LAGOS – The Securities and Change Fee (SEC) has issued a stern warning to the general public, urging people to chorus from participating in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Restricted and Stecs (Alausa) Multipurpose Cooperative Society, extensively referred to as Stecs.
In a round launched over the weekend in Abuja, the SEC said that neither of those entities is registered or approved to function within the Nigerian capital market.
Unauthorized Actions
The Fee disclosed:
“The eye of the Securities and Change Fee has been drawn to the actions of Risevest (Victoria Island) Cooperative Multipurpose Society Restricted, which is participating in capital market actions by inviting the general public to spend money on its numerous funding schemes.
“Equally, our consideration has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly referred to as Stecs), which is participating in capital market actions by inviting the general public to spend money on its Stecs Commodity Mudarabah Funding Collection I.”
Investor Advisory
The SEC emphasised that each Risevest and Stecs are unregistered and unauthorized entities, and the funding schemes they promote haven’t been accredited by the Fee.
“The Fee hereby notifies the general public that Risevest (Victoria Island) Cooperative Multipurpose Society Restricted and Stecs (Alausa) Multipurpose Cooperative Society should not registered to function in any capability within the Nigerian capital market. Equally, the funding schemes promoted by them haven’t been approved by the Fee.”
The regulatory physique suggested the general public to keep away from conducting enterprise with the aforementioned entities in relation to the Nigerian capital market.
Dangers to Buyers
The SEC reiterated the dangers of coping with unregistered and unregulated entities, warning that such transactions may expose buyers to fraud and important monetary losses.
Dedication to Investor Safety
The Fee reaffirmed its dedication to safeguarding buyers and addressing the actions of unlawful and unregulated entities working within the Nigerian capital market.
Buyers are inspired to confirm the registration standing of any entity or funding scheme with the SEC earlier than participating in transactions.
