• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Again, SEC cracks down on another ponzi scheme firm

Adaobi Nnadiukwu by Adaobi Nnadiukwu
February 20, 2019
in Business News, Politics
Growing Circle, Ponzi Scheme
Share on FacebookShare on TwitterShare on Linkedin

The Securities and Exchange Commission (SEC) has sealed off the premises of a Lagos-based Ponzi scheme firm, Growing Circle, for engaging in illegal fund management activities.

This coming after the capital market regulator, two weeks ago, sealed a little-known company based in Kano metropolis for allegedly engaging in “illegal capital market activities”. The company’s activities can best be described as a Ponzi scheme

According to the Commission, the company was shut down over its failure to duly register with it as the apex regulator. SEC said it sufficiently established that the company’s activities also constituted an infraction of the Investments and Securities Act (ISA), 2007.

RelatedStories

PZ Cussons

SEC declines PZ Cussons’s request to buyout other shareholders and delist

March 20, 2024
SEC records N9 billion in deficits within 3 years  

SEC records N9 billion in deficits within 3 years  

September 3, 2021

Mrs Efe Ebelo, SEC Acting Head, Corporate Communications, who spoke at the company’s premises said

“the commission has powers according to Section 13 (w) of ISA 2007, to shut down any company carrying out capital market activities without due registration. Nigerian laws provides that business activities in the country has to be regulated, in this case SEC is supposed to regulate them.”

She said that the company which engaged in networking business was also into other business activities.

Speaking further on this, SEC said the company was not licensed to carry out investments business of any type and as such, its closure was to end unlawful activities of the company against unsuspecting investors. The Commission, therefore, urged investors to exercise due diligence and caution by ensuring that they only deal with fund managers that are registered with the Securities and Exchange Commission, SEC.

About Growing Circle International

Growing Circle International Limited is an international advertising company with Headquarter in the United States. Registration into its investment program attracts one-off payment of $50 (N10k).

The investment program requires every member to introduce 2 persons each. The company claims registered members are entitled to services such as 30% Fast Movers Fund, Step Out Fund, and Next Level Fund. Some of their products include G-Herbal, G-Lemon and G-Reliever.


Follow us for Breaking News and Market Intelligence.
Tags: Efe EbeloGrowing CircleSecurity and Exchange Commission SEC
Adaobi Nnadiukwu

Adaobi Nnadiukwu

Related Posts

PZ Cussons
Companies

SEC declines PZ Cussons’s request to buyout other shareholders and delist

March 20, 2024
SEC records N9 billion in deficits within 3 years  
Business News

SEC records N9 billion in deficits within 3 years  

September 3, 2021
Mutual Funds, Mutual Fund gone bad: Nigerian investor discloses his 10 years investment that nosedived , Nigeria’s mutual fund asset value reaches N1 Trillion
Funds Management

UPDC REIT and two other mutual funds that have recently changed management

June 22, 2021
Mutual funds
Funds Management

SEC clarifies new rules for mutual funds, sets new deadline for compliance 

June 24, 2020
Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari
Politics

President Buhari appoints new SEC DG, 3 commissioners

May 19, 2020
Ponzi, SEC, SEC, FCCPC sign MoU to simplify merger process for quoted companies, Rights issue dominates quoted companies capital raise in 3 years, Victims of ponzi scheme, Dantata Success and Profitable Company, to be settle
Business News

SEC extends verification of unpaid investors in ponzi scheme

July 30, 2019
Next Post
African Development Bank, Process and Industrial Development, P&ID court case against Nigeria, President Muhammadu Buhari | Federal government, external debt serving

FG declares election eve 'work free' holiday

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 
  • Cornerstone Insurance declares 27 kobo final dividend, reveals payment date and criteria 
  • Oil Subsidy Fraud: EFCC declares Fargo Petroleum MD wanted over alleged N976 million scam 

Follow us on social media:

Recent News

EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns SunTrust Bank MD, Executive Director over alleged $12 million money laundering 

June 13, 2025

Cornerstone Insurance declares 27 kobo final dividend, reveals payment date and criteria 

June 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics