The
Securities and Exchange Commission (SEC) has warned Nigerians against engaging
in any investment-related transactions with two investment platforms Risevest
Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative
Society, popularly known as Stecs.
This
warning was contained in a statement on Sunday.
The SEC
warned that both entities are not registered or authorised to operate within
the Nigerian capital market.
“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,” the statement reads.
“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 advise 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”.
The
commission said transacting in the Nigerian capital market with unregistered
and unregulated entities exposes investors to the risk of fraud and potential
loss of investment.
“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,”
the commission added.
SEC also
encouraged the public to “send enquiries or to verify the registration status
of entities offering investment opportunities in Nigeria’s capital market
through the following channels :Phone: +2342094621168-9, Email: registration@sec.gov.ng and
Website: https://sec.gov.ng/cmos/”.