The Securities and Exchange Commission (SEC), on Sunday warned the public against any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.

According to a circular by the SEC, both entities are engaged in capital market activities for which they are not registered or authorized.

The Commission said Risevest (Victoria Island) Cooperative Multipurpose Society Limited, is engaging in capital market activities by inviting the public to invest in its various investment schemes, while Stecs (Alausa) Multipurpose Cooperative Society undertakes “capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.”

The SEC circular added that the the investment schemes promoted by Risevest and Stecs are unauthorized, urging “the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market.”

The commission further reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

The SEC also expressed commitment “to the protection of investors in the Nigerian capital market and is working diligently to combat the activities of illegal/unregistered entities.

“For inquiries or to verify the registration status of entities offering investment opportunities in the Nigerian capital market, please contact the Commission through the following channels:Phone: +2342094621168-9, Email: registration@sec.gov.ng and Website: https://sec.gov.ng/cmos/ “, the SEC added.