Nigerians embrace another Ponzi scheme LOOM, despite losing billions to MMM

Nigerians embrace another Ponzi scheme LOOM, despite losing billions to MMM

- Another Ponzi scheme - LOOM is gaining patronage in Nigeria

- Many Nigerians lost their millions of naira to MMM before it finally crashed in 2017

-'s investigation reveals that the new Ponzi scheme is making wave among many Nigerians on social media

Despite unpalatable experience millions of Nigerians had with various Ponzi schemes in the past, a similar scheme - Loom, is now making wave among many Nigerians on social media.’s regional reporter, Adejayan Oluwagbenga Gsong, reports that many Nigerians are already taking chances with the new Ponzi scheme.

It was gathered that Nigerians have suddenly forgotten the announcement of a “restart" and a "collapse" of the popular Ponzi scheme MMM; where millions of naira was trapped in the scheme which left many of its investors in serious agony.

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Despite the agony experienced from MMM, Nigerians are embracing the newly introduced pyramid scheme called "LOOM" and again making gains and investing massively.

It would be recalled that the MMM came to Nigeria in 2016 and many people embraced it, made gains and invited their colleagues, family members and friends who invested millions of naira into the Ponzi scheme as well, which saw Nigerian investors' plight worsen.

The scheme went on a one-month break in December 2016 before its eventual collapse with the funds of many Nigerians trapped in it.

It was reported that while the Russian Ponzi company associated its collapse and liquidation to the death of its founder, the Russian businessman, Sergei Mavrodi, this cascaded into serious frustration from its Nigerian investors. Twitter, Facebook and Instagram users took to the social media platform to air their views on their financial agony and the death of the founder of MMM pyramid scheme, Mavrodi.

Then, comments came mostly from Nigerians and people from other parts of the world whose encounter with the Ponzi scheme had been mostly unpalatable.

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As if that is not enough, LOOM is here too and has been a subject of controversy nationally. Many are asking whether it is a legit Ponzi scheme of monetizing and as well doubles investments. gathered that LOOM is another pyramid system just like MMM which is said to be creating opportunities for people of earning eight times their capital back within minutes after registration.

Now that MMM is gone and gone for good, can LOOM be another form of temptation for Nigerians? With the introduction of LOOM and some other Ponzi schemes, do we have regulatory bodies checking such pyramid schemes and their irregularities and excesses.

It is said "once bitten twice shy." Have Nigerians not learnt their lesson? Do we go into another scheme with a fury heart all in the name of making invisible gains?

Recall that in 2016, the Central Bank of Nigeria (CBN), as well as the nation's legislative arms issued stern warnings to Nigerians to desist from MMM and other Ponzi schemes.

Since online financial businesses such as Ponzi are assumed to be creating opportunities to earn more income, there are betting companies which are registered and they are doing fine. Ponzi schemes should also be scrutinized before rendering any operation to nationals, they should be licensed and registered while regulatory bodies should be set aside by the federal government. Such agencies must go on their toes to safeguard Nigerians of any further financial mess just as the name "LOOM" may imply (to appear as a large, often frightening or unclear) as it will be another unforgivable big disgrace to Nigeria and its citizenry if another online business entity garner and cart away with Nigerians hard earned resources.

READ ALSO: Atiku's running mate Peter Obi is reportedly ill, goes to hospital had previously reported that millions of people in Nigeria, South Africa, Zimbabwe, Kenya, Morocco, and Egypt became contributors to MMM Global, founded in Africa by Sergey Mavrodi, creator of the largest financial pyramid in Russia in the 1990s. ( -> Same great journalism, upgraded for better service!

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