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SEC warns Nigerians against ‘loom money’

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The Securities and Exchange Commission on Thursday warned Nigerians over an online investment scheme, labelled ‘Loom Money Nigeria’.

Ms Mary Uduk, the acting director-general of SEC, issued the warning in Abuja during a press briefing.

Uduk said Loom Money Nigeria is a pyramid scheme which operates on social media and lures Nigerians to invest as low as N1,000 naira and N13,000 and get as much as eight times the value of the investment in 48 hours.

She stressed that the venture has no tangible business model, as returns would be paid from other people’s invested funds.

“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. The platform has embarked on an aggressive online media campaign on Facebook and WhatsApp to lure the investing public to participate by joining various Loom WhatsApp groups.

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and WhatsApp. If it were a local Ponzi scheme with known offices, it would be very easy for the commission to seal their offices and freeze their accounts.

“We, therefore, wish to notify the investing public that the operation of this investment scheme has no tangible business model; hence, it’s a Ponzi scheme where returns are paid from other people’s invested sum. Also, its operation is not registered by the commission,” the acting director-general of SEC concluded.

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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