Ponzi Scheme: SEC Seals Growing Circle International Office in Lagos

March 19, 2019/SEC

Following information received by the Securities and Exchange Commission (the Commission) from a member of the public, surveillance was conducted on the activities of Growing Circle International (“G-Circle) whose head office is No 6 Mojidi Street, off Toyin Street, Ikeja Lagos. The Commission’s investigation revealed that G-Circle was operating a pyramid scheme and soliciting funds from unsuspecting members of the public through various means including its website www.growingscircle.com. In line with the Commission’s mandate to regulate investments and securities business in Nigeria and to protect investors, the premises of G-Circle in Lagos was sealed up on Tuesday, 19th February 2019.

The Commission wishes to inform the general public that Growing Circle International and any individual representing the company are not registered by the Commission and therefore not permitted to engage in any capital market-related activity in Nigeria. Members of the public are advised to confirm the registration status of any company, individual and the products they offer before entering into any transaction with such persons. Information about entities registered by the Commission to operate in the capital market can be obtained via http://sec.gov.ng/cmos/.

Leave a Comment

Your email address will not be published. Required fields are marked *

*