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 business 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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Lol. They still won't hear.
ReplyDeleteThey won't hear
ReplyDeleteMy friend that sent me that nonsense on whatsapp, I warned her seriously!
ReplyDeleteNonsense and buhari
😂😂😂ðŸ˜ðŸ˜©.. You're a phoool.. Hahahaha
DeleteWetin concern Buhari now? 🤦♀️
I'm surprised Nigerians didn't learn from mmm. Don't know if I'll call it stupidity, greed or poverty.
ReplyDeleteIts poverty my dear
DeleteI think is poverty. may the almighty God deliver this nation, things are getting harder by the day. people are frustrated. news of people trying to take their own life
DeleteStop substituting poverty for stupidity. If MMM didn't teach someone people sense, they will never have sense again in life.
Deletewho told u its poverty? its not poverty its gread. yes i said greed. just so u know my 13k is in that thing and the thing is paining me gan. one of my friend just sweet mouthed me and fiam i paid 13k. now the thing is not moving and i regret it. i for carry the money buy one pair of shoe sef e for better nonsense and buhari.
DeleteNoted.
ReplyDeleteOne person I hardly chat with called me for over 30mins yesterday to convince me to join.
ReplyDeleteMay loom not lead you to Doom.
ReplyDeleteI remember when SEC warned Nigerians about MMM.
ReplyDeleteOkuko nti ike na-anu ihe n'ime ite ofe.
Why are you warning them, they know exactly what they signed up for.
ReplyDeleteHow do you warn someone who almost got drowned in a swiMMMing pool but still decides to learn swimming lessons in an ocean. 🤷♀️
I know someone that was paid off millions she used it for mmm and it crashed now she's living by the mercy of God . I do not pity people that fall for this ..... no i don't only a greedy person would fall prey .
DeleteNigerians wont learn from MMM
ReplyDeleteAnd one of my friends had the guts to tell me to bring 13k to register under her. That the 13k would give me 104k. I told her even if it's 50kobo, I won't do. Nonsense.
ReplyDeletePeople have mind honestly, they really do .
DeleteM moku
ReplyDeleteM mogbe
M modaran
They just finished singing the song of mmm👆 now they wanna sing the song of doom. Omabadt ganni.
I will be here waiting for the wailers when the time comes. Ama compose another song for them to sing.
Hmm. Which one is this one again. I cover my money and my mind with the blood of Jesus. That's how mmm scammed me. I won't fall victim again o. Make una carry go
ReplyDeleteIf u think u will just quickly make money and leave before it goes sour, think again. Na for that your turn then fit zap.
Lmao. Blood of Jesus will soon finish with the way you are using it.
DeleteLonger throat will kill most people. This is what buhari government brought. Everyone looking for means to beat poverty, hardship
ReplyDeleteI was tempted to do it,bt wen I remembered all wt I lost thru mmm,is nt worth it,cos d moment u start is nt easy to discontinue
ReplyDeleteOnce you enter loom, get ready to get doomed! It's as simple as that!
ReplyDeleteBut Nigerians... will they ever learn?
We would be here to read chronicles of people that greed drove to doom.
DeleteLoom is just another form of robbery without having to point a gun at you,they sweet talk yout & quickly tell you you gonna make your returns in two days & wont tell you how. Its rubbish, only greedy gullible people that will fall for it. Some fraudsters came up with the idea, the whole thing doesn't make any sense. Nigerians should know better now.
ReplyDeletechoi if only u had told me this before now. me sha no dey hear word sef. choi see my planing on buying assorted alcohol with all the money i would have made.
DeleteThis is another DOOM that is waiting to happen. It is even worst than MMM. People should treat anyone that is asking them to join loom as an enemy. Make una forget that cashing out slang, all na Wash.
ReplyDeleteA friend has been stressing my life to register under her. Sorry babe I'm not the greedy/stupid.
ReplyDeleteGbam @ greedy and stupid .
DeleteThis is the conclusion of the matter.
Hope Redeemed will not sell this one in their churches?
ReplyDeleteKai. Why will they. Everyone has learnt their lessons
DeleteI'm yet to make the stupid friends that will tell me to do any stupid Ponzi scheme.
ReplyDeleteI've never finish investing in the money market and treasury bills + buying better stocks na Ponzi scheme I'll be eyeing? When I'm not under a curse? May foolishness, greed and ignorance not kill some Nigerians
Some people will still fall victim, they will never learn from mmm.
ReplyDeleteMy brother did and have cashed out with close to 30k, he did the one of 2k and he registered me under him,I refuse to put 1naira not after making me lose 100k in mmm.
ReplyDeleteThe moment I heard about this loom,I said "again" Days later one admin of a group I belonged to already added some members,one was loomed of her money ,she came ranting and left the group, I was just laughing because greed is always in some people's DNA
ReplyDeleteFan Emmanuel i hope you haven't invest into this new money doubling.
ReplyDeleteI go laugh you again o.