Loom Money: SEC warns Nigerians against Ponzi scheme
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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.

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.

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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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South West Governors react to call by Northern elders that Fulani herdsmen should leave Southern region

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South West Governors react to call by Northern elders that Fulani herdsmen should leave Southern region south west governors

South-West Governors Forum has reacted to a recent call by Northern Elders Forum, NEF, asking herdsmen to leave the Southern region of the country and return to the North.

Governors of the South West said the call was most unfortunate, divisive and retrogressive.

The Chairman of NEF, Prof. Ango Abdullahi, had in a press conference in Abuja on Tuesday, claimed that there was a move by some trouble elements to engage herders with violence in the Southern part of the country, while directing the herders to return to the North.

South-West Governors’ reaction was contained in a statement personally signed by the Forum’s Chairman and Ondo State Governor, Oluwarotimi Akeredolu on Friday.

The statement added, ”With no intention to engage anyone, it is incumbent on us, as elected representatives of our people in the South West Region of the country, to denounce this divisive and retrogressive statement in the strongest terms possible.

“The Southwest Governors viewed the report with palpable trepidation and outrage, the sustained attempts to fan the ember of discord, seizing every opportunity offered by the current security challenge to undermine the unity and peaceful co-existence among Nigerians.”

“It is appalling, to assert the least, that the tragic incident, which claimed the life of Mrs. Funke Olakunrin, the daughter of Pa Fasoranti, the leader of Afenifere, would be used by certain persons to advance the cause of parochial and prebendal politics.

“We intend to get to the root of the sad occurrence as we await the findings of security agencies on the unfortunate incident.”

“The governors and the people of the South West are working assiduously, at the current security challenges with a view to finding lasting solutions to curtail the nefarious activities of undesirable elements bent on wrecking our collective peace.

”We are not unaware of the antics of certain elements, who hope to garner political mileage from the contrived crises in virtually all parts of the country.

“We are equally convinced that this confusion serves the narrow interests of some persons.

“The country has a rich history; she has had to encounter adversities in the course of her transition to nationhood.

“She has overcome them all. This distraction will also pass. We look up to the security agencies to take cohesive steps to curtail this major challenge of insecurity which engenders hopelessness.

“We can only enjoin all citizens, on our part, to be patient and continue to cooperate with them as they combat the festering crises.

“We on our part have taken great strides with the hope that great success will be achieved.

“We, however, note, with discomfiture, the unpatriotic acts of some Nigerians, who will stop at nothing in their bid to undermine the Federal Government.”

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Buhari vs Atiku: I got presidential election results from website operated by INEC official – ICT expert tells tribunal

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Buhari vs Atiku: I got presidential election results from website operated by INEC official – ICT expert tells tribunal Buhari Atiku 1 1

An ICT expert from Kenya, David Ayu Nyango Njoga on Friday said he retrieved the results of the 2019 presidential election from a server allegedly operated by the Independent National Electoral Commission, INEC.

Njong, who is a petitioner’s witness, told the Presidential Election Petition Tribunal that the results of the last elections were stored in a server allegedly operated by INEC.

According to Njoga, he only got the report which he later analysed from a third party website: “www.factdontlieng.com”.

Claiming that the information was provided by an INEC official, Njoga informed the tribunal that the alleged INEC official acted as an anonymous person.

When asked if the website belonged to INEC, he said no but by a whistle-blower.

Njonga said the website was created on March 12, 2019.

When reminded that the presidential election held on February 23 and the results were released before March 12, the witness went mute.

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