Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against an online investment platform operating under the name Voya Investment Management (VIM), citing allegations of fraudulent activities and false claims of regulatory approval.
In a notice signed by the Commission’s management, the SEC said it received multiple complaints from the public about the platform, which allegedly presents itself as a licensed investment firm offering access to Nigerian stocks and other financial instruments. According to the regulator, VIM claims to operate under the supervision of the SEC—a representation the Commission has firmly denied.
The SEC clarified that Voya Investment Management is neither registered nor licensed to operate in Nigeria’s capital market. It also accused the platform of parading a certificate of identity verification purportedly issued by the Commission, describing the document and the claims surrounding it as false, misleading, and deceptive.
Based on the complaints reviewed, the regulator said VIM’s operations display characteristics commonly associated with illegal investment schemes designed to defraud unsuspecting members of the public. The SEC warned that platforms operating outside regulatory oversight expose investors to serious financial risks, including fraud and the possible loss of funds.
Reiterating its role as the statutory regulator of Nigeria’s capital market, the SEC urged Nigerians to verify the registration status of any investment platform through its official verification portal before committing funds. The Commission noted that it has issued similar warnings in the past, including against CMTrading and AfriQuantumX, as part of ongoing efforts to protect investors and maintain market integrity.
source: nairametrics