The Securities and Exchange Commission (SEC) has issued a public warning against engaging in investment activities with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs.
In a statement released in Abuja over the weekend, the Commission emphasized that both entities are neither registered nor authorized to operate within Nigeria’s capital market.
“The attention of the SEC has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is inviting the public to invest in its schemes,” the statement read.
“Similarly, Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs, has been engaging in capital market activities through its Commodity Mudarabah Investment Series I without proper authorization.”
The SEC stressed that the investment schemes promoted by these entities are illegal and warned the public against transacting with them.
