The Securities and Exchange Commission has cautioned the public against engaging in investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs, stating that neither entity is registered or authorised to operate in the Nigerian capital market.
In a circular issued at the weekend in Abuja, the Commission 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 SEC emphasised that both entities and their investment schemes were not authorised by the Commission, adding, “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.”
The regulatory body also warned that dealing with unregistered entities posed significant risks to investors, including the possibility of fraud and the loss of investments.
“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,” it stated.
The Commission urged the public to verify the registration status of any entity offering investment opportunities by contacting the SEC directly through its phone lines, email, or website.
Recall that the Securities and Exchange Commission had cautioned investors and the public against engaging with Marino FX Ltd., which was falsely claiming to be a SEC-licensed cryptocurrency exchange.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
 Cooperative Multipurpose Society Limited and Stecs){kind=link}