Loom Money: SEC warns Nigerians against Ponzi scheme
Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Published

on

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.

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.

“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.

Loading...

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.

Advertisement //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({ google_ad_client: "pub-7404936528073869", enable_page_level_ads: true });
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Buhari reacts as Police discover torture center in his village

Published

on

By

Buhari reacts as Police discover torture center in his village 20191008 173707

President Muhammadu Buhari has commended the Police Force for the discovery of a child-theft racket in Kano State and fake correctional centers in Kaduna and Katsina states.

DAILY POST recalls that the Police last Monday discovered another torture centre meant to be a reformation place for children with character deformation in Daura, Katsina State.

The Police raided the centre following a riot by the inmates over excessive abuses.

Reacting to the discovery, Buhari in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, on Saturday, urged the police to sustain these good efforts across the country.
He noted that such arrests were in line with his commitment to human rights and dignity of the citizens regardless of their age, religion and ethnicity.

Buhari said he would not support criminality under any guise, including the abduction of children and selling them off illegally.

He maintained that no responsible democratic government would tolerate the existence of the torture chambers and physical abuses of inmates in the name of rehabilitation of the victims.
He, therefore, lauded the efforts of the police in exposing these human rights abuses by individuals and criminal groups.

Buhari expressed optimism that these efforts would be sustained to check illegal activities of this nature.
The President appealed to members of the general public to remain vigilant and assist security agencies in crime prevention and control by reporting the existence of criminal activities around their communities.

He said: ”The sharing of human intelligence is everybody’s responsibility in order to make our society safe and this government is ever committed to supporting the police to be more effective in the performance of its duties through proper funding and motivation of its personnel.”

Loading...
Continue Reading

News

Buhari issues stern warning to state governors over contracts

Published

on

By

Buhari issues stern warning to state governors over contracts 20191008 172446

President Muhammadu Buhari has warned that the Federal government might be forced to re-allocate projects elsewhere if any state government or communities create unnecessary impediments in the allocation of land or access to such lands for federal projects.

Buhari’s warning was contained in a statement signed and forwarded to DAILY POST by his Media Aide, Garba Shehu, on Saturday.

According to Buhari: “The idea of chasing away contractors on-site or making undue demands from them by local communities or the deliberate actions of State governments to frustrate the allocation of lands for federal projects is an antithesis of the people’s welfare.”

The statement disclosed that, in a recent directive to Ministers, the President requested Ministers in his government to have the states clear all lingering land issues threatening federal projects under their supervision or have such projects moved to willing states where that becomes impossible.

Buhari regretted that, “some communities in the states are frustrating the siting of federal projects in their areas by making impossible demands for land compensation on contractors and even chasing them away from site where they are unable to meet up.

“To compound matters, contractors kept away from site often make further demands on payment whenever they return to site.”

The Presidency noted that the refusal to allocate lands for federal projects or the growing hostility by communities against contractors on site are hurting the interests of the very people governments are elected to serve.

”By denying Federal government lands for projects and creating unnecessary obstacles for the execution of these projects, it may be unfair to turn around and accuse the same Federal government of marginalising people in terms of projects allocation.

“When it comes to the welfare of the people, governments at all levels should be united by the common goal of improving the well being of the people, regardless of political affiliation”

“It is, therefore, impossible to spread Federal government projects when petty demands or politics is allowed to override the higher interest of the people,” the statement added.

Loading...
Continue Reading
Advertisement
Advertisement

Inspirational Tips

Advertisement
Loading...

Trending

WhatsApp Join Our WhatsApp Chat
%d bloggers like this: