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Home Business News

Before you get ‘Loomified’, beware of the latest ponzi scheme in town

Damilare Famuyiwa by Damilare Famuyiwa
May 6, 2019
in Business News, Financial Literacy
Loom Money Africa

Loom Money Africa

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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.

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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;

  1. You are invited/lured to join by either friends, relatives, colleagues, etc.
  2. 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.
  3. After “investing”, you are then required to invite more people.
  4. You must be aware of the four steps earlier mentioned.
  5. 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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Tags: Loom Money NigeriaMMMPonzi scheme
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Comments 68

  1. Loom Money says:
    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
    N13,000 to N104,000

    Reply
    • Anonymous says:
      May 7, 2019 at 11:24 am

      I need a link

      Reply
      • Anonymous says:
        May 13, 2019 at 11:14 pm

        Comment link pls

        Reply
      • Agnes says:
        August 9, 2021 at 7:06 am

        I want to join, send the link to me

        Reply
    • Adewale Sam says:
      May 7, 2019 at 1:17 pm

      How do i join?

      Reply
    • Anonymous says:
      May 7, 2019 at 1:46 pm

      how do i join the group

      Reply
    • Tammy wokoma says:
      May 7, 2019 at 6:25 pm

      How do I join

      Reply
      • 13k to 104k says:
        May 8, 2019 at 9:37 am

        The link is for serious people only.

        Reply
    • Uc says:
      May 8, 2019 at 11:38 pm

      How do i join

      Reply
    • Harry says:
      May 13, 2019 at 11:02 am

      I need a link

      Reply
    • Joseph says:
      May 15, 2019 at 1:06 am

      How do I join

      Reply
  2. Martins says:
    May 6, 2019 at 9:18 pm

    Ponzi is better than betting, I used N13,000 collect N104,000 and I did it 3 times. Allow people to try their luck. Guys if una wan gamble with Loom Network, feel free

    Reply
    • Dino Lee says:
      May 7, 2019 at 11:57 am

      How do i join

      Reply
    • Anonymous says:
      May 9, 2019 at 12:20 am

      Comment:how do I join

      Reply
    • Okafor chioma m says:
      May 10, 2019 at 7:13 pm

      I want to join

      Reply
  3. Roger Robson says:
    May 7, 2019 at 1:38 pm

    how can I join

    Reply
    • Imoukhuede Oise says:
      May 14, 2019 at 7:07 am

      I just joined yesterday I paid 13k

      Reply
  4. Anonymous says:
    May 7, 2019 at 2:45 pm

    how we I join the group

    Reply
  5. Emma says:
    May 7, 2019 at 3:07 pm

    Please what’s there website?

    Reply
  6. Ibrahim says:
    May 7, 2019 at 3:21 pm

    How do I register

    Reply
  7. Ogundare olayemi says:
    May 7, 2019 at 3:45 pm

    Pls am interested, how do I join and this is my number 081xxxxxxxx

    Reply
  8. Olusegun says:
    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!

    Reply
  9. Adufe ademujimi damilola says:
    May 7, 2019 at 3:54 pm

    If l want to join, how l we do

    Reply
  10. Anonymous says:
    May 7, 2019 at 5:36 pm

    Piece of shit. Why am I seeing this late? I’m king Ponzi scheme. The links please

    Reply
  11. Anonymous says:
    May 7, 2019 at 7:04 pm

    How do I join to sign up for loom.. whats the number or website to register

    Reply
  12. Anonymous says:
    May 8, 2019 at 12:16 am

    How do I join

    Reply
  13. Anonymous says:
    May 8, 2019 at 9:16 am

    How do i join?

    Reply
  14. Anaekwe Emeka says:
    May 8, 2019 at 1:46 pm

    Pls how do I join?

    Reply
  15. Anonymous says:
    May 9, 2019 at 7:12 pm

    Comment:what about we that don’t have e-mail address, how can we register?

    Reply
    • Anonymous says:
      May 10, 2019 at 12:48 am

      You don’t need to
      Just have a WhatsApp number

      Reply
  16. Anonymous says:
    May 10, 2019 at 1:05 am

    pls how do I join, I’m interested.

    Reply
  17. Nkpara Kennedy says:
    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.

    Reply
    • Emmanuel Abara Benson says:
      May 10, 2019 at 11:18 am

      It’s a marvel.

