The Securities and Exchange Commission (SEC) says Risevest Technologies Limited, the parent company of Risevest Cooperative Multipurpose Society Limited, is not registered to operate in any capacity in the Nigerian capital market.

In a statement on Tuesday, the SEC warned Nigerians against engaging in any investment-related transactions with the company or any of its representatives.

“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 statement reads.

“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 also urged Nigerians not to transact in the Nigerian capital market with unregistered and unregulated entities exposing 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,” SEC added.

On January 26, two investment platforms were called out by the SEC for operating without being registered or authorised.

SEC warned Nigerians against engaging with Risevest Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative Society, popularly known as Stecs.

However, responding to the commission, Risevest said the subsidiary was registered and authorised to operate.