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The Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online scheme tagged “Loom Money ’’.

Acting Director-General of the commission, Ms. Mary Uduk, gave the warning at a news conference on Thursday in Abuja.

A statement by SEC’s Head of Media, Mrs Efe Ebelo, said that Uduk, who was represented by acting Executive Commissioner, Operations of SEC, Mr. Isyaku Tilde, said Loom Money Nigeria had taken over the social media.

She said that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.

The director-general disclosed that the fraudsters carried out their illegitimate activities via social media platforms like Facebook and Whatsapp.

She added that they lured 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.

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Uduk said that the venture was a Ponzi scheme, where returns would be paid from other people invested funds, adding that it had no tangible model.

“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.

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“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,” NAN quoted her as saying.

Uduk, therefore, advised the public to distance themselves from the scheme, adding that anyone that subscribed to the illegal activity did so at his own risk.

She assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC), was working on the issue, and that the commission was also collaborating with security agencies to track them down.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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End SARS: Looters of NYSC camp will be apprehended, prosecuted – IGP, Adamu

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The Inspector-General of Police, Mohammed Adamu has said that hoodlums who made away with items meant for corps members would be arrested and made to face the law.

Adamu said this on Friday after inspecting the National Youth Service Corps (NYSC) camp in Kubwa, Abuja, NAN reports.

“It is very unfortunate that the camp was looted as we went round to see the destruction made by the hoodlums.

”The camp meant for the training of youths to enable them contribute to the development of the country has turned out to be the focus of looters.

“However, it is a good thing that corps members were not in camp during the unfortunate incident because it would have been a disaster,” he said.

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He also revealed that some of the items have been recovered, while some of the hoodlums have been arrested.

“A total number of 53 suspects have been arrested so far and would be charged to court.

“I urge Nigerians to report anyone suspected to be in possession of the looted items to the nearest law enforcement agency.

“For those hoodlums who broke into this facility and stole, we will ensure that we track them and prosecute them,” Adamu added.

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Osun Govt Begins Payment Of New Minimum Wage From November 1, Lifts Embargo On Promotions, Conversion

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The Osun State government on Friday announced that with effect from November 1, it will begin the payment of new minimum wage to its civil servants throughout the state.

The government also announced the lifting of the ban on annual salary increment and also embargo on promotions and conversions with immediate effect in order to encourage workers in the state.

The state government said these decisions followed the perusal of the recommendations of the government/labour committee that was set up to out the modalities for resolving all workers’ welfare-related issues.

 

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The state governor, Mr Gboyega Oyetola, who announced the state government’s decision in his Twitter handle, further said he hoped the decision will make the workers to continue to put in their best in the state,

According to his tweet: “I’m delighted to announce that the implementation of the new minimum wage for Osun State workers will commence on November 1, 2020.

“This follows the perusal of the recommendations of Government/Labour Committee that we set up to work out the modalities for resolving all workers’ welfare-related issues.

“Additionally, we’ve lifted the ban on annual salary increment which was done in 2012. Embargo on promotions and conversions is also lifted with immediate effect. This is in fulfilment our administration’s pledge to give the welfare of our workers the deserved attention.

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“I appreciate Labour Leaders and the entire workforce in Osun, who are our allies in the race to deliver stellar services to our people, for their selflessness, understanding, perseverance and love for our state.

“You’re the reasons why, in spite of the economic storms, Osun still remains strong and outstanding in the comity of states.”

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