SEC cautions public about unregistered investment scheme
Securities and Exchange Commission, SEC
Abdullateef Fowewe
The Securities and Exchange Commission (SEC) has alerted the public about an online entity known as VALUE GROWTH PLATFORM, underscoring that the platform is not registered to operate or solicit investments in the Nigerian capital market.
In a statement issued on Friday, the Commission disclosed that VALUE GROWTH PLATFORM purports to provide investors with market analysis, investment advice, and trading services.
However, investigations indicate that the platform’s operations exhibit characteristics of a deceptive Ponzi scheme.
According to the SEC’s statement, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the activities of an online platform known as VALUE GROWTH PLATFORM, which holds itself out as an Investment Platform that provides investors with market analysis reports, recommendations for investment and trading on their behalf.
“The Commission hereby informs the public that VALUE GROWTH PLATFORM is NOT REGISTERED by the Commission to either solicit investments from the public or operate in any capacity within the Nigerian capital market.
“Investigations have revealed that VALUE GROWTH PLATFORM’s operations exhibit typical indicators of a fraudulent Ponzi scheme which includes, promises of guaranteed returns, heavy reliance on a referral system with promises of monetary rewards for referrals and desperate requests for subscribers to fund accounts.
“Accordingly, the public is advised to be cautious about investing with the said VALUE GROWTH PLATFORM, as any person who engages with the entity or its representatives does so at his/her own risk.”
