The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging in investment transactions with two unregistered platforms—Risevest Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative Society, commonly referred to as Stecs.
In a statement issued on Sunday, the Commission emphasised that both entities are not registered or authorised to operate within Nigeria’s 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 read.
Read also: SEC warns Nigerians against investing in Ponzi schemes
Similarly, SEC raised concerns about Stecs (Alausa) Multipurpose Cooperative Society, known for its Stecs Commodity Mudarabah Investment Series I, stating that its operations are also unauthorised.
The regulatory body warned that engaging with unregistered and unregulated entities in the capital market exposes investors to significant risks, including fraud and the potential loss of funds.
The commission also advised the public to verify the registration status of entities offering investment opportunities by contacting SEC through its official communication channels, including; phone number: +2342094621168-9, email address: [email protected], or its website: https://sec.gov.ng/cmos/.
SEC emphasises its commitment to safeguarding investors and cracking down on illegal operators within Nigeria’s capital market.
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