The Securities and Exchange Commission (SEC) has declared the operations of Voya Investment Management (VIM) fraudulent, warning that the platform is designed to deceive unsuspecting investors.
In a statement issued on Wednesday, the Commission said it neither licensed nor approved the operations of Voya Investment Management.
The SEC noted that the online investment platform operates through its website, https://investmemts.voya.com, to defraud Nigerians of their hard-earned money.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission.
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“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,” the SEC said.
It stressed that the certificate being presented by Voya Investment Management was neither issued nor endorsed by the Commission, noting that it does not issue certificates of identity verification.
It also flagged Voya Investment Management’s claims of being supervised, licensed, or approved to operate in the capital market as false, misleading, and fraudulent.
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“Complaints received by the Commission regarding the fraudulent activities of VIM and the misleading information by the company to the investing public that it is licensed by the Commission bear clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.
“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 SEC warned.
The Commission reiterated that engaging with unregistered entities in the Nigerian capital market exposes investors to significant financial risks, including fraud and potential loss of investments.
It advised the investing public to always verify the status of companies and entities offering investment opportunities through the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting with them.
Pinnacle Daily reported that CBEX, Silverkuun, and TOFRO were some of the unlicensed platforms operating illegally by advertising AI-powered trading systems that promise unrealistic returns.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
