Risevest responds to SEC allegations, reassures customers of funds safety

By Joseph Olaoluwa

Risevest, a Nigerian fintech that gives customers access to selected global investments, has offered clarification to customers after a recent warning from the Securities and Exchange Commission (SEC) regarding its cooperative subsidiary’s operations in the Nigerian capital market.

In a circular released over the weekend in Abuja, the SEC said neither Risevest nor Society Limited and Stecs (Alausa) Multipurpose Cooperative Society is registered or authorised to operate in Nigeria’s capital market.

Risevest, in an email to users, said Risevest Cooperative Society is a local entity licensed under the Cooperative Society Laws of Lagos State with Registration No 17080.

“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,” it said.

Risevest argued that they have the licence to manage and invest their users’ funds in the local and global investment markets. “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 email added.