LAGOS – The Securities and Exchange Commission (SEC) has issued a stern warning to the public, urging individuals to refrain from engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, widely known as Stecs.
In a circular released over the weekend in Abuja, the SEC stated that neither of these entities is registered or authorized to operate in the Nigerian capital market.
Unauthorized Activities
The Commission disclosed:
“The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is engaging in capital market activities by inviting the public to invest in its various investment schemes.
“Similarly, our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.”
Investor Advisory
The SEC emphasized that both Risevest and Stecs are unregistered and unauthorized entities, and the investment schemes they promote have not been approved by the Commission.
“The Commission hereby notifies the public that Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by them have not been authorized by the Commission.”
The regulatory body advised the public to avoid conducting business with the aforementioned entities in relation to the Nigerian capital market.
Risks to Investors
The SEC reiterated the risks of dealing with unregistered and unregulated entities, warning that such transactions could expose investors to fraud and significant financial losses.
Commitment to Investor Protection
The Commission reaffirmed its dedication to safeguarding investors and addressing the activities of illegal and unregulated entities operating in the Nigerian capital market.
Investors are encouraged to verify the registration status of any entity or investment scheme with the SEC before engaging in transactions.
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