Barely a few years after Mavrodi Mundial Moneybox (MMM), a popular ponzi scheme, crashed in Nigeria, “Loom”, a similar money-making scheme, is fast catching up among Nigerians. “Loom Money Nigeria” is a peer-to-peer pyramid scheme that follows the same pattern as the collapsed MMM.

Organisers of the ponzi scheme have asked people to invest as low as N1000 or N13,000 and get as much as eight times the value of the investment before 48 hours. Unlike MMM, where there is a website and its founder (late Sergey Mavrodi) is well known, the promoters of Loom are elusive while the pyramid scheme operates via closed groups mainly on Facebook and Whatsapp.

Daily Mail had reported in April that ponzi schemes resurfaced online all over the world, with different names such as “Loom circle”, “fractal mandala” and “blessing Loom”. ABC News reported that Loom was first reported in the UK but is now circulating on social media platforms in Australia.

The pyramid scheme is currently making waves in Nigeria, with individuals creating their own WhatsApp groups such as “Preye Loom”, “Catherine Loom”, among others.

HOW LOOM MONEY NIGERIA WORKS?
It is believed that once users are invited to join the WhatsApp group chats, they are asked to invest N1,000, N2,000 or N13,000 with a promise that they will make eight times the amount once the participants recruit new entrants. After payment, participants are told to invite at least one person to join the system.

There are four levels in “Loom Nigeria” – Purple, Blue, Orange and Red. Each time 8 people join the group chat, the person in the centre — usually on the red spot — will get the target amount and leave the group.

ONCE BITTEN, TWICE SHY
Over three million Nigerians reportedly lost N18 billion to the MMM after it crashed in 2017. This was after the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) warned them against participating in the scheme which they described as a “Ponzi” scheme.

SOURCE: https://www.thecable.ng/nigerians-fall-for-loom-another-ponzi-scheme-despite-losing-billions-to-mmm

We are Nigerians
We've been scammed from the days of lord lugard so no worry yourself. We're used to it. How much be ponzi scheme compared to billions of dollars wey people wey we use our hand vote put for position dey chop?
Free us jare.
We like am like that

To be scammed you must be greedy, that's the requirement.

Nigerians and ponzi be like pant and Yanch.... dey can't do without each other

This girl is a scammer
MBANEFO CHIGOZIE DEBORAH 2054685130 uba. I did the loom to help my sis get her money but this girl was in the circle. After paying her they put me in the circle ,then went behind and formed a different group and put herself to receive the payments I was supposed to receive. This is the problem with ponzi in Nigeria "GREED"

Skepticus:

CMAJEMBA001:
This girl is a scammer
MBANEFO CHIGOZIE DEBORAH 2054685130 uba. I did the loom to help my sis get her money but this girl was in the circle. After paying her they put me in the circle ,then went behind and formed a different group and put herself to receive the payments I was supposed to receive. This is the problem with ponzi in Nigeria "GREED"

Do you have her photo?

CLARITY OF ALLEGATIONS

I Mbanefo uchennaya franklyn, with the power of attorney on behalf of the alleged fraudster (Mbanefo Deborah) hereby state as follows:
1) that the above allegations are false and a total injury to her person and a defamation of her character and person .
2) that the accuser under the pretence of Garry C Anderson ( a fake catfish account) with the real name of CHUKWUMA M AJEMBA with phone number 09075000444 has no legal basis or substantial evidence to justify the allegations.
3) that She is not a fraudster neither has she ,with intent had the motive to defraud anyone nor the accuser. like every Ponzi scheme they were both victims of the fraud and She counted her loss too and even more .
4) that the accuser was in no way duped or defrauded because he joined the loom circle with the sum of 13,000 and got returns of almost over 55,000 ( so I wonder how he can claim to be defrauded merely because he didn't get up to the expected 105,000
5) that we challenge the accuser any day anytime at a court of competent jurisdiction with substantial evidence to back this allegations.
6) that we demand a total public apology to miss Mbanefo Deborah for the injury this allegation has caused to her person.