WATCH THE VIDEO HERE THE Securities and Exchange Commission (SEC) has warned Nigerians against participating in any investment-related dealings with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs. In a circular issued in Abuja, the SEC revealed that neither of these entities are registered or authorized to operate in the capital market. The Commission stated: “The Securities and Exchange Commission has become aware of the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is soliciting public investments in its various schemes. “Likewise, we have noted the activities of Stecs (Alausa) Multipurpose Cooperative Society, commonly referred to as Stecs, which is inviting public investment in its Stecs Commodity Mudarabah Investment Series I. “The public is hereby informed that Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity within the Nigerian capital market. Additionally, the investment schemes they promote have not been authorized by the Commission. “As such, the SEC advises the public to avoid any dealings with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society concerning activities related to the Nigerian capital market.” The SEC emphasized that engaging with unregistered and unregulated entities in the Nigerian capital market exposes investors to significant risks, including fraud and potential loss of funds.
SEC warns Nigerians against investing with Risevest, Stecs
