The Securities and Exchange Commission (SEC) has warned Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. and Stecs (Alausa) Multipurpose Cooperative Society are not registered and therefore, not authorised to operate in the capital market.
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The commission said this in a circular issued on Sunday in which it warned the public against engaging in any investment-related transactions with the two forms.
SEC said the statement was issued following recent activities of the two forms.
“The attention of SEC has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Ltd., 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.
“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.
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“The commission hereby notifies the public that Risevest and Stecs 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
“Accordingly, SEC advised the public to refrain from engaging with Risevest and Stecs in respect of any business pertaining or relating to the Nigerian capital market,” the commission said.
It further reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.
The commission assured that it remained committed to the protection of investors in the Nigerian capital market and working diligently to combat the activities of illegal and unregistered entities.
“For inquiries or to verify the registration status of entities offering investment opportunities in the Nigerian capital market, please contact the commission through the following channels.” SEC said.(NAN)
