The Securities and Exchange Commission (SEC) has issued a warning to Nigerians, advising them to avoid engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs. The SEC clarified that neither of these entities is registered or authorized to operate in Nigeria’s capital market.
In an official circular released in Abuja, the SEC expressed concern over the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which has been inviting the public to invest in various schemes. Similarly, Stecs (Alausa) Multipurpose Cooperative Society has been promoting its Stecs Commodity Mudarabah Investment Series I to the public.
The SEC emphasized that neither Risevest nor Stecs is registered to operate within the Nigerian capital market, and that the investment schemes being promoted by both organizations are not authorized by the Commission. Consequently, the SEC strongly advised the public to refrain from conducting any business with these entities concerning investments in the capital market.
The Commission further highlighted the risks of dealing with unregistered and unregulated entities, warning that such transactions expose investors to potential fraud and the loss of their investments.
