Lagos ‘ponzi’ firm shut


Securities and Exchange Com-mission (SEC) has sealed up the premises of an Ikeja-based firm, Growing Circle International (G-Circle) for allegedly engaging in ponzi scheme.

In a circular, SEC stated that it conducted surveillance on G-Circle activities after it received complaint from a member of the public.

According to the Commission, 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

SEC said it sealed up the premises of G-Circle in Lagos in line with its commitment to protect the investing public.

“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,” SEC stated.

The apex capital market regulator advised investing public to confirm the registration status of any company, individual and the products they offer before entering into any transaction with such persons. Such confirmation can be done on SEC’s website.



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