Nigeria’s Securities and Exchange Commission (SEC) has flagged an online platform, Value Growth Platform, as an illegal operator. SEC said its attention was drawn to the activities of 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,” SEC said.
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According to SEC, “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, SEC has advised the public 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”.
The Commission reminded potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators or http://www.sec.gov.ng/cmos before transacting with them.
