The Securities and Exchange Commission (SEC) warns Nigerians against fraudsters running ponzi scheme, “Loom Money Nigeria.

”The acting Director-General of the commission, Ms Mary Uduk during a news conference on Thursday in Abuja gave this stern warning.

According to a statement by SEC’s Head of Media, Mrs Efe Ebelo, said that Uduk, who was represented by acting Executive Commissioner, Operations of SEC, Mr Isyaku Tilde, said Loom Money Nigeria had taken over the social media. She emphatised that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.