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SEC Warns Nigerians Against Trending Ponzi Scheme

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SEC Says ‘Loom Money Nigeria’ is a Fraudulent Scheme,

 

Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged “Loom Money Nigeria.’’

 

Ms Mary Uduk, acting director-general of the commission, gave the warning at a news conference on Thursday in Abuja.

 

A statement by Mrs Efe Ebelo, SEC’s head of Media, said that Uduk, who was represented by Mr Isyaku Tilde, acting executive commissioner, Operations of SEC, said Loom Money Nigeria had taken over the social media.

 

She said that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.

 

The director-general disclosed that the fraudsters carried out their illegitimate activities via social media platforms like Facebook and WhatsApp.

 

She added that they lured young Nigerians to invest as low as N1,000 and N13,000 and to get as much as eight times the value of the investment in 48 hours.

 

Uduk said that the venture was a Ponzi scheme, where returns would be paid from other people invested funds, adding that it had no tangible business model.

 

“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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“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,” she said.

 

Uduk, therefore, advised the public to distance themselves from the scheme, adding that anyone that subscribed to the illegal activity did so at his own risk.

 

She assured that an inter-agency committee, Financial Services Regulation Coordinating Committee, was working on the issue, and that the commission was also collaborating with security agencies to track them down.

 

A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.

 

Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as ‘loom circle’, ‘fractal mandala’ and ‘blessing loom.’

 

In Nigeria, its central name is Loom Money Nigeria with individuals creating their own WhatsApp groups such as Jack Loom, Catherine Loom, among others.

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Buhari Extends Ministers Tenure Till Tuesday

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President Muhammadu Buhari and his vice Osibanjo
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President Muhammadu Buhari President Muhammadu Buhari has asked his ministers to continue working till Tuesday.

 

He gave the directives during the valedictory Federal Executive Council (FEC) meeting yesterday.

 

The President said, thereafter, they should submit their handing over notes to the Secretary to the Government of the Federation.

 

Buhari said: “ Although today is our last council meeting, continue to work until Tuesday.. Your handover letters should be submitted to the office of the SGF.”

 

The president commended the ministers for contributing towards the development of the country.

 

Yemi Osibanjo, Vice President and the 31 ministers took turn to deliver their speeches on their experiences working with the president.

 

The president would be sworn in on Wednesday May 29 for his second term.

 

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UBA’s Africa Conversations: Leaders Emphasise Importance of History to African Development

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l-r Chairman of Ghana’s Convention People’s Party, and daughter of Mr. Kwame Nkrumah, Ms Samia Nkrumah; Nobel Laureate, Professor Wole Soyinka; Group Chairman, UBA Plc, Mr. Tony Elumelu; Guinean Historian and playwright, Professor, Djibril Tamsir Niane; Afro musician, Mr. Femi Kuti; and Legal Practitioner and Moderator, Ms. Ayo Obe, during the panel discussion themed ‘Africa’s History Redefined, our past, the path to the future,’ organised by UBA to mark Africa’s Day in Lagos on Wednesday
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African leading minds have called on Africans to be mindful of their rich history, which according to them creates the path towards the socio-cultural, economic and political development of the continent

 

The strong African voices which included Group Chairman, United Bank for Africa (UBA), Tony Elumelu, Nobel Laureate, Wole Soyinka; Professor emeritus and authority in Sahelian history, Djibril Tamsir Niane; Ghanaian Politician, Samia Nkrumah and Famous Musician, Femi Kuti spoke during the first edition of UBA’s Africa Conversations, a symposium organised by the United Bank for Africa (UBA) Plc at the UBA House in Lagos, as part of activities marking this year’s Africa Day celebrations. The theme of the panel session was “Africa’s History Redefined, Our Past, the Path to the Future”.

 

Opening the conversation, the Group Chairman, UBA, Tony Elumelu stated ‘UBA understands the past- that Africa as a continent has always been united by the struggle for identity. UBA is a symbol for the development of Africa, for the economic empowerment of our people, the Small and Medium Enterprises as well as the big corporations. Thus, identifying with Africa and indeed Africa Day is synonymous with who we are as a bank. It presents us the opportunity to remind ourselves, the world and indeed Africa that we owe ourselves the duty of making Africa the continent of our dreams.”

