Beware of Loom ponzi scheme, SEC warns Nigerians

L-R, Representative, Acting Director General, Securities and Exchange Commission Mr Isyaku Tilde, Minister of Finance, Hajiya Zainab Ahmed and Comptroller General of Customs Col Hameed Ali during a World Press Conference on the Activities of Ministry of Finance in Abuja on Thursday

But Acting Director General of the SEC, Ms. Mary Uduk during a press conference by the Minister of Finance in Abuja, Thursday warned Nigerians of the fraudulent activities of Loom promoters. “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 to lure the investing public to participate by joining various Loom whatsapp groups to invest as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.

Provide jobs so that nigerians will no longer be scammed.

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