SEC warns Nigerians against growing unregistered investment scheme

The Securities and Exchange Commission (SEC) has issued a public warning against an online entity operating under the name VALUE GROWTH PLATFORM, stating that the platform is not registered to operate or solicit investments within the Nigerian capital market.

In a statement released on Friday, the Commission revealed that VALUE GROWTH PLATFORM claims to offer investors market analysis, investment recommendations, and trading services.

However, investigations have shown that the platform’s operations bear hallmarks of a fraudulent Ponzi scheme.

The SEC’s statement reads:

“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.” [CONTINUE READING HERE]>>>>