Yemisi Izuora
The Securities and Exchange Commission (SEC) has warned Nigerians not to engage in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.
According to the SEC, neither entity is registered or authorized to operate in the capital market.
The Commission in a circular 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 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 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.
“Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market”.
The Commission further reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.
“The SEC remains committed to the protection of investors in the Nigerian capital market and is working diligently to combat the activities of illegal/unregistered entities.
“For inquiries or to verify the registration status of entities offering investment opportunities in the Nigerian capital market, please contact the Commission