja. Uduk said: “We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’.“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
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