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Nigerians welcome Loom, another Ponzi scheme, with open arms

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Nigerians are signing up for Loom despite past heartbreaks experienced with other Ponzi schemes.

Nigerians are once again investing in a Ponzi scheme that's a looming disaster [Guardian]


Pulse Nigeria

Nigerians are once again investing in a Ponzi scheme that’s a looming disaster [Guardian]

Two years after the popular Mavrodi Mundial Moneybox (MMM) Ponzi
scheme crashed with millions of naira lost, Nigerians are starting to
flood towards Loom, another scheme that promises astonishing returns on
investment.

MMM penetrated the Nigerian market in 2015
with over 2 million people signing up for the scheme by the time it
crashed in December 2016.
Despite the loss of billions to that scheme
and many of its ilk, Loom Money Nigeria is starting to gain widespread
following among Nigeria’s online community.
Loom is a peer-to-peer pyramid scheme which
involves people being invited to invest as little as N1000, or N2000, or
N13,000 and get as much as eight times its value within a short period
of time.
The Loom pyramid is grouped into four
colour-coded levels – purple, blue, orange and red. Whoever is the first
to sign up for the group sits in the red level, which is the central
level, and gets the payout when the group fills up.
Two people sit in the orange level, while four
investors fill the blue level. The purple level takes new entrants with
eight spots open.
Once the eight spots in the purple level are
filled, the group splits into top half and bottom half as the investors
in the outer levels move into new levels. 
The new groups of seven investors each then
have to recruit eight new investors to once again break the circles into
another two groups.
Investors are typically invited to join a
WhatsApp group and advised to get as many other investors as possible
because the scheme only works if it keeps a steady stream of new
investors to pay earlier investors.
The more people are recruited into the group,
the quicker it breaks and the quicker the payouts are to investors. The
initial investment is usually paid to the group admin who sits in the
red level.


Pulse Nigeria


A typical pyramid structure of Loom Money Nigeria (Pulse)

If you invest N1,000, you get N8,000; if you invest N2,000, you get N16,000; and if you invest N13,000 you will get N104,000.
In a country with millions living in extreme
poverty, and economic challenges frustrating its youthful population,
it’s not much of a surprise that Nigerians are open to get-rich-quick
schemes.
Sandra, a polytechnic student, told Pulse that
she invested N1000 in Loom because she spent a chunk of her school fees
to invest in a business venture that’s yet to yield returns she hopes
to make back from Loom instead.
“The payment of my school fees is due next week, so I’m desperate to get money,” she said.
Even though she was promised a payout 48 hours
after investment, she’s yet to get one after four days and is
desperately trying to recruit her close friends and social media
followers to invest in the scheme too.
With the way Loom operates, it’s clear to see
that it’s not a sustainable investment scheme and that people will
inevitably lose their money in the system.
When investors start to dry up, groups will
take longer to fill up, and newer recruits will lose their investment
without any payouts. This will only be averted if there’s an unending
supply of new investors, an impossible feat.
Over the years, the Nigerian government has
issued several warnings to Nigerians to stay away from investing in
Ponzi schemes that involve unregistered investments, unlicensed sellers,
secretive and complex strategies. 
Loom Money Nigeria only works now because
earlier investors are being paid with investments acquired from the
recent ones. Once that system slows down, Nigerians are simply left with
a looming disaster.

Entertainment

Mr Eazi proposes to Temi Otedola!

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For what seemed like a long while, celebrity power couple—Mr Eazi and Temi Otedola—are finally engaged as Oluwatosin Ajibade better known as Mr Eazi pops the heartwarming “Will you be my wife?” question to his girlfriend of 2 years Temiloluwa Otedola and she responded favourably in the affirmative “Yes” tone.

Fashion mogul and Icon Temi Otedola began dating artiste and music label CEO Mr Eazi in the year 2020 and have been living together ever since in their London apartment, sharing intimate moments, even meeting respective family members. This they’ve both shared in detail on their How Far? With Mr Eazi And Temi Otedola podcast.

Temi announced her engagement by posting the sea-side proposal of Mr Eazi on one knee asking the important question. The video goes by the simple caption of the infinity logo connoting they’re both locked in for life.

Congratulations to Temi Otedola and Mr Eazi!

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Nicki Minaj agrees “Essence” should be song of the year at the Grammys

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American superstar rapper, Nicki Minaj, shares the same sentiments as myriads of Wizkid fans and well-wishers worldwide, in that she concurs to the argument the trendsetting crossover record-breaking single from Wizkid’s 2020 released “Made In Lagos” album, Essence should be in the conversation for the coveted “Record of the Year” plaque at this year’s Grammy Awards.

Although “Essence” did not receive the much desired nomination in the category for “Record of the Year” at the 2022 Grammy Awards, it did get a nod for Best Global Music Performance, the first of its kind.

Irrespective of the snub, Nicki whilie on Joe Budden TV (YouTube) as a guest on the special episode tagged A Conversation With Nicki Minaj & Joe Budden agreed with the host (Joe Budden) when he said “We need people on the Grammy board that know that “Essence” was song of the year” with an exclamatory “Right! Right!” response. She even proffered, “We should have our own Grammy Board“, in support of many and the popular believe that Black Americans or black artistes in general are always stereotyped to a particular category at the award show, if indeed they made it to the top categories, they barely win; Nicki Minaj does not have a Grammy Award herself and that is still a shock to many, especially when considering her refined catalogue of music.

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Pheelz & Buju (BNXN) live the carefree lifestyle on “Finesse”

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After much teasing, the anticipated Finesse by Pheelz and Buju (now BNXN) hit DSPs across the globe and just like the teaser gave off, Finesse is a banger! It is produced by young producer under Pheelz’s wing known as Miichkel.

On Finesse, Pheelz and Buju live their life to the fullest, the carefree lifestyle is what they desire and they are determined to stay on that track for the time being. “I’ve been living the fast life but I see it in slow mo / And you see my lifestyle, I got Gs in the turbo / . . . / Bad girl sey she want Netflix & Chill / So I ja ticket give her warning / If you fall in love, girls it’s certain / You go chop breakfast, I’m not capping“, Pheelz explains on the first verse, even saying love and relationship cannot stop him from living the ‘ballers’ lifestyle; “I’d be dammed if there’s anybody that could be like me / I be like Mo’ Salah, coming up the right wing / I cut through your defender, you no need to tell me / I must finesse / And you know sey me I must net“, Buju braggingly adds on the second verse, saying he can score any chick that catches his eye and dish her the next minute.

listen to the popular joyous chorus “Ah finesse / If I broke na my business / Ama shana e go bright o / Folake for the nighr ohere or on Apple Music.:

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