SEC, Upscale Cooperative test will over Hilala Fund

June 3, 2021
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Crowdyvest Victoria Island Multi-purpose Cooperative Society, an upscale funding solutions group in the elitist part of Lagos are locked in battle of wills with Security and Exchange Commission, SEC, over one of its product, the Halal Fund.

SEC recently published a cease and desist order on Crowdyvest to stop operation of the fund.

The commission discribed Crowdyvest as an unregistered entity purporting to operate as a corporative society.

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It issued a Cease and Desist Order to Crowdyvest to stop the launch and operations of the Crowdyvest Halal Fund and any other investment activity which involves soliciting investments and deposits from the public.

But the fund operator claim that SEC gave the order and made it public in bad faith.

According to Crowdyvest, the commission has peddled missinformation on its product.

“This narrative has occasioned the need for us as an organisation to make a public statement clarifying this misinformation,” they said in a statement.

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According to them, Crowdyvest Victoria Island Multi-purpose Cooperative Society is a cooperative society duly registered under the laws of the Federal Republic of Nigeria with registration no: LCSC 16939.

According to the cooperative, it launched On May 7, 2021, a product for it’s members called the Halal Fund. The product which is purely targeted at the Cooperative society’s members is for investment in a Rice sharing project and complies with the objectives of the Cooperative society.

“On May 11, 2021, the Securities and Exchange Commission issued a cease-and-desist order to Crowdyvest with regards to the Halal Fund as the Commission assumed that it was a call to the general public for investment. Crowdyvest immediately put the launch of this product on hold and on May 14, 2021, explained its position to the Commission, reiterating that the said product was strictly for members of its Society.

“We are still awaiting a feedback from SEC on our response and are surprised that the Commission would publicize its cease-and desist order and state that we are not a registered entity without proper investigations and confirmation of its power to issue such order to Crowdyvest.

“Crowdyvest Cooperative is not a SEC regulated entity and does not operate any business operations within the purview of SEC.

“We are a credible organization operating as a cooperative society and in line with the Cooperatives law of Lagos State, Crowdyvest said.

It enjoined its members to be rest assured.

“We are in discussions with the SEC to clarify our position and will continue to operate within the ambit of the law,” it said.

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