Risevest secures SEC licence after regulatory battle

Nigerian investment platform Risevest has secured approval from the Securities and Exchange Commission to operate as a licenced Fund and Portfolio Manager, ending months of regulatory uncertainty that saw the company declared an illegal operator in 2025.

Eke Urum, Risevest’s founder and CEO, announced the milestone in a message to users, confirming that the SEC has officially registered and licenced the company’s new subsidiary, RV Fund Management Limited, as a Fund and Portfolio Manager.

“This approval reflects months of rigorous review and engagement,” Urum wrote. “We’re grateful to the Securities and Exchange Commission for the critical work they do in safeguarding Nigeria’s financial system and maintaining standards that protect investors. Strong regulation builds strong markets and strong markets build lasting wealth.”

A major regulatory victory for Risevest

The licence represents a major victory for Risevest following a public regulatory dispute that began in January 2025 when the SEC issued warnings declaring both Risevest Cooperative Multipurpose Society Limited and Risevest Technologies Limited as unregistered and unlicensed operators.

The commission advised Nigerians to refrain from engaging with the platforms, warning that transacting with unregistered entities exposes investors to fraud and potential loss of investment.

The dispute centred on Risevest’s corporate structure and regulatory approach. When the platform launched in 2019, it operated under a cooperative licence through the Risevest Cooperative Multipurpose Society. The company later acquired Chaka Technologies Limited, an SEC-licenced digital sub-broker, in an attempt to strengthen its regulatory foundation.

The SEC argued that, given Chaka’s licenced status, certain assets should be administered under that entity.

Risevest responded by realigning investment products under Chaka’s management while simultaneously applying for a direct Fund Manager licence for its operations. That application, submitted with all required documentation and fees according to the company, has now resulted in the approval of RV Fund Management Limited.

The approval comes at a critical time for Nigeria’s fintech sector, which has faced increased regulatory scrutiny as the SEC works to bring digital investment platforms under formal oversight. The commission has been actively warning investors about unregistered platforms while simultaneously processing applications from companies seeking to operate legally within the capital market framework.

Risevest

Risevest has also secured significant regulatory wins internationally. In February 2025, the company obtained a US broker-dealer licence through its affiliate, Risevest Financial Securities Limited, making it the second Nigerian financial organisation after Bamboo to achieve this milestone. That licence enables the platform to offer both individual and institutional investors direct access to US and global markets.

The SEC’s approval of RV Fund Management Limited as a Fund and Portfolio Manager requires Risevest to meet specific capital requirements and ongoing compliance obligations. Fund managers in Nigeria must maintain a minimum share capital of ₦150 million and submit to regular audits and reporting requirements under the Investments and Securities Act.

“It has always been our goal to operate at the highest level of global compliance,” Urum noted, “and we appreciate your patience as we worked through this process. This is a significant moment for us and for you as our customer. We look forward to many more years of helping you grow.”

The company did not specify whether the regulatory approval would result in changes to its product offerings or fee structures, but indicated that the expanded regulatory framework opens the door to new investment products and services.

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