The Securities and Exchange Commission (SEC) of Nigeria has issued a stern public alert, cautioning citizens against engaging with an online investment entity known as Voya Investment Management (VIM). The Commission explicitly stated that this platform is not authorized to conduct any business within the Nigerian capital market.
False Claims and Fraudulent Documents Exposed
In a statement released on January 7, 2026, the SEC revealed that its attention was drawn to VIM's activities. The platform operates a website offering services related to Nigerian stocks and other financial instruments. According to the regulator, VIM's operators have been falsely presenting themselves as being under SEC supervision.
The Commission made it clear that Voya Investment Management is neither registered nor licensed by the SEC for any capital market activity in Nigeria. It also addressed a specific document being circulated by the company, described as a "certificate of identity verification" supposedly issued by the SEC. The Commission denied issuing or endorsing this certificate, emphasizing that it does not issue such documents.
SEC's Direct Warning to the Public
The SEC described all claims by VIM regarding regulatory approval or supervision as false, misleading, and fraudulent. Based on complaints received, the Commission identified clear signs of an illegal investment scheme designed to deceive the public.
The advisory from the SEC is unequivocal: Nigerians should avoid any dealings with Voya Investment Management or its representatives. The Commission warned that anyone who chooses to transact with the platform does so at their own peril. It reminded investors that engaging with unregistered entities exposes them to severe financial risks, including outright fraud and the total loss of invested funds.
How to Protect Your Investments
The SEC urged members of the public to always conduct due diligence before investing. The key step is to confirm the registration status of any company offering investment opportunities. This can be done by using the Commission's official verification portal before committing any money.
This warning against VIM follows a similar pattern of alerts from the SEC. The Commission had previously warned against another unregistered platform, Glorious Wealth Fund (GWF), labeling its claims as equally fraudulent. Furthermore, the SEC has threatened a crackdown on promoters of Ponzi schemes, stating it is strengthening collaborations with law enforcement agencies to investigate and prosecute such operators. The Commission has warned it may freeze accounts and seal offices linked to illegal investment promotions, noting that these schemes erode confidence in Nigeria's financial system.
Report by Oluwatobi Odeyinka, Business Editor.