      Reply
      • Fortune says:
        May 13, 2019 at 10:56 pm

        Hi

        Reply
  18. Anonymous says:
    May 10, 2019 at 12:11 pm

    How many people will you refer before you cashout

    Reply
    • Emy says:
      May 10, 2019 at 11:30 pm

      You don’t need to refer anyone before you can cashout here

      Reply
  19. Okafor chioma m says:
    May 10, 2019 at 7:12 pm

    I want to join,how do i go abt it

    Reply
  20. Anonymous says:
    May 11, 2019 at 9:09 am

    Please how do I join

    Reply
  21. Aruoriwho says:
    May 11, 2019 at 11:53 am

    email me link to join

    Reply
  22. Anebi Sunday owoicho says:
    May 11, 2019 at 7:37 pm

    Comment:I need a link

    Reply
  23. Erasmus Pentecost Silas says:
    May 12, 2019 at 6:16 am

    I need a link

    Reply
  24. Anonymous says:
    May 12, 2019 at 10:39 am

    Very funny

    Reply
  25. Risk says:
    May 12, 2019 at 11:28 am

    Its a choice

    Reply
  26. Anonymous says:
    May 12, 2019 at 11:42 pm

    I want to join

    Reply
    • somy says:
      May 13, 2019 at 9:43 am

      watsap me on 08168250768 to join

      Reply
  27. Anonymous says:
    May 13, 2019 at 9:40 am

    join my group with 500 and get 4k watsap me on 08168250768

    Reply
  28. Anonymous says:
    May 13, 2019 at 9:48 pm

    Please how do I join

    Reply
  29. Mabel says:
    May 14, 2019 at 7:03 am

    how do I join, am interested

    Reply
  30. Mabel says:
    May 14, 2019 at 7:10 am

    Am interested, how do I join

    Reply
  31. Samuel says:
    May 14, 2019 at 10:29 am

    Am interested

    Reply
  32. Samuel says:
    May 14, 2019 at 10:30 am

    Am interested

    Reply
  33. Tj says:
    May 14, 2019 at 10:31 am

    Am interested

    Reply
  34. Smarstone says:
    May 14, 2019 at 3:33 pm

    ????????

    *www.loomnigeria.com.ng *

    *Sign up and earn up over 200k today. With LOOM your finances will BLOOM*

    *MY LOOM*
    —————————————————
    *?25k to get 200k plan…Join Loom 1121.*

    *?50k to get 400k join loom 122.*
    Join team 111 50k only, others are crowded, I have told you

    Special surprise, new package coming up 50k , pre slot available @55k ,you will be amongst to cash out and be onthe safe sideh
    Chat me @ 2348103391040 for info and links
    ?????????????????
    SUCCEEDING TOGETHER✅

    *RUSH THERE NOW*?‍♀?‍♀?‍♀?‍♀?‍♀

    *Awoof don land o*

    I am in a good mood today and will to do something for Loomers.

    25k loom for 15k. I have only a few slots.

    DM if you are interested.

    Happy Looms Day ????

    Reply
  35. Smarstone says:
    May 14, 2019 at 3:36 pm

    Its risky like nairametrics said but very rewarding when you join on time.have just cash out 175k on 25k power but dondont go there again , loom 111 50k now is new

    Reply
  36. Smarstone says:
    May 14, 2019 at 3:41 pm

    Just saw a Martin’s commit, people spent over 5000 naira above playing betnaija until they finally win…was discourage when I saw this loom by people,saying admins takes everything, took courage to do it now cashing 175k…doñt wait until I cash proposed new package ,and then join when its crowded and call it scam ,join now..can add you up to group +2348103391040

    Reply
  37. chijioke collins says:
    May 14, 2019 at 3:47 pm

    join my group and cash out in less than 24hours. Whatsapp me on 08134545646

    Reply
  38. Francis Inyang says:
    May 14, 2019 at 4:39 pm

    please how can I join

    Reply
  39. Better Connections says:
    May 15, 2019 at 8:23 pm

    Loom oooo

    Reply
  40. Alfred Akuki says:
    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.

    Reply
  41. Joseph Emmanuel says:
    May 16, 2019 at 12:27 pm

    how do i join

    Reply
  42. Chioma says:
    May 16, 2019 at 4:22 pm

    How do I join,I am interested

    Reply
  43. Anonymous says:
    May 17, 2019 at 8:55 am

    Comment:how do I join

    Reply
  44. Paul says:
    May 17, 2019 at 3:46 pm

    Comment:please i want to join,but how do i join?

    Reply
  45. Smarstone says:
    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

    Reply
  46. Smart says:
    May 23, 2019 at 10:55 pm

    I want to join

    Reply
  47. Anonymous says:
    May 29, 2019 at 12:07 am

    i am interested,how ezecan i join?

    Reply
  48. Victory says:
    June 24, 2019 at 9:49 pm

    Is it still on

    Reply
    • Alfred Akuki says:
      June 25, 2019 at 9:06 am

      Hi Victory, Loom has crashed.

      Reply

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