The Securities and Exchange Commission has warned Nigerians to avoid investing with two entities, Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.
In a circular issued in Abuja, SEC stated that neither Risevest nor Stecs is registered or authorized to operate in Nigeria’s capital market. The commission highlighted that both entities are inviting the public to invest in their schemes, which is illegal.
“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,” SEC said in the circular.
“Similarly, our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is also engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.”
The SEC has made it clear that both Risevest and Stecs are not authorized to operate in any capacity within the Nigerian capital market, and the investment schemes they are promoting are not approved by the commission.
The SEC advised the public to refrain from engaging with these entities in any investment-related activities. It also emphasized that investing with unregistered and unregulated entities puts investors at risk of fraud and potential loss of their money.
