The Securities and Exchange Commission (SEC) has issued a warning to Nigerians, advising against any investment-related dealings with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.
In a recent statement released in Abuja, the SEC made it clear that neither of these organizations is registered or authorized to operate within the capital market.
The Commission emphasized, “We have been alerted to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is inviting the public to invest in various schemes. Similarly, Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs, is engaging the public to invest in its Stecs Commodity Mudarabah Investment Series I.”
Both entities have been found to be operating outside of regulatory approval. The SEC further stated, “Risevest and Stecs are not registered to conduct business within Nigeria’s capital market. The investment offerings they promote are not authorized by the SEC.”
As a result, the SEC strongly urged the public to avoid any involvement with these organizations in relation to the capital market.
Investing in schemes with unregistered and unregulated entities poses serious risks, including the potential for fraud and loss of investment, the SEC added.
