The Securities and Exchange Commission has warned the public against engaging with an online investment platform operating under the name Voya Investment Management, also known as VIM, over suspected fraudulent activities.
The warning was issued by the Securities and Exchange Commission, in a public notice signed by the Commission’s management.
The notice comes after complaints that the platform falsely claims to be supervised by the SEC.
According to the SEC, Voya Investment Management is presenting itself as an investment platform offering services in Nigerian stocks and other financial instruments while claiming regulatory backing.
The Commission stated that the company is not licensed by the Commission to carry out any activity in the Nigerian capital market.
“The attention of the Securities and Exchange Commission, Nigeria (“the Commission”) has been drawn to the activities of an online investment platform known as, operating under the name Voya Investment Management (VIM) through its website. The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission. Voya Investment Management is also parading a certificate of identity verification purportedly issued by the Commission.
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,” they stated.
The regulator further described VIM’s claims of approval as deceptive, stating that such representations are false, misleading and fraudulent.
Based on complaints received, the SEC said the activities show clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.
The SEC is the statutory regulator of Nigeria’s capital market and is responsible for licensing and supervising entities that offer investment services. Platforms that operate without registration fall outside regulatory oversight, leaving investors with little or no protection in the event of disputes or losses.
In June 2025, the regulator warned Nigerians about CMTrading, a cryptocurrency and commodities trading platform, noting explicitly that “CMTrading is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market.
The Commission advised the public to avoid investing in AfriQuantumX and flagged its operations as showing traits of fraudulent Ponzi schemes.
SEC has repeatedly stressed that dealing with unregistered entities exposes investors to significant financial risks, including fraud and possible loss of funds, and urged Nigerians to verify the registration status of any investment platform through its official verification portal before transacting.