The Securities Exchange Commission (SEC) has alerted Nigerians to the activities of an online investment platform which is out to defraud Nigerians, called Value Growth Platform.
In a statement signed by the management of the SEC, it was revealed that the platform is an investment platform that provides investors with market analysis reports, recommendations for investment and trading on behalf of unsuspecting Nigerians.
According to the SEC, the Value Growth Platform, which is not a registered platform, has features of a ponzi scheme as it promises unsuspecting people monetary rewards.
“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,” the statement read in part.
The SEC also advised Nigerians to be cautious about investing with the platform.
“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.”
