SEC warns Nigerians against investing with Risevest, Stecs

The Securities and Exchange Commission (SEC) has issued a warning to the public against investing with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs, stating the entities are not registered with the commission. “The commission 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,” SEC stated in a circular during the weekend. Similarly, the investment schemes promoted by them have not been authorised by the commission,” it added.
SEC said that it is aware of the activities by Risevest inviting people to purchase various investment schemes and similar promotions done by the Stecs asking people to invest in its Commodity Mudarabah Investment Series I. The commission added that Risevest and Stecs are not legally known by the SEC, nor have they been granted approval for the investment promotions being done by the entities. It subsequently warned the public against engaging in any investment-related transactions with them. “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. 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. “Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market,” the commission noted.