Loom Money is ponzi scheme, NDIC, SEC warn depositorsThe Central Bank of Nigeria has set up a committee for the revival of the country’s cotton, textile and garment industry, with the mandate to revive a minimum of 50 textile firms by 2023.
Citing the whopping $4 billion spent annually on importation of textile materials into the country, the apex bank had in March, added all forms of textile materials to the list of items that are not eligible for foreign exchange from the official windows, thereby restricting the sale of forex to textile importers.
According to Emefiele, who got the Senate nod for a second term in office yesterday, the committee will further seek to identify infrastructure deficit, especially power supply to the textile clusters; ensure captive power generation is financed and addressed for the textile clusters as well as encourage independent, private off-grid power to ensure 24 hours, seven days a week operations in the clusters.
“I am a Nigerian, my children are Nigerians, I feel concern, how do you feel when you go to Kano, foreigners have dominated our markets, selling smuggling textile materials and making a lot of money. He also stressed that building strong institutions and good management team remained critical to the resuscitation of the sector.Meanwhile, SEC and NDIC have warned depositors against the activities of some online scammers, currently running an online investment scheme tagged ‘Loom Money Nigeria,’ describing the scheme as another Ponzi scheme.
“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 low as N1,000 and N13,000 and get as much as eight times the value of the investment in 48 hours.
She also assured that an inter-agency committee, Financial Services Regulation Coordinating Committee is working on the issue, while also collaborating with security agencies to shut them down.
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