Business News
Before you get ‘Loomified’, beware of the latest ponzi scheme in town
Following the launch of Loom, Nigerians have thrown caution to the wind as they rush to partake, forgetting the recent the drama accompanied the collapse of MMM.
Some Nigerians are ever so eager (if not desperate) to make money, regardless of whether it is through legal means or illegal means. This explains why quite a number of them fall prey to ponzi schemes.
Following the launch of the latest ponzi scheme in town called Loom Money Nigeria, many have thrown caution to the wind as they rush to partake, forgetting the recent drama and bitterness that accompanied the collapse of MMM.
What is Loom Money Nigeria? Loom Money Nigeria is the latest ponzi scheme in the country. Nairametrics understands that it is a peer-to-peer pyramid scheme that follows the same pattern as the now collapsed MMM.
How Loom Functions: The ‘Loom’ sits in a circle and every time a new person is recruited, others are pushed closer to the centre of the circle where they’re promised a payout.
There are four main levels in Loom which are: Purple, Blue, Orange, and Red. Immediately, eight persons joined the programme, the person in Red (centre) qualifies to get his target amount and and can leave. Afterwards, the Loom will split into top half and bottom half as the circle begins again.
Basically, the higher number of people you add to the Loom, the quicker the movement for you to withdraw your initial investment.
However, if people are unable to find investors and move closer to the centre of the circle, the last people to invest lose their money.
Below are the step-by-step procedures of Loom Money;
- You are invited/lured to join by either friends, relatives, colleagues, etc.
- You are then asked to invest either N1,000 or N13,000, with promises that you will earn eight times the initial amount when your circle is complete.
- After “investing”, you are then required to invite more people.
- You must be aware of the four steps earlier mentioned.
- The more people you add, the sooner you get to “cash out”.
Is Loom real? While people who are into this Ponzi scheme have proofs to show as evidence of payments to lure new people into this platform, it is pertinent to note that Loom Money Nigeria is not a sustainable investment, neither is it legal.
The Impending Doom: Practically, you pay to get involved in a Ponzi scheme. Loom Money Nigeria relies on “you” to recruit other people to join up and to part with their money just as you did.
In order for everyone in the scheme to make profits, the supply of new members is expected to be unending. Each Whatsapp group or other social media platforms is expected to be growing with new members to make the kind of money Loom Money Nigeria is promising.
Therefore, should some members fail to keep up with the commitments expected of them to get their expected returns, the amount of money coming into the scheme will ultimately dry up; causing people to lose their initial investments just as it was the case with MMM.
The Tragedy: Loom Money Nigeria is dangerous and the end result is expected to be tragic. This is because by inviting your friends and family members to join the platform in order for you to cash out, you are basically scamming them.
Essentially, you’re scamming your family and friends because it is your immediate circle that you are the Ponzi scheme onto — it’s basically like transferring money around to different people until the people at the bottom of the get eventually gets screwed.
Quick Reminders: A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Ponzi schemes typically deceives victims into believing that profits are coming from product sales or other means, as they remain unaware that other investors are the source of funds.
According to the Central Bank of Nigeria (CBN), despite the harsh economic climate, Nigerians, as at December 2016, threw about N12 billion away to Ponzi schemes such as the popular but now defunct MMM.
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Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
Loom Money
May 6, 2019 at 7:55 pm
Join The Fastest Loom Money Network In Nigeria and get paid fast.
N1000 to N8000
N2000 to N16000
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Anonymous
May 7, 2019 at 11:24 am
I need a link
Anonymous
May 13, 2019 at 11:14 pm
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May 7, 2019 at 1:17 pm
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May 7, 2019 at 1:46 pm
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May 7, 2019 at 6:25 pm
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May 8, 2019 at 9:37 am
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May 8, 2019 at 11:38 pm
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May 13, 2019 at 11:02 am
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Joseph
May 15, 2019 at 1:06 am
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Martins
May 6, 2019 at 9:18 pm
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May 7, 2019 at 11:57 am
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Anonymous
May 9, 2019 at 12:20 am
Comment:how do I join
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May 10, 2019 at 7:13 pm
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May 7, 2019 at 1:38 pm
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May 14, 2019 at 7:07 am
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Anonymous
May 7, 2019 at 2:45 pm
how we I join the group
Emma
May 7, 2019 at 3:07 pm
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Ibrahim
May 7, 2019 at 3:21 pm
How do I register
Ogundare olayemi
May 7, 2019 at 3:45 pm
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Olusegun
May 7, 2019 at 3:51 pm
Comment:
To gain you must lose, to lose by taking calculated risks, you must win. It’s a matter of Luck!
