SEC Warns Against Risevest, Stecs Investments
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has issued a public warning against Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.
The SEC’s warning comes after it discovered that both entities were soliciting public investment in capital market schemes without the necessary registration or authorization.
In a statement issued over the weekend, the SEC explained that Risevest has been offering various investment schemes, while Stecs has been promoting its Stecs Commodity Mudarabah Investment Series 1.
The Commission noted that neither Risevest nor Stecs is registered to operate in the Nigerian capital market, and their investment schemes are not approved by the SEC.
“The SEC 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,” the SEC said in a statement.
“Similarly, the investment schemes promoted by them have not been authorized by the Commission.”
The SEC strongly advised the public to avoid any investment-related dealings with these entities to protect themselves from potential fraud and financial loss.
“Investing in the Nigerian capital market through unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment,” the SEC cautioned.
The Commission said it remains committed to safeguarding investors in the Nigerian capital market and is actively working to stop illegal and unregistered entities from soliciting investments.
The SEC encouraged the public to contact them for any inquiries or to confirm the registration status of entities offering investment opportunities in Nigeria. Their contact information includes a phone number (+2342094621168-9), email address (registration@sec.gov.ng), and website ([https://sec.gov.ng/cmos/](https://sec.gov.ng/cmos/)).
