ALERT: SEC warns against patronising investment schemes from Risevest, Stecs cooperative societies

The Securities and Exchange Commission (SEC) has warned Nigerians against engaging in any investment-related transactions with two investment platforms.

The platforms are Risevest Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative Society, popularly known as Stecs.

In a statement on Sunday, the SEC said the 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 advised (sic) 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: [email protected] and Website: https://sec.gov.ng/cmos/”.