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The Securities and Exchange Commission (SEC) has issued a warning to the public against engaging in investment transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs. The SEC stated that neither entity is registered or authorized to operate within the Nigerian capital market.
In a circular released in Abuja over the weekend, the Commission said, “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.”
The SEC stressed that both entities and their investment schemes lack authorisation, warning, “The Commission hereby notifies the public that Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs 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 authorised by the Commission.”
Investing in unregistered entities exposes individuals to significant risks, including fraud and the potential loss of their investments. The SEC reaffirmed its commitment to protecting investors and combating the operations of illegal or unregistered entities in the Nigerian capital market.
The Commission also advised the public to verify the registration status of any organisation offering investment opportunities by reaching out to the SEC through its official phone lines, email, or website.
Additionally, SEC had previously cautioned the public against transacting with Marino FX Ltd., which falsely claims to be an SEC-licensed cryptocurrency exchange.
This warning underscores the importance of due diligence before engaging in investment activities to ensure compliance and safeguard investments.
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