The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians to avoid an online investment platform operating under the name 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 disclosed that it had received multiple complaints against the platform. VIM allegedly claims to offer investment services in Nigerian stocks and other financial instruments, while falsely presenting itself as operating under the supervision of the SEC.
According to the Commission, the platform has been parading itself as a licensed entity and even displaying what it claims is a certificate of identity verification issued by the SEC. The regulator described these representations as false, misleading, and deceptive.
“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 notice stated. The SEC further stressed that any claims by the platform suggesting approval or supervision by the regulator are fraudulent.
Based on complaints received, the SEC noted that the activities of VIM exhibit clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public. It warned that platforms operating outside regulatory oversight expose investors to serious risks, including the possibility of losing their entire investment with little or no avenue for redress.
The warning forms part of the SEC’s ongoing efforts to protect investors from unlicensed and fraudulent schemes. In recent months, the Commission has issued similar alerts against other platforms, including CMTrading and AfriQuantumX, which it said displayed features typical of illegal investment and Ponzi schemes.
Reiterating its advice, the SEC urged Nigerians to always verify the registration status of any investment platform through its official verification channels before committing funds. The Commission warned that dealing with unregistered entities significantly increases the risk of fraud and financial losses, calling on the public to exercise extreme caution when considering online investment opportunities.
I dont trust any online investment platforms anymore. Who knows whats real or fake these days? SEC should do more to protect us.
Honestly, its crazy how scammers keep finding new ways to trick people. Stay vigilant, folks! SECs warning is a wake-up call.
I dont get why people still fall for these scams. SEC warning or not, common sense should prevail. Stay vigilant, folks!
I wonder if the SEC should do more to educate people on spotting fake investments. Its a jungle out there!
Shouldnt we hold the SEC more accountable for allowing these scams to happen? Wheres the real protection for investors?
I find it ridiculous that scammers keep coming up with new ways to deceive people. Stay vigilant, folks!
I cant believe people still fall for these scams! Stay vigilant and spread the word to protect others.
I cant believe people still fall for these scams! SECs warning is necessary, but how do we educate everyone?
Do you think the SEC is doing enough to protect investors from these scams? I feel like more should be done!