Adufe ademujimi damilola
May 7, 2019 at 3:54 pm
If l want to join, how l we do
Anonymous
May 7, 2019 at 5:36 pm
Piece of shit. Why am I seeing this late? I’m king Ponzi scheme. The links please
Anonymous
May 7, 2019 at 7:04 pm
How do I join to sign up for loom.. whats the number or website to register
Anonymous
May 8, 2019 at 12:16 am
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Anonymous
May 8, 2019 at 9:16 am
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Anaekwe Emeka
May 8, 2019 at 1:46 pm
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Anonymous
May 9, 2019 at 7:12 pm
Comment:what about we that don’t have e-mail address, how can we register?
Anonymous
May 10, 2019 at 12:48 am
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Just have a WhatsApp number
Anonymous
May 10, 2019 at 1:05 am
pls how do I join, I’m interested.
Nkpara Kennedy
May 10, 2019 at 11:13 am
Nigerians don’t ever learn their lessons, many people died when MMM cashed and now people are rushing into this one again.
Emmanuel Abara Benson
May 10, 2019 at 11:18 am
It’s a marvel.
Fortune
May 13, 2019 at 10:56 pm
Hi
Anonymous
May 10, 2019 at 12:11 pm
How many people will you refer before you cashout
Emy
May 10, 2019 at 11:30 pm
You don’t need to refer anyone before you can cashout here
Okafor chioma m
May 10, 2019 at 7:12 pm
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Anonymous
May 11, 2019 at 9:09 am
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Aruoriwho
May 11, 2019 at 11:53 am
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May 11, 2019 at 7:37 pm
Comment:I need a link
Erasmus Pentecost Silas
May 12, 2019 at 6:16 am
I need a link
Anonymous
May 12, 2019 at 10:39 am
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Risk
May 12, 2019 at 11:28 am
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May 12, 2019 at 11:42 pm
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May 13, 2019 at 9:40 am
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May 13, 2019 at 9:48 pm
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May 14, 2019 at 7:03 am
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May 14, 2019 at 7:10 am
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May 14, 2019 at 10:29 am
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May 14, 2019 at 10:30 am
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May 14, 2019 at 10:31 am
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May 14, 2019 at 3:33 pm
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Smarstone
May 14, 2019 at 3:36 pm
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Smarstone
May 14, 2019 at 3:41 pm
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May 14, 2019 at 3:47 pm
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Francis Inyang
May 14, 2019 at 4:39 pm
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Better Connections
May 15, 2019 at 8:23 pm
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Alfred Akuki
May 16, 2019 at 9:37 am
Be informed that Nairametrics will not be held responsible for any lose inccured through investing in loom. We are Nairametrics, we always encourage users to consult their financial advisor before investing. This article is meant inform the general public on the risk of investing loom. We wish all the best on your financial journey and we want your money to be safe. You can check on articles about other investments you can get involved in that is safer that loom.
Joseph Emmanuel
May 16, 2019 at 12:27 pm
how do i join
Chioma
May 16, 2019 at 4:22 pm
How do I join,I am interested
Anonymous
May 17, 2019 at 8:55 am
Comment:how do I join
Paul
May 17, 2019 at 3:46 pm
Comment:please i want to join,but how do i join?
Smarstone
May 21, 2019 at 11:23 pm
That loom is now crowded, but something us up, for those that were able to reach me on WhatsApp
Smart
May 23, 2019 at 10:55 pm
I want to join
Anonymous
May 29, 2019 at 12:07 am
i am interested,how ezecan i join?
Victory
June 24, 2019 at 9:49 pm
Is it still on
Alfred Akuki
June 25, 2019 at 9:06 am
Hi Victory, Loom has crashed.