• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

SEC warns ponzi-thirsty Nigerians against Loom Money Nigeria

Damilare Famuyiwa by Damilare Famuyiwa
May 17, 2019
in Company News, Politics
SEC, Whistleblowing policy

Mary Uduk, Acting Managing Director, Securities and Exchange Commission

Share on FacebookShare on TwitterShare on Linkedin

Mary Uduk, the Acting Director General of the Securities and Exchange Commission (SEC), has warned Nigerians against the activities of the fraudsters who are behind the latest ponzi scheme in the country — Loom Money Nigeria.

Ms Uduk gave the warning during a joint press conference in Abuja with the Minister of Finance, Mrs Zainab Ahmed.

Loom’s Modus Operandi: According to Uduk who was represented by SEC‘s Acting Executive Commissioner of Operations, Isyaku Tilde, the fraudsters carry out their illegitimate business activities via social media platforms such as Facebook. They target young Nigerians, luring them to invest as low as N1000 and N13,000 to get as much as 8 times the value of the investment in 48 hours.

RelatedStories

SEC warns Nigerians against investing in Risevest and Stecs  

SEC issues fresh warning as CBEX resumes operations in Nigeria two months after crash 

June 11, 2025
Dr. Emomotimi Agama, SEC

SEC DG Dr. Emomotimi Agama to deliver keynote at Nairametrics Capital Market Awards 

May 21, 2025

According to the Acting DG, Loom Money Nigeria had no tangible business model. She, then described the digital venture as a Ponzi scheme, where returns would be paid from other people’s invested funds.

“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.

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.

“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

Recall that Nairametrics had earlier reported on the risks associated with engaging in Loom Money Nigeria.

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.


Follow us for Breaking News and Market Intelligence.
Tags: Loom Money NigeriaMary UdukSEC
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.

Related Posts

SEC warns Nigerians against investing in Risevest and Stecs  
Business News

SEC issues fresh warning as CBEX resumes operations in Nigeria two months after crash 

June 11, 2025
Dr. Emomotimi Agama, SEC
Business News

SEC DG Dr. Emomotimi Agama to deliver keynote at Nairametrics Capital Market Awards 

May 21, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Dividends

Shareholders demand SEC action to streamline unclaimed dividend process in Nigerian banks 

May 12, 2025
Why do Nigerians fall for Ponzi schemes every time?
Op-Eds

CBEX wealth chasers, NDIC, and the fate of depositors by Reuben Abati

April 29, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

SEC issues fresh warning against Ponzi schemes, urges Nigerians to report illegal crypto investment platforms 

April 24, 2025
Dr. Emomotimi Agama, SEC
Markets

Consumer Protection: SEC Nigeria gets tough with influencers/celebrities

April 19, 2025
Next Post
Licensed Micro-finance Banks

Stamp Duty Controversy: CBN recovers over N35bn as probe begins

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • CBN suspends dividends, bonuses, and foreign investments for banks under regulatory forbearance 
  • EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 
  • Cornerstone Insurance declares 27 kobo final dividend, reveals payment date and criteria 

Follow us on social media:

Recent News

CBN, forex

CBN suspends dividends, bonuses, and foreign investments for banks under regulatory forbearance 

June 14, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 

June 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics