Angry Nigerians Storm Loom Office, Destroy Property, Demand Their Money

Scores of angry Nigerians have stormed the office of Loom ponzi scheme in Lagos, destroying properties as they demand their money.

Reports confirm that some Nigerians stormed the headquarters of Loom in Lagos, Saturday, June 15, to demand for their money after rumours of the Ponzi scheme crashing.

Loom, is a Ponzi Scheme which involved a Peer to Peer Method without any visible investment.

When some of its investors stormed their office in Lagos yesterday, no staff was on ground to attend to them.

Recall in May, the Securities and Exchange Commission issued a warning to Nigerians investing their in the scheme not to.

Mary Uduk, Acting Director-General of the commission said;
“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.”
Millions of Nigerians are participating in the Loom ponzi scheme despite several warnings from SEC.
This is coming as a surprise to many who witnessed the crashing of MMM ponzi scheme which brought a lot of woes to so many families.

 

The Author

Chinenye Nwabueze

He is a Senior Lecturer in the Department of Mass Communication, Chukwuemeka Odumegwu Ojukwu University, COOU, (formerly Anambra State University), Igbariam Campus.

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