The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.
In a circular released in Abuja, the SEC clarified that neither entity is registered or authorized to operate in Nigeria’s capital market.
The SEC stated, “The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is soliciting public investments in various schemes related to the capital market. Similarly, Stecs (Alausa) Multipurpose Cooperative Society (known as Stecs) is promoting its Stecs Commodity Mudarabah Investment Series I, also in violation of capital market regulations.”
The Commission further emphasized, “Neither Risevest (Victoria Island) Cooperative Multipurpose Society Limited nor Stecs (Alausa) Multipurpose Cooperative Society is registered to operate within the Nigerian capital market. Additionally, the investment schemes they are promoting have not been authorized by the SEC.”
SEC urged the public to avoid any dealings with these two entities concerning investments or activities related to the Nigerian capital market. The Commission also highlighted the risks associated with transacting with unregistered and unregulated entities, warning investors of potential fraud and significant financial losses.
