SEC warns against transactions with Risevest, Stecs

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 over 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 are 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 poses 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.

The PUNCH reported that the Securities and Exchange Commission has cautioned investors and the general public against engaging with Marino FX Ltd., which is falsely claiming to be an SEC-licensed cryptocurrency exchange.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]