The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians against investing in Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs.
In a circular released over the weekend in Abuja, the SEC stated that neither Risevest nor Stecs is registered or authorised to operate in Nigeria’s capital market.
According to the Commission in a press statement on Sunday, both entities are involved in unapproved investment schemes targeting unsuspecting members of the public.
The SEC explained, “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…
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