BY NKECHI NAECHE- ESEZOBOR–The Securities and Exchange Commission (SEC) has warned the public, 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.
The Exchange in a notice posted on its official website noted that it has been engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.
The statement added that “Stecs (Alausa) Multipurpose Cooperative Society is not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by the cooperative society have not been authorized by the Commission.
“Accordingly, the public is advised to refrain from engaging with Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.
It reassured that SEC remains committed to the protection of investors in the Nigerian capital market and is working diligently to combat the activities of illegal/unregistered entities.
The notice further urged the public to inquiries or to verify the registration status of entities offering investment opportunities in the Nigerian capital market.
