The Securities and Exchange Commission (SEC) has issued a warning to the public, advising against engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society. Both entities have been found to be operating without registration or authorization to participate in Nigeria’s capital market.
The SEC confirmed that Risevest and Stecs have been offering investment schemes to the public, which the commission has not approved. As such, the SEC emphasized that these activities are unauthorized, putting potential investors at risk of fraud and financial loss.
The SEC further advised investors to avoid any dealings with these unregistered entities and to verify the legitimacy of investment opportunities by contacting the Commission directly for inquiries. The warning underscores the importance of engaging only with SEC-registered firms to ensure financial security.
Source: THIS DAY