The Securities and Exchange Commission (SEC) has warned the public against investing with Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. and Stecs (Alausa) Multipurpose Cooperative Society, stating that both entities are unregistered and unauthorised to operate in Nigeria’s capital market.
In a circular issued on Sunday, SEC revealed that Risevest has been soliciting public investments in various schemes without regulatory approval. Similarly, Stecs has been promoting its Stecs Commodity Mudarabah Investment Series I without authorisation.
“The commission hereby notifies the public that Risevest and Stecs 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,” the statement read.
SEC cautioned that engaging with unregulated entities exposes investors to fraud and financial losses. It reaffirmed its commitment to protecting investors and cracking down on illegal financial operations.
The commission advised the public to verify the registration status of investment platforms through its official channels before making financial commitments.
Credit: NAN (Text Excluding Headline)
