SEC seals Growing Circle International premises in Lagos

The Securities and Exchange Commission (SEC) said on Tuesday that it has sealed up the premises of Growing Circle International for allegedly engaging in illegal capital market operations in the country.

According to SEC the development followed information received from a member of the public, which made the Commission to conduct surveillance on the activities of the organisation with head office is No 6 Mojidi Street, off Toyin Street, Ikeja Lagos.

The Commission said its 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 premise 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/.”