SEC says Risevest Technologies, Stecs, Risevest Cooperative are illegal operators

Nigeria’s Securities and Exchange Commission (SEC) said its attention has been drawn to the activities of Risevest Technologies Limited, “which holds itself out as a Digital Dollar/Fund Manager in the Nigerian Capital Market”.

The SEC further said that Risevest Technologies Limited is not registered by the Commission to operate in any capacity in the Nigerian Capital Market.

“Accordingly, the public is advised to refrain from engaging with Risevest Technologies Limited or any of its representatives in respect of any business pertaining or relating to the Nigerian capital market,” SEC said in a recent notice.

The Commission also used the opportunity to reiterate 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 investing public is therefore reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal- www.sec.gov.ng/cmos, before transacting with them,” SEC said.

SEC also said Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs) is not registered by the SEC. SEC said Stecs engage 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 Stecs (Alausa) Multipurpose Cooperative Society is not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by the cooperative society have not been authorised by the Commission.

“Accordingly, the public is advised to refrain from engaging with Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market,” the SEC said.

SEC said its attention 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 Commission hereby notifies the public that Risevest (Victoria Island) Cooperative Multipurpose Society Limited is not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by the cooperative society have not been authorised by the Commission.

“Accordingly, the public is advised to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited in respect of any business pertaining or relating to the Nigerian capital market,” said said.