Govt Warns Nigerians Against the Loom Ponzi Scheme
Despite the loss of billions to the Mavrodi Mundial Moneybox or MMM ponzi scheme, Loom Money Nigeria is starting to gain a widespread following online. The Securities and Exchange Commission has warned the new scheme is a disaster waiting to happen.
Premium Times, 5 June 2019
Barely a few weeks after it took over the social media, targeting young Nigerians to participate in a pyramid scheme, Loom, a Ponzi scheme has slowed down, as fewer people now… Read more »
Premium Times, 16 May 2019
The Securities and Exchange Commission (SEC) on Thursday raised alarm over the activities of a group it described as "online fraudsters, who are currently running an online… Read more »
Premium Times, 6 May 2019
In spite of the bitter experience millions of Nigerians had with various Ponzi schemes in the past, Loom, a similar scheme is making wave among many Nigerians on social media. Read more »