SEC Warns Nigerians Against Investing With Risevest
The Securities and , Exchange , Commission (SEC) has cautioned Nigerians against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.  ,
In a circular released in Abuja, the SEC disclosed that neither organization has an active capital market registration or authorization.
The Commission called for the public to participate in Risevest (Victoria Island) Cooperative Multipurpose Society Limited’s various investment schemes, according to the statement from the Securities and Exchange Commission.
Our attention has also been drawn to Stecs (Alausa) Multipurpose Cooperative Society, which is promoting its Stecs Commodity Mudarabah Investment Series I by inviting the public to participate in its capital market activities.
The Commission hereby informs the public that Stecs (Alausa) Multipurpose Cooperative Society Limited and Risevest (Victoria Island) Cooperative Multipurpose Society Limited are not authorized to conduct business in any capacity in the country. Similarly, the investment schemes promoted by them have not been authorized by the Commission.
Accordingly, the SEC advised the public to avoid dealing with Stecs (Alausa) Multipurpose Cooperative Society and Risevest (Victoria Island) Cooperative Multipurpose Society in relation to any business involving the Nigerian capital market.
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Source: Channels TV
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