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About Loom…



A popular idiom says ‘once beaten, twice shy’. The wise however, have since learnt that once beaten they stay forever shy.

That doesn’t seem to be a lesson, many have learnt following their experiences with the popular failed ‘MMM’ Ponzi, as they have again come up with another scheme ‘Loom’, attracting more victims with mouth-watering profits.

The ‘Loom’ promises over eight times return on the initial investment, where a person invests thirteen thousand naira (N13, 000) and reaps one hundred and four thousand naira (N104, 000) within twenty four hours (if they are fortunate enough to get victims).

The unfortunate issue here is that the profiteers fail to think where the extra profit is coming from, or they do and simply do not care that in the end a couple of people must lose their hard earned monies to their greed.

But who blames them? After all, it is a competition of greed meets greed. For those who start early, they are more often lucky as they are able to recoup their initial investments and in most cases gain from the boom. However, for most late starters, they often fall to their doom while struggling to boom from the loom.

While many have wisened up, to know the dangers of Ponzi schemes and have risen to warn the unwary, many have already fallen victims, while others continue to  seek to convince others to join, hoping to recoup their losses at the expense of other greedy fellow investments.

It is no longer news that the scheme has failed to pay its victims in Lagos and many parts of Abuja. The story is, when a ponzist is lucky to get his initial cash-out, he refuses to reinvest and not many are greedy enough to get into the scheme.

Interestingly, Nigeria is a country where citizens do not let things happen in half measures, rather we chose to pour our all and when it crashes the hailers and wailers try to outdo themselves in speaking out. But then one wonders why those not interested in the Ponzi can’t just keep silent and let the risks takers take their risks when we have so much more to worry about.

A trending issue is the rising incidence of suicide, most prevalent among young people. In the past week, the social media has been inundated with various suicides and threats to commit. From the young music minister who allegedly towed the suicide route, following a failed marriage plan and after photos showing him in a compromised position were leaked, to the 400 Level UNN student who had committed suicide having battled dementia for over two months, not to mention the many suicides attributed to failed love.

On a daily basis people have become more creative at suicides, from hangings, to jumping into the lagoon, or in recent times drinking sniper which is supposed to be used for killing insects and rodents. Whatever method is used, suicide remains a terrible and cowardly way to die as it solves no issues.

Aside the self-destruct, shouldn’t we as a nation be alarmed by the unending cases of sexual molestations of children, of recent is the three (3) year old undergoing medical help after being molested by an uncle, the unending kidnappings for Ransom most recently is the pastor and church members from Kaduna and a staff of Dangote and two others among several others.

Shouldn’t we be alarmed at the unexplainable get rich syndrome, where perpetrators are daily paraded for resorting to killings and stealing of human parts, or stealing of women under wears or the alarming number of frauds on the prowl, especially on social media, than we are about earning wealth for very mundane reasons?

Sadly, we give much ado about all the wrong reasons, while our morals continue to daily fall into a deeper abyss of a deeply decadent society.

Whatever remains of our ability to fight all the wrongs that ail us as a nation, we finish it on a great note of humour as Nigerians remain some of the most optimistic people in the world by joining the trending local slang “Na dem”…..story for another day.



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