The Securities and Exchange Commission (SEC) has sealed off the premises of Growing Circle in Lagos for engaging in illegal fund management activities.
According to the Commission, the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator.
The commission had established that the company’s activities also constituted an infraction of the Investments and Securities Act (ISA), 2007.
According to SEC, “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.
