We operate within regulatory guidelines, Risevest replies SEC

By Abubakar Yunusa

Risevest, an investment platform, says its subsidiary, Risevest Cooperative Society, is registered and authorised to operate.

On January 26, the Nigerian Securities and Exchange Commission (SEC), warned against engaging in any investment-related transactions with two investment platforms.

The platforms are Risevest Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative Society.

In a statement sent to its customers via email on Sunday, Risevest explained the legal status of its subsidiary’s operations.

The company said Risevest Cooperative Society is registered under the cooperative society laws of Lagos state with Registration No. 17080.

“However, our Nigerian operations are covered by our trusteeship with Meristem Trustees Limited, a private limited liability company duly incorporated in Nigeria with RC No 1023578 and duly licensed by the Securities and Exchange Commission (SEC), as well as our licensed local subsidiary Chaka Technologies Limited, a digital sub broker licensed by SEC,” the Risevest said.

“These structures empower us to manage and invest our users’ funds in the local and global investment markets and to offer our investment services to the public as we have done over the years,” the statement reads.

“As a company, we welcome and have always operated in line with the guidelines established by regulators to safeguard consumers.

“Therefore we have reached out to SEC, as a pragmatic and respected regulator to gain clarity on the issues raised in their press article and resolve any concerns responsibly.”

The company further said its services will continue to operate as normal.

“We will continue to do our work in a safe, compliant and beneficial manner,” Risevest said.

Risevest also thanked its users, investors and community for their continued support and trust, assuring them of continued connection to the best wealth opportunities locally and globally.