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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Securities and Exchange Commission (SEC) has identified another unregistered platform, Value Growth Platform, operating illegally within the Nigerian capital market.
In a public notice, the commission said the online platform presents itself as an investment outfit that offers market analysis reports, investment recommendations, and trading services on behalf of clients.
However, the SEC has clarified that Value Growth Platform is not registered to solicit investments or operate in any capacity within Nigeria’s capital market.
The regulator said the entity’s operations bear classic hallmarks of a Ponzi scheme.
According to the commission, investigations revealed that the platform lures investors with promises of guaranteed returns, aggressively pushes referral-based rewards.
The platform also urged subscribers to fund their accounts hastily, a feature common in fraudulent schemes.
The SEC warned Nigerians to exercise extreme caution and reiterated that anyone dealing with Value Growth Platform does so at their own risk.
The commission notice reads
“The Securities and Exchange Commission (the Commission) has alerted the public to the activities of an online platform known as Value Growth Platform. This platform presents itself as an investment platform offering market analysis reports, investment recommendations, and trading services.
The Commission wishes to inform the public that Value Growth Platform is not registered by the Commission to solicit investments or operate in any capacity within the Nigerian capital market. Investigations have revealed that Value Growth Platform exhibits typical signs of a fraudulent Ponzi scheme, including promises of guaranteed returns, a heavy reliance on a referral system with monetary rewards, and urgent calls for account funding.”
The SEC warned Nigerians to exercise extreme caution and reiterated that anyone dealing with Value Growth Platform does so at their own risk, Punch reports.
“As a precaution, the public is advised to exercise caution when dealing with Value Growth Platform. Anyone engaging with the entity or its representatives does so at their own risk.
“The Commission emphasises the importance of verifying the registration status of investment platforms through its dedicated portal: SEC’s FinTech and Innovation Hub (FinPort) or http://www.sec.gov.ng/cmos before entering into any transactions.”
Earlier, Legit.ng reported that the SEC flagged two cryptocurrencies operated by owned by Sam Zuga as illegal.
The commission disclosed in a new notice stating the promoters or issuers of ZUGACOIN and SAMZUGA GPT are not licensed to operate in any capacity in the Nigerian capital market, flagging the meme coins as illegal.
The SEC noted that both coins are meme coins and have no use case, intrinsic value or tangible projects backing them.
Read more on Legit.ng – Nigeria news.
