By Modupe Gbadeyanka
The premises of Growing Circle Limited in Lagos have been sealed up by the Securities and Exchange Commission (SEC).
The firm was shut down by the apex regulatory agency in the capital market for allegedly carrying out illegal activities.
SEC, which confirmed the sealing of Growing Circle Limited, disclosed that the company was operating in the nation’s capital market without authorisation.
The agency said Growing Circle Limited did not obtain an operating licence for its fund management services offered to clients.
“They do not have registration with the SEC and 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.
“The mode of operation of the company is that for a new entrant, registration is N10,000 and the person is not entitled to products, while the second category has a registration fee of N16,000 that entitles the registrant to receive products.
“For anyone to come under the company, he has to come under an up-liner since the company engages in networking business.
“For the networking business, the least stage is a starter point with minimum registration of $50 with an incentive of $15 for a member who introduced two down liners,” the capital market regulator stated.
It was gathered that Growing Circle Limited got into trouble after some of its subscribers petitioned SEC, alleging that after registering with the firm, they did not get any products from the company and all efforts to retrieve their funds proved abortive.
