The Securities and Exchange Commission (SEC) has warned Nigerians to stay away from an online investment platform operating under the name Voya Investment Management (VIM), citing alleged fraudulent activities and false claims of regulatory approval.
In a public notice signed by its management, the capital market regulator said it had received complaints against the platform, which claims to offer investment services in Nigerian stocks and other financial instruments under the supervision of the SEC.
According to the Commission, Voya Investment Management has been presenting itself as a regulated entity and displaying what it describes as a certificate of identity verification allegedly issued by the SEC. The regulator, however, described these claims as false and misleading.
“The attention of the Securities and Exchange Commission, Nigeria, has been drawn to the activities of an online investment platform operating under the name Voya Investment Management (VIM). The operators claim to offer investment services purportedly under the supervision of the Commission,” the notice stated.
“The Commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the Commission to carry out any activity in the Nigerian capital market,” it added.
The SEC described VIM’s representations as deceptive, stressing that its claims of approval and supervision are “false, misleading and fraudulent.” Based on complaints received, the Commission said the platform exhibits features commonly associated with illegal investment schemes aimed at defrauding unsuspecting members of the public.
The regulator cautioned that platforms operating without SEC registration fall outside regulatory oversight, exposing investors to significant risks, including the possibility of losing their entire investment without any effective avenue for redress.
The warning is the latest in a series of alerts issued by the SEC against unlicensed investment schemes. In June 2025, the Commission cautioned Nigerians against CMTrading, a cryptocurrency and commodities trading platform, stating that it was not registered to operate in the Nigerian capital market. The SEC has also warned the public against AfriQuantumX, which it said displayed characteristics typical of fraudulent Ponzi schemes.
Reiterating its position, the Commission urged Nigerians to always verify the registration status of investment platforms through its official verification portal before committing funds, warning that dealing with unregistered entities exposes investors to fraud and severe financial losses.
