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CNB News – Barely a few weeks after Loom took over the social media, targeting young Nigerians to participate in a pyramid scheme, Loom, a Ponzi scheme has slowed down, as fewer people now reportedly invest in it.

Probably garnering lessons from the bitter experience millions of Nigerians had when another Ponzi scheme, MMM, crashed in 2016, various Loom groups have become inactive lately.

Like every Ponzi scheme, Loom was actually expected to last for a short time.

Well, Some Nigerians have started complaining of the slow pace at which the scheme is, below  are some of the bitter complains about the pyramid scheme:

A phone outlet attendant Rose said:

“The progress is not encouraging at all, once I cash out in this round, I won’t put my money again, For the past one week, no new person has joined the group. People are afraid it might crash soon, so once they collect their, nobody markets for the group again.”

According to her, she has “cashed-out” N88,000 so far with the N11,000 she ‘invested’  She said she put in N2000 three times to get N16,000 each and also invested N1000 in five places to get N8000 each.

Femi Smart, another investor, said,

“Loom is a teamwork, if everybody is working, we will all get our money and if we don’t invite people, then the scheme will go off”.

Mr Smart, who also confirmed the slow pace of the scheme said:

“everyone is being careful to invest because of what happened with MMM.”

Rabi Yusuf, a hairstylist, said:

she believes she has lost her money as she has not been able to convince anyone to join her group.

Ms Yusu Said:

“I paid 2k into someone’s account since last week, I have not heard from her since I am not on WhatsApp. Any time I call, she will say I should look for somebody to join the group so I can get my money fast.” Ms Yusuf said she would not mind having her capital back without gain.

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