Again, SEC Warns Nigerians Against Investing With Two Nigerian Firms “They Are Not Registered”
- SEC has warned Nigerians against investing with RiseVest Technologies Limited, citing regulatory non-compliance
- SEC stated that RiseVest is not registered or authorised to offer investment services in Nigeria, raising concerns about investor protection
- The Commission urged the public to verify investment platforms before committing funds and advised affected investors to contact the SEC for guidance
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Securities and Exchange Commission (SEC) of Nigeria has issued a stern warning to the public regarding investment activities with RiseVest Technologies Limited.
In an official statement released on its Website, SEC cautioned Nigerians against engaging in any form of investment with RiseVest Technologies Limited relating to the Nigerian capital market.
Source: UGC
According to the SEC, RiseVest Technologies Limited has not been registered or authorised to operate in any capacity in the Nigerian Capital Market.
In the statement, the commission asked Nigerians to always conduct due diligence and ensure that investment opportunities are offered by registered and regulated entities.
SEC statement reads:
"The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to the activities of Risevest Technologies Limited, which holds itself out as a Digital Dollar/Fund Manager in the Nigerian Capital Market.
"The Commission hereby notifies the public that Risevest Technologies Limited is NOT Registered by it to operate in any capacity in the Nigerian Capital Market.
"Accordingly, the public is advised to refrain from engaging with Risevest Technologies Limited or any of its representatives 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.
"The investing public is therefore reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal- www.sec.gov.ng/cmos, before transacting with them."
Stecs also not registered
In another statement, SEC also asked Nigerians to avoid Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs) which is inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.
The Commission hereby notifies the public that Stecs (Alausa) Multipurpose Cooperative Society is not registered to operate in any capacity in the Nigerian capital market.
Part of the statement reads:
"The Commission hereby notifies the public 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."
Rise Technologies reacts to SEC
Legit.ng reported that Risevest responded to the SEC’s warning, explaining the legal standing of its operations.
The company disclosed that Risevest Cooperative Society is registered under the Cooperative Society Laws of Lagos State.
It also said its operations in Nigeria are supported by Meristem Trustees Limited, an SEC-licensed stockbroker, and Chaka Technologies Limited also an SEC-authorised digital sub-broker.
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Source: Legit.ng
