Securities and Exchange Commission (SEC) has cautioned the public against engaging in investment transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. and Stecs (Alausa) Multipurpose Cooperative Society.
In a circular issued on Sunday, SEC clarified that neither entity is registered or authorised to operate within the Nigerian capital market.
“The attention of SEC has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Ltd., which is engaging in capital market activities by inviting the public to invest in its various investment schemes,” the commission stated.
Similarly, SEC noted that Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs, has been inviting public investments in its Stecs Commodity Mudarabah Investment Series I.
“The commission hereby notifies the public that Risevest and Stecs are not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by them have not been authorised by the commission,” the circular added.
The SEC urged the public to avoid any dealings with these entities, noting that transactions with unregistered and unregulated entities carry significant risks, including potential fraud and loss of investments.
The commission reaffirmed its commitment to protecting investors and combating illegal operations in the Nigerian capital market. It encouraged individuals to verify the registration status of entities offering investment opportunities via SEC’s official channels.
For further inquiries or verification, the SEC advised contacting the commission directly.
