Ponzi Scheme: SEC Warns Nigerians Against ‘Loom Money’

 

The Securities and Exchange Commission has warned Nigerians over an online investment scheme, called ‘Loom Money Nigeria’.

The acting director-general of SEC, Ms Mary Uduk issued the warning in Abuja, on Thursday during a press briefing.

She said Loom Money Nigeria is a pyramid scheme which operates on social media and lures Nigerians to invest as low as N1,000 naira and N13,000 and get…

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