The Securities and Exchange Commission (SEC) has warned Nigerians about the Value Growth Platform, an unregistered online investment platform suspected of operating a Ponzi scheme. According to the SEC, Value Growth Platform claims to offer market analysis reports and investment recommendations, but its operations exhibit “typical indicators of a fraudulent Ponzi scheme”.
The SEC stated, “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.” The regulator added that investigations have revealed the platform’s operations exhibit typical indicators of a fraudulent Ponzi scheme, including 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 SEC advised Nigerians to be cautious about investing with the platform, saying, “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.
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