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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AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH

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AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH Aisha Buhari 11

The wife of the President, Aisha Buhari, has come out blunt again, describing her husband’s administration as a failure in its Social Programme.

Image result for Aisha Buhari  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH 44 FOR PRESIDENT BUHARI PIX 1 1

She faulted the Social Investment Programme of the Federal Government, saying the programme has failed to achieve its aim in Kano and most parts of Northern .

Mrs Buhari mentioned this during an interactive session with women as part of the presidential inauguration ceremony at the State House in Abuja.

Related image  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH maxresdefault

The wife of the President, who specifically mentioned the conditional cash transfer component, questioned the method used in executing the programme.

She also faulted the amount of money spent on the purchase of mosquito nets.

Image result for Aisha Buhari  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH aisha buhari 696x385 696x385

“They have spent $16 million buying mosquito nets. I did not get it, but maybe some people have gotten it. I didn’t get it. But I feel that, that’s my personal opinion, $16 million is enough to fumigate Nigeria,” she said.

Image result for social intervention programme Nigeria  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH Rice farmers in Nigeria

Generally, Mrs Buhari did not agree with the method adopted for the programme, Channels TV reports.

She said, “I was expecting the social investment programme, N500 billion to be utilised in a different method; in order to achieve the aim. But I don’t know the method they used. Most of the Northern States did not get the money. I don’t know – my state didn’t get the money. I don’t know if your state got the money.”

Image result for Aisha Buhari  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH BBUtuXU

In her words, Mrs Buhari explained that the programme worked well in some state and that for other states where it did not succeed, a different approach should have been used.

She added, “In my state, one local government benefitted from it, out of 22 local governments. I didn’t’ ask what happened and I don’t want to know.”

Image result for Aisha Buhari  AISHAT BUHARI ‘FINALLY’ ACKNOWLEDGES MASSIVE CORRUPTION UNDER HER HUSBAND’S WATCH 161014 aisha buhari cr 0649 01 a1a726db3679dda67903020329d60959

Although the wife of the President is concerned about the performance of the programme in her state, she suggested it was worse in Kano.

 

Source: Daily Advent

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REVELATION: Obasanjo reveals Nigeria’s major problem

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revelation: obasanjo reveals nigeria’s major problem REVELATION: Obasanjo reveals Nigeria’s major problem Olusegun Obasanjo 2

Former President, Olusegun Obasanjo says policy implementation was a major problem hindering ’s growth and development.

Obasanjo said this in Ibadan on Saturday at the International Institute of Tropical Agriculture (IITA).

He said: “Our problem in this country has always been that of implementation. The 25-year Oyo State Government Agriculture Policy Framework presented is a good thing.

“We have formulated several policies in the past that suffered implementation. I hope your successor will implement it”.

Obasanjo added that technology, finance and human resources were challenges facing agricultural development.

He added, “If you go into agriculture you may not be rich like Dangote, but you will be satisfied and comfortable.

“You will be comfortable because you are close to nature. Every individual is a stakeholder in the agriculture value-chain.

”If you are not a farmer, then you must be a consumer. If you are not a farmer, you can encourage a farmer”.

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