• 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 Business News

Angry Nigerians storm Loom office as Ponzi scheme crashes

Amaka Obioji by Amaka Obioji
June 20, 2019
in Business News, Politics
Loom Money NIgeria, MMM, Ponzi Scheme
Share on FacebookShare on TwitterShare on Linkedin

Popular Ponzi scheme, Loom Money Nigeria has crashed and in a bid to retrieve their money, some angry customers have stormed to their office. On arrival to the said Loom’s headquarters in Lagos, they discovered the office have been deserted.

https://twitter.com/sameba_/status/1141020152110170112?s=21

Before the crash of the Ponzi scheme, some Nigerians had already foreseen that something like this is bound to happen, many made references to the great Ponzi scheme of 2017 called MMM and how it left many broke and bankrupt.

RelatedStories

SEC warns Nigerians against investing in Risevest and Stecs  

Ponzi scheme: SEC warns Nigerians against investing in PWAN MAX 

May 6, 2025
Why do Nigerians fall for Ponzi schemes every time?

Resisting Ponzi schemes in Nigeria

April 18, 2025

Loom has proved that Ponzi’s are not a good way of investing. At the early stage of Loom, Nairametrics had in a report, warned Nigerians of the imminent danger of investing in the fast money making Ponzi scheme.

Read also: INSIGHT: Here’s a reliable way to save money from your monthly salary

The Security and Exchange Commission (SEC) also issued a warning to the public, deterring them from putting their money in the scheme. According to Mary Uduk, SEC’s Acting Director General, the Ponzi had no tangible business model as she described the digital venture as a scheme that uses people’s returns to pay for people’s invested funds.

The peer-to-peer pyramid scheme which is patterned similarly as the collapsed MMM is designed in a rotative form in which when a new person is recruited, others are pushed closer to the centre of the circle where they’re promised a payout.

Just like every Ponzi, you pay to get involved, the scheme relies on you to recruit other people, and to part with their money just as you did. It is a cycle, the more people come in, the greater the chances of one cashing out.

Read also: Accessing Alternative Investment Opportunities in Nigeria for Better Returns

Unfortunately, this cycle only benefits the early users as new entrants begin to reduce and sometimes people tend to slow down payment when things begin to go slow, leaving the latter investors to carry the burden of a failed Ponzi scheme.


Follow us for Breaking News and Market Intelligence.
Tags: LoomLoom Money NigeriaMMMPonziPonzi scheme
Amaka Obioji

Amaka Obioji

Related Posts

SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

Ponzi scheme: SEC warns Nigerians against investing in PWAN MAX 

May 6, 2025
Why do Nigerians fall for Ponzi schemes every time?
Markets

Resisting Ponzi schemes in Nigeria

April 18, 2025
Charles Ponzi
Op-Eds

Why any offer with the word “trading” or “guaranteed” is a Ponzi by Kalu Aja

June 4, 2024
Ponzi Scheme
Exclusives

Inside “PHEBELLA”, “RIO TINTO”, “TECK”, the new Ponzi Schemes promising tantalizing returns

September 16, 2023
Ponzi scheme: police arrest Bamise Ajetunmobi, produces him in court
Business News

Ponzi Scheme: Police finally arrests Bamise Ajetunmobi of Imagine Global Holding, arraigns him

March 17, 2023
Poverty, EFCC, CSO
Crime and Insecurity

EFCC flags Racsterli, MMM, others as Ponzi schemes

November 6, 2022
Next Post
Five factors stopping you from starting a business

Five factors stopping you from starting your new business and the way out

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

  • Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 
  • Top ten of Nigeria’s trading partners by import value in Q1 2025 
  • NNPC Ltd eyes four major FIDs by 2025, posts N5.89 trillion revenue in April 

Follow us on social media:

Recent News

Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 

Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 

June 12, 2025
Nigerian Imports,Drugs

Top ten of Nigeria’s trading partners by import value in Q1 2025 

June 12, 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