SEC another Ponzi scheme platform as SEC warns Nigerians not to invest

• The SEC has issued different informing to Nigerians astir an concern strategy called Value Growth Platform
• The committee described the Value Growth level arsenic an unregistered concern level operating illegally successful Nigeria
• SEC advised Nigerians to verify the registration presumption of immoderate concern level to debar falling victim

Legit.ng journalist Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Securities and Exchange Commission (SEC) has identified different unregistered platform, Value Growth Platform, operating illegally wrong the Nigerian capital market.

In a nationalist notice, the committee said the online level presents itself arsenic an concern outfit that offers marketplace investigation reports, concern recommendations, and trading services connected behalf of clients.

SEC warns Nigerians to put their wealth successful Value Growth Platform Photo credit: nurphoto
Source: Getty Images

Nigerians warned against investing successful Value Growth Platform

However, the SEC has clarified that Value Growth Platform is not registered to solicit investments oregon run successful immoderate capableness wrong Nigeria's superior market.

The regulator said the entity’s operations carnivore classical hallmarks of a Ponzi scheme.

According to the commission, investigations revealed that the level lures investors with promises of guaranteed returns, aggressively pushes referral-based rewards.

The level besides urged subscribers to money their accounts hastily, a feature communal successful fraudulent schemes.

The SEC warned Nigerians to workout utmost caution and reiterated that anyone dealing with Value Growth Platform does truthful astatine their ain risk.

The committee announcement reads

"The Securities and Exchange Commission (the Commission) has alerted the nationalist to the activities of an online level known arsenic Value Growth Platform. This level presents itself arsenic an concern level offering marketplace investigation reports, concern recommendations, and trading services.The Commission wishes to pass the nationalist that Value Growth Platform is not registered by the Commission to solicit investments oregon run successful immoderate capableness wrong the Nigerian superior market. Investigations person revealed that Value Growth Platform exhibits emblematic signs of a fraudulent Ponzi scheme, including promises of guaranteed returns, a dense reliance connected a referral strategy with monetary rewards, and urgent calls for relationship funding."

SEC urged Nigerians to transportation retired owed diligence earlier investing their wealth successful immoderate platform Photo credit: SEC
Source: Getty Images

SEC warns Nigerians to cheque earlier investing

The SEC warned Nigerians to workout utmost caution and reiterated that anyone dealing with Value Growth Platform does so astatine their ain risk, Punch reports.

"As a precaution, the nationalist is advised to workout caution erstwhile dealing with Value Growth Platform. Anyone engaging with the entity oregon its representatives does truthful astatine their ain risk. "The Commission emphasises the value of verifying the registration presumption of concern platforms done its dedicated portal: SEC's FinTech and Innovation Hub (FinPort) oregon www.sec.gov.ng/cmos earlier entering into immoderate transactions."

SEC flags Zugacoin, SamZuga GPT

Earlier, Legit.ng reported that the SEC flagged 2 cryptocurrencies operated by owned by Sam Zuga arsenic illegal.

The committee disclosed successful a caller announcement stating the promoters oregon issuers of ZUGACOIN and SAMZUGA GPT are not licensed to run successful immoderate capableness successful the Nigerian superior market, flagging the meme coins arsenic illegal.

The SEC noted that some coins are meme coins and person nary usage case, intrinsic worth oregon tangible projects backing them.

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Source: Legit.ng