The Securities and Exchange Commission (SEC) has cautioned the public against engaging with Voya Investment Management, also known as VIM, an online investment platform suspected of fraudulent activities, as of January 7, 2026. The SEC's warning aims to protect investors from potential financial losses associated with dealing with this entity.

What you should know

The SEC is the primary regulatory body overseeing the Nigerian capital market. Its mandate includes protecting investors, maintaining market integrity, and ensuring fair and orderly trading practices. Warnings like this are issued when the SEC identifies entities that may be operating illegally or engaging in activities that could harm investors. This proactive measure is crucial for maintaining confidence in the Nigerian financial system.

Operating an investment platform without proper authorization from the SEC is a violation of the Investments and Securities Act (ISA). Unregistered entities often lack transparency and accountability, increasing the risk of fraud and mismanagement of funds. Investors who deal with unregistered platforms may have limited recourse in the event of losses.

Recall that in recent years, the SEC has intensified its efforts to clamp down on illegal investment schemes and unregistered online platforms. This reflects a broader global trend of regulators focusing on protecting consumers in the digital age, where fraudulent schemes can spread rapidly through online channels.

Implications for Investors

Investors should always verify the registration status of any investment platform or company with the SEC before investing. This can be done through the SEC's website or by contacting the commission directly. Due diligence is crucial in mitigating the risk of falling victim to fraudulent schemes.

This warning serves as a reminder of the importance of investing only through regulated channels. While the promise of high returns may be tempting, investors should prioritize the security and legitimacy of their investments. Ignoring regulatory warnings can lead to significant financial losses.

Market watchers believe that the SEC's proactive stance will help deter illegal investment activities and protect the integrity of the Nigerian capital market. The commission's continued vigilance is essential for fostering a safe and transparent investment environment.

Investors should be wary of platforms offering unrealistically high returns or employing aggressive marketing tactics. Legitimate investment opportunities typically involve a degree of risk, and returns should be commensurate with the level of risk undertaken.

Next Steps

The SEC is likely to conduct further investigations into Voya Investment Management. Investors who have already engaged with the platform are advised to report their experiences to the SEC and seek professional financial advice. Further updates will be provided as the investigation progresses.