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LOOM: Nigerians zooming to severe economic disaster

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By Sylvanus Okpe

Nigerians were aghast when the Central Bank reported N12 billion loss to Ponzi schemes. The ill-fated MMM Ponzi scheme contributed to the lion share. Many could not fathom how Nigerians, during that unfavourable period of biting economic hardship and scarcity would throw away such a humongous amount. it just didn’t match with the realities on the ground then.

Only desperation, greed and ignorance could birth such an irony of misplaced expenditure and investment. Gory stories of Nigerians especially students who used their tuition fees to engage in that scam resorting to suicide was widespread. There was a well-reported account of a man who borrowed N4 million from a bank to invest and make profits thereafter but unfortunately lost all. He almost committed suicide but for the rapid intervention of his wife who made distress calls that attracted neighbours and passers-by. It was a sad end.

That Christmas was one of the worst the country witnessed. MMM left countless Nigerians poor and contributed immensely to the economic downturn of that period. It was a brutal doom. The once-booming scheme came to an abrupt end and took with it countless lives, destroyed many marriages and rendered infinite students school dropouts. The profit can never match the loss.

In our noticeable characteristics of desperation, greed, lack of industry and propensity to engage in fraud and any form of criminality to make quick and undeserved income, we have yet again embraced another fraud that could potentially leave us more miserable than the MMM. This time around, the proponents of this devilish financial crime, concealed MMM have christened it LOOM.

Read also: Scam: Nigerians compare suspended national carrier to MMM

Unlike MMM’s 30% interest in a month, LOOM attractively offers 800% interest rate. It works in a circle and one is expected to pay in N1,000 or N13,000 and make eight times the amount with no prescribed period but depends on the speed at which he or she brings others to the system.

This is more deadly than MMM and its end is expected to be more disastrous and heartbreaking. It will leave many Nigerians poorer than they were before its inception and will definitely add no value to their lives and wellbeing. It will be an economic disaster and many of its victims will no doubt shift their frustration to the table of the current administration.

Loom or whatever it is called has nothing to offer to Nigerians. We must learn to be industries, let us reassert the dignity in labour by engaging ourselves in gainful ventures rather than investing our hopes in a scheme whose future is uncertain. A scheme that leaves us worse. A scheme that builds our hope for a letdown.

We must not allow our present economic situation to shape our decisions or lead us into a deadly venture that will add to our numerous problems and lead us to depression at the end. Loom like MMM has come to destroy and not to help. Shun it now or face the dire consequences at the end. Do not involve the government when it crashes sooner or later.

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Support our journalism with a contribution of any size

Nigeria's media space is swamped with falsehood, deceit and delusion. Just a handful abides by the truth. TheNigerian is one of the unique platforms helping to shape the global narrative about Nigeria and her citizens across the world. It's quite costly to maintain this brand of journalism, however.

Readers from around the world, like you, make TheNigerian's work possible. We need your support to deliver quality, investigative journalism – and to keep it open for everyone. At a time when factual, honest reporting is critical, your support is essential in protecting our editorial independence. Every contribution, however big or small, is so valuable for our future.

Our brand of professional citizens' journalism requires a contribution from members of the public, patronage and sponsorship to thrive. We rely on this financial support to be able to carry out our numerous obligations of training, running cost, production, printing and general services. We also embark on Corporate Social Responsibilities through educational programs on our TV, newspaper and blogs.

Make a token donation to support us:
Account Name: Patriot and Sage Digital Communication Ltd
Account No: 1015619537
Bank Name: Zenith Bank

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