The SEC has notified the general public that it does not regulate the activities of multi-purpose cooperative societies. See the text of the SEC letter below
This is to notify the general public that the Securities and Exchange Commission, as the apex regulatory body of the Nigerian Capital Market has received complaints against the activities of some Multipurpose Cooperative Societies. These complaints border on the failure of these Societies to redeem matured investments, as well as claims of high returns promised to unsuspecting investors.
The Commission hereby wishes to clarify that it does not regulate the activities of these Societies. In line with the Cooperative Act No.88 of 2004, they fall under the purview of the Director of Cooperative Societies at the Federal or State level, with further referral to the Minister or Commissioner in charge of Cooperative Societies, respectively.
Please be guided.