Nigerians Warned Against Investing with Risevest, Stecs by SEC.

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The Securities and Exchange Commission (SEC) has issued a warning to Nigerians against engaging in investment-related transactions with Risevest and Stecs, two entities that are not registered or authorized to operate in the capital market.

According to the SEC, Risevest and Stecs have been engaging in capital market activities, inviting the public to invest in their various schemes. However, the Commission stated that these entities are not registered to operate in any capacity in the Nigerian capital market, and their investment schemes have not been authorized ¹.

“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 it’s various investment schemes,” the SEC stated. 

“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 (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity in the Nigerian capital market,” the SEC warned. “Similarly, the investment schemes promoted by them have not been authorized by the Commission.”

“Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining to or relating to the Nigerian capital market,” the Commission stated.

The SEC reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

The SEC advised the public to refrain from engaging with Risevest and Stecs in respect of any business pertaining to or relating to the Nigerian capital market. The Commission reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

In essence, the SEC is urging Nigerians to exercise caution and verify the registration status of any entity offering investment opportunities before committing their funds.

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