 

Elumelu added that it is important for Africans to remember history as this will help prepare for the future. ‘Our past provides a veritable tool to fashioning the continent’s development, renaissance and economic growth’ he emphasised.

 

Speaking strongly on the issue, professor Wole Soyinka, who commended UBA’s initiative for opening up discussions on these pressing topics decried the growing erosion of history from the curriculum in African schools, adding that the lack of knowledge of our past makes children’s growth on the continent truncated. “How can we cope with the modern phenomenon if we do not know the past? We should never forget the importance of history as it is not just an academic exercise,” he enthused.

 

Corroborating Soyinka’s position, Professor Niane opined that reminiscing about Africa’s rich history is important as there is no people without history. He said, “A lot of work has been done by Africans and we have to be happy about it. There is the need to continue the conversation about African unity. Policies  have been put in place and our democracy can only get stronger. Peace will reign and Africa will be reunited. Economic transformation is also important but it is not the only thing we should concentrate on.”

 

 

Samia Nkrumah, the daughter of Kwame Nkrumah of Ghana, who commended UBA for prioritising African entrepreneurship, called for a renewed attempt at African unity, which according to her, has to be a collective effort of the people.

 

Nkrumah said, “As we work in our individual smaller countries, it will be easier to achieve more if we work together and complete unification can only come if we work together; we won’t go anywhere unless we use unity as a political project.’ She added.

 

On his part, Femi Kuti emphasised the importance of History, saying “Our children need to learn this history so that they can come up and build the continent. We need everyone – both boys and girls to work towards this vision.”

 

The UBA Conversations, an initiative of the Pan African financial institution, aims at aggregating discussions necessary for the growth and development of the continent. It is being held as part of the activities to mark the 2019 edition of Africa Day celebrations by the bank.

 

With presence in 20 African countries as well as in the United States, France and The United Kingdom, UBA’s passion for Africa’s growth is part of who they are.

 

The bank is set to continue conversations around these important topics that are required to galvanise the African economy with the aim of attracting the much needed support that will boost SMEs and support business growth on the continent.

 

 

 

 

 

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Facebook Celebrates One Year of NG_Hub

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Celebrating exactly a year to the day since the doors of NG_Hub opened in Lagos, and Facebook further cemented its ambitions to train users across Nigeria in digital skills, Facebook released an infographic highlighting key milestones over the past year.

Created as part of Facebook’s ongoing commitment and investment in growing the start-up ecosystem, and in partnership with CcHub, NG_Hub is a multi-faceted space which connects and bring together developers, start-up’s and the wider community to collaborate, learn and exchange ideas. With a number of expert training and events with partners across Nigeria, undertaking in the hub and externally, the aim is to equip individuals and businesses to grow.

Some highlights over the past year includes: Trained over 50,800 SMBs in digital skills across 20 states in Nigeria

– Delivered 526 events with over 11,490 attendees at NG_Hub, including programmes such as AR/VR meetups, FbStart Accelerator Programme, Facebook Community Leaders Community meetings (CLCs), Developer Circle gatherings etc.

– Directly supported businesses in 11 different industries from agriculture, through to catering, education and fashion

Speaking of its one-year anniversary, Adaora Ikenze, Head of Public Policy, West and Central Africa, said: “I’m proud of the incredible impact that NG_Hub has had in its first year, and continues to have on the lives of young Nigerians.

“We remain committed in deepening our engagement, increasing skills development and supporting the next set of innovators, tech entrepreneurs, start-ups,in our collective bid to change the face of technology and grow the economy.”

Commenting on the partnership Bosun Tijani, Founder/CEO of CcHub, added: “We’re glad about the tremendous impact Facebook’s investment in NG_HUB has had in such a short period and the ecosystem is already seeing the fruits of this commitment. We’re committed to working with Facebook to position NG_HUB as a major platform that drives smart application of technology innovation for economic prosperity across the region and beyond.”

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