The Securities and Exchange Commission (SEC) has warned the public against investing in Value Growth Platform, saying the online entity is unauthorised to operate.
The capital market regulator issued the warning in a statement on Friday.
The SEC said the platform, which claims to provide market analysis and investment services, is not registered to operate within Nigeria’s capital market.
“Investigations have revealed that Value Growth Platform’s operations exhibit typical indicators of a fraudulent ponzi scheme,” the commission said.
Advertisement
“These include promises of guaranteed returns, a heavy reliance on referrals with monetary incentives, and repeated requests for subscribers to fund trading accounts.”
The SEC cautioned that anyone who transacts with the platform or its agents does so “at his or her own risk.”
The commission urged potential investors to confirm the registration status of any investment or fintech operator on its official portals — https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators or www.sec.gov.ng/cmos — before transacting with them.
Advertisement
The SEC has repeatedly warned against unlicensed digital platforms operating in the investment space.
On June 11, the regulator warned Nigerians against transacting with Crypto Bridge Exchange (CBEX), adding that the company is not registered.
One week later, the SEC also alerted the public against investing in Zugacoin and Samzuga GPT, describing them as unauthorised crypto assets.
Advertisement
