SEC Cautions Nigerians Against Risevest Investment Risks

The Securities and Exchange Commission (SEC) has advised Nigerians not to engage in any investment-related activities with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.

In a circular released in Abuja, the SEC stated that neither business is registered or authorized to conduct capital market operations.

The Securities and Exchange Commission has been alerted to the operations of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which engages in capital market activities by soliciting the public to invest in its different investment schemes.

Similarly, our attention has been attracted to Stecs (Alausa) Multipurpose Cooperative Society (commonly known as Stecs), which is participating in the capital market by encouraging the public to engage in its Stecs Commodity Mudarabah Investment Series 1.

“The Commission now advises 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 Nigeria’s capital market. Similarly, the investment plans advocated by them have not been approved by the Commission.

As a result, the SEC urged the public not to conduct any transaction with Risevest (Victoria Island) Cooperative Multipurpose Society Limited or Stecs (Alausa) Multipurpose Cooperative Society in connection with the Nigerian capital market.

According to the SEC, trading in the Nigerian capital market with unregistered and unregulated organizations exposes investors to the risk of fraud and loss of investment.