The Securities and Exchange Commission (SEC) has warned Nigerians against doing business with Voya Investment Management (VIM), an online investment platform it says is neither licensed nor authorised to operate in the country’s capital market.
In a notice released on Wednesday, the commission said Voya Investment operates via investmemts.voya.com, adding that the platform’s claims of regulatory approval are false and misleading.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission,” the SEC stated.
The regulator added that Voya is displaying a forged clearance document.
“Voya Investment Management is also parading a certificate of identity verification purportedly issued by the Commission.”
SEC firmly disowned the document and the platform: “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.”
“The certificate being paraded by Voya Investment Management was neither issued nor endorsed by the SEC, Nigeria as the Commission does not issue certificates of identity verification.”
“Furthermore, claims by VIM that it is supervised, licensed, or approved by the Commission to undertake operations in the capital market are false, misleading and fraudulent.”
According to the commission, complaints received from investors suggest that VIM is running an illegal investment scheme, likely intended to defraud unsuspecting members of the public through false claims of SEC approval.
The statement concluded with an advisory: “Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM), as any person who engages with the entity or its representatives does so at his/her own risk.”
The regulator encouraged Nigerians to verify the registration status of any investment firm at www.sec.gov.ng/cmos, warning that unregistered platforms carry serious risks, including fraud and total loss of funds.
The SEC noted that in December 2025, it issued a similar advisory against another unlicensed online platform, Glorious Wealth Fund (GWF).
