Nigerians welcome another Ponzi scheme, with open arms – Loom

After 2 years of the fall of the famous MMM scheme went down with millions of naira lost, Nigerians have started another scheme known as l...

After 2 years of the fall of the famous MMM scheme went down with millions of naira lost, Nigerians have started another scheme known as loom.

This loom has gotten lots of publicity online among Nigerians.
It’s a peer pyramid scheme where people invest as low as N1000, N2000, or N13, 000 and get eight times its value within a short period of time.

This pyramid is separated into four color-coded levels; blue, red, orange and purple. The first to sign up in the group sits in the red level, which is the central level, and gets the payment when the group fills up.

Two people sit in the orange level, while four investors fill the blue level. The purple level takes new entrants with eight spots open.

When the eight spots in the purple level are filled, the group splits into top half and bottom half as the investors in the outer levels move into new levels.

Investors are invited to join a Whatsapp group and are advised to recruit new investors because the scheme works if it keeps a steady stream of new investors to pay earlier investors.

When you invest N1, 000, you get N8, 000, invest N2,000 get N16,000 and invest N13,000 get N104,000.

A country where millions of people live in absolute poverty and economic challenges frustrates youths, it’s not a surprise that Nigerians want to get rich.

The way Loom operates, it appears as a non-sustainable investment scheme and that people will surely lose their money in this system.

Once people stop investing, groups will take long periods to fill up, and fresh investors will lose their money.

Nigerian government has warned Nigerians severally to stay away from investing in Ponzi schemes that are not registered or not licensed.

 This is only working now because investors that registered earlier are being paid the money that new investors are registering.
When people stop investing this so called loom will also crash.

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ANYIGBALEFT: Nigerians welcome another Ponzi scheme, with open arms – Loom
Nigerians welcome another Ponzi scheme, with open arms – Loom
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