Yemi Obafemi
The Securities and Exchange Commission (SEC) has advised the public not to invest in or engage with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society for any capital market-related activities.
This was disclosed in a circular issued in Abuja.
According to SEC, Risevest and Stecs are not authorized or registered to participate in the Nigerian capital market .
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 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”.
SEC further warned that engaging with unregistered and unregulated entities in the Nigerian capital market exposes investors to fraud and potential investment losses.
