The Securities and Exchange Commission (SEC) has warned Nigerians to avoid engaging in any investment transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.
In a circular issued from Abuja, the SEC clarified that neither of these entities is registered or authorized to operate within Nigeria’s capital market. The Commission highlighted that Risevest (Victoria Island) Cooperative Multipurpose Society Limited is soliciting public investments in various schemes, while Stecs (Alausa) Multipurpose Cooperative Society is inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.
The SEC stated: “We hereby inform the public that neither Risevest (Victoria Island) Cooperative Multipurpose Society Limited nor Stecs (Alausa) Multipurpose Cooperative Society is authorized to operate in any capacity within the Nigerian capital market. Additionally, the investment schemes they are promoting have not been approved by the Commission.”
The SEC urged the public to refrain from conducting any business with these two organizations related to the Nigerian capital market.
The Commission further warned that investing with unregistered and unregulated entities poses significant risks of fraud and potential loss of investment.
