fbpx
Wednesday, January 29, 2025
4.9 C
Hamburg

SEC Warns Public Against Investments with Risevest, Stecs Cooperative Societies

Agency Report –

Securities and Exchange Commission, SEC, has warned the public against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. and Stecs (Alausa) Multipurpose Cooperative Society.

The commission, in a circular issued on Sunday, said that neither of the entities was registered, nor authorised to operate in the capital market.

“The attention of SEC has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Ltd., which is engaging in capital market activities by inviting the public to invest in its various investment schemes.

“Similarly, our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.

“The commission hereby notifies the public that Risevest and Stecs are not registered to operate in any capacity in the Nigerian capital market.

“Similarly, the investment schemes promoted by them have not been authorised by the commission.

“Accordingly, SEC advised the public to refrain from engaging with Risevest and Stecs in respect of any business pertaining or relating to the Nigerian capital market,” the commission said.

It 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 commission assured that it remained committed to the protection of investors in the Nigerian capital market and working diligently to combat the activities of illegal and 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.” SEC said.

Hot this week

U.S Reaffirms Commitment To Estonian Security, Urges EU on Defense in Calls With Tsahkna, Kallas

WASHINGTON (CHATNEWSTV) — U.S. Secretary of State Marco Rubio...

Dangote Refinery Awaits 12 Million Barrels of US Crude Amid Local Supply Challenges

LAGOS, Nigeria (CHATNEWSTV) — The Dangote Petroleum Refinery, Africa's...

Naira Gains 0.7% at Official Market

Agency Report - The naira appreciated at the official market...

Tinubu Inherited N87.38trn Debt From Buhari – DMO

Debt Management Office (DMO) has reported that upon taking...

Max Air Boeing 737 Crash Lands at Kano Airport, Passengers Evacuated

KANO, Nigeria (CHATNEWSTV) — A Max Air Boeing 737...

Latest

U.S Reaffirms Commitment To Estonian Security, Urges EU on Defense in Calls With Tsahkna, Kallas

WASHINGTON (CHATNEWSTV) — U.S. Secretary of State Marco Rubio...

Dangote Refinery Awaits 12 Million Barrels of US Crude Amid Local Supply Challenges

LAGOS, Nigeria (CHATNEWSTV) — The Dangote Petroleum Refinery, Africa's...

Naira Gains 0.7% at Official Market

Agency Report - The naira appreciated at the official market...

Tinubu Inherited N87.38trn Debt From Buhari – DMO

Debt Management Office (DMO) has reported that upon taking...

Max Air Boeing 737 Crash Lands at Kano Airport, Passengers Evacuated

KANO, Nigeria (CHATNEWSTV) — A Max Air Boeing 737...

NEITI Seeks to Recover $6B, N66B from Oil Stakeholders

Agency Report - Plans are underway to recover $6 billion...

Benue Government to Cover Tuition Fees for All IDPs in Tertiary Institutions

Agency Report - The Benue Government says it would take...

Nigerian Hajj Tour Operators Reject Ithraa Al Khair Service for 2025 Pilgrims

ABUJA (CHATNEWSTV) — The reported hiring of Saudi Arabian...
spot_img

Related Articles

Popular Section

spot_imgspot_img

MORE FROM CHATNEWSTV

Naira Gains 0.7% at Official Market

Agency Report - The naira appreciated at the official market on Tuesday trading at the N1,522.68 to a Dollar. Data from the FMDQ Security Exchange official...

Tinubu Inherited N87.38trn Debt From Buhari – DMO

Debt Management Office (DMO) has reported that upon taking office on May 29, 2023, President Tinubu inherited a substantial total public debt of N87.38...

German chemical firm Wacker Chemie reports slump in profits

Agency Report - Munich  - German chemical firm Wacker performed poorly last year, with preliminary figures indicating that revenue declined by 11% year-on-year to €5.7...

ALTON justify 50% tariff hike

Agency Report - The Association of Licensed Telecoms Operators of Nigeria (ALTON) has justified the recent 50 per cent hike in telecom tariffs, citing the...

Customs Zone C, Port Harcourt Marks 2025 International Customs Day

The Nigeria Customs Service Zone C, Headquarters Port Harcourt says it has marked the International Customs Day. This was contained in a press release made...

German regulator gives EU crypto licences to Bitpanda, Crypto Finance

Agency Report - German banking regulator BaFin has granted the companies Crypto Finance and Bitpanda a coveted licence for cryptocurrency services across the European Union,...

PwC study says electric vehicles sales up in 2024, but Germany slips

Worldwide sales of battery electric vehicles (BEVs) grew last year to 10.4 million, up about 14% on the prior year, according to a study...

SERAP wants court to stop Tinubu govt, telcos from implementing 50% telecom tariff hike

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the government of President Bola Tinubu over "the arbitrary, unconstitutional, unlawful, unfair, and...

Nigerian Stock Market Sees Weekly Turnover of 3.13B Shares Worth ₦76.55B in 61,456 Deals

Agency Report - Investors in the Nigerian stock market traded a total turnover of 3.132 billion shares worth N76.552 billion in 61,456 deals this week...