The Securities and Exchange Commission (SEC) has issued a strong warning to the public: do not invest in Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. or Stecs (Alausa) Multipurpose Cooperative Society.
In a statement released on Sunday, SEC explained that these two organizations are not registered or authorized to operate in Nigeria’s capital market. This means they are not legally allowed to offer investment services or financial products.
- Why the Warning?
SEC said that Risevest is promoting various investment schemes and inviting the public to put money into them, even though it’s not authorized. Similarly, Stecs is offering an investment product called the “Stecs Commodity Mudarabah Investment Series I,” but it also lacks the necessary approval. - What’s the Risk?
When you invest with unregistered or unregulated companies, your money is at risk. There’s no guarantee that you’ll get your money back, and you could lose your investment entirely.
SEC advises everyone to avoid doing any business with Risevest and Stecs related to investments or the capital market.
- Protect Yourself
The commission emphasized its commitment to protecting investors in Nigeria. It urged people to verify whether a company is registered with SEC before investing. For inquiries or to check if an investment company is legit, contact SEC directly through their official channels.
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