The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.
The SEC in a circular issued in Abuja disclosed that neither entity is registered or authorised to operate in the capital market.
The Commission stated: “The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest, 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, which is engaging 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 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.”
