- 50 firms to be revitalised by 2023
- Loom Money is ponzi scheme, NDIC, SEC warn depositors
Ndubuisi Francis and James Emejo in Abuja
The Central Bank of Nigeria (CBN) has set up a committee for the revival of the country’s cotton, textile and garment industry, with the mandate to revive a minimum of 50 textile firms by 2023.
However, in the short-term, the apex bank plans to revive 20 textile firms within the 2019 fiscal period.
This is coming as the Securities and Exchange Commission (SEC) and the Nigerian Deposit Insurance Corporation (NDIC) have warned depositors against the activities of some online scammers, currently running an online investment scheme tagged ‘Loom Money Nigeria,’ describing the scheme as another Ponzi scheme.
The targets of Loom Money are young people, which the operators lure to participate in a pyramid arrangement.
Citing the whopping $4 billion spent annually on importation of…
