By Adenike Lawal
The Securities and Exchange Commission (SEC), has cautioned Nigerians against investing in Risevest (Victoria Island), Cooperative Multipurpose Society Limited and Stecs (Alausa), Multipurpose Cooperative Society. In a circular from its Abuja headquarters, the SEC declared that both entities are unregistered and unauthorized to operate in Nigeria’s capital market.
The Commission flagged Risevest for soliciting public investments under the guise of capital market operations and expressed similar concerns about Stecs’ “Commodity Mudarabah Investment Series I.”
SEC emphasized that neither entity is authorized to conduct capital market-related business, rendering their investment schemes unapproved and risky.
Nigerians are advised to avoid financial dealings with these organizations to prevent potential fraud and financial losses.
The SEC urged investors to confirm the registration and authorization of investment platforms to safeguard their assets.
