The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians to steer clear of an online investment platform operating as Voya Investment Management (VIM), citing alleged fraudulent activities and false claims of regulatory approval.

In a public notice signed by the Commission’s management, the capital market regulator said it had received complaints against the platform, which allegedly claims to offer investment services in Nigerian stocks and other financial instruments under SEC supervision.

According to the SEC, Voya Investment Management has been parading itself as a regulated entity and even displaying what it claims is a certificate of identity verification issued by the Commission, a claim the regulator described 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 by the regulator, the Commission said the platform’s operations exhibit clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public

The regulator cautioned that any platform operating without SEC registration falls outside regulatory oversight, leaving investors exposed to serious risks, including total loss of funds with little or no avenue for redress.

The warning is the latest in a series of alerts issued by the Commission against unlicensed investment schemes. In June 2025, the SEC cautioned Nigerians against CMTrading, a cryptocurrency and commodities trading platform, stating explicitly that it was not registered to solicit investments or operate in any capacity within the Nigerian capital market. The Commission has also advised the public to avoid AfriQuantumX, which it said showed features typical of fraudulent Ponzi schemes.

Reiterating its stance, the SEC urged Nigerians to always verify the registration status of any investment platform through its official verification portal before committing funds, warning that dealings with unregistered entities expose investors to fraud and significant financial losses.

(The Sun)