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LOOM CRASH – Nigerians storm headquarters to get their money


Some Nigerians were spotted outside a building alleged to be the headquarters of Loom in Lagos, yesterday.

They reportedly stormed the location to demand for their money after the rumours of Loom Crash have been spreading around town.

LOOM CRASH - Nigerians storm alleged headquarters to get their money lailasnews 2


Recall that Loom Investment is a Ponzi Scheme which involves a Peer to Peer Method without any central bank or visible investment.

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However when investors visited their head office in Lagos yesterday 15th June 2018, they claimed that no staff was on ground to attend to them and the vicinity had been deserted since last week.

The Securities and Exchange Commission had in May, issued a warning to Nigerians investing their money in the online investment scheme.

Mary Uduk, Acting Director-General of the commission, gave the warning at a news conference in Abuja.

Uduk said:

“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.

“They lure the investing public to participate by joining various Loom WhatsApp groups to invest as low as N1,000 and N13,000 and get as much as eight 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.


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