SEC cautions public against Risevest and Stecs investments

THE NATION 

The Securities and Exchange Commission (SEC) has issued a warning to the public, advising against any investment-related dealings with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs.

In a statement released on Sunday in Abuja, the Commission clarified that neither entity is registered or authorized to operate within the Nigerian capital market. 

The SEC raised concerns about their unauthorized activities, which involve inviting members of the public to invest in various schemes.

“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 Commission stated.

“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 1.”

SEC noted that neither of the entities nor their investment schemes has been authorized by the regulatory body, warning the public to steer clear of any business dealings with them…