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.
Nigerians Complain As 'Loom' Ponzi Scheme 'Slows Down'
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 »
Warnings About Latest Ponzi Scheme - Loom
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 »
Despite Losing Billions to MMM, Now There's Another Ponzi Scheme!
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 »
In spite of the financial loss suffered by millions of Nigerians who participated in the failed Ponzi scheme MMM, Twinkas, a similar scheme, is making waves in Nigeria. Read more »
The Nigeria Deposit Insurance Corporation has again warned Nigerians against investing their money in online and block-chain currencies schemes. Read more »
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