SEC Warns Public Against Unregistered Voya Investment Platform Operating Illegally in Nigerian Capital Market
Nigeria's Securities and Exchange Commission has issued a public warning against Voya Investment Management (VIM), an online investment platform operating through its website investmemts.voya.com, which the regulator says is not licensed to conduct business in the country's capital markets despite claiming regulatory approval.
According to an official notice released Wednesday, the platform's operators allegedly offer investment services in Nigerian stocks and other financial instruments while falsely claiming supervision by the SEC. The commission has confirmed that VIM is neither registered nor licensed to carry out any activities in Nigeria's capital market.
Background and Context
The SEC's action highlights ongoing challenges in regulating online investment platforms that target Nigerian investors while operating outside regulatory oversight. The commission states that VIM has been parading a certificate of identity verification purportedly issued by the SEC—a document the regulator says it does not issue.
This warning follows a similar pattern of regulatory alerts issued in December 2025 against Glorious Wealth Fund (GWF), another online investment platform operating without proper authorization. The recurring nature of these warnings suggests systemic vulnerabilities in Nigeria's capital market regulation as digital platforms increasingly cross traditional jurisdictional boundaries.
Key Figures and Entities
Voya Investment Management presents itself as a legitimate investment services provider through its website, though specific information about ownership or management remains unclear in the SEC's public notice. The platform appears to target retail investors seeking exposure to Nigerian stocks and other financial instruments.
The Nigerian Securities and Exchange Commission, the country's primary capital market regulator, has taken an increasingly proactive stance against unregistered investment platforms in recent years. Investors can verify registration status through the commission's official portal at www.sec.gov.ng/cmos.
Legal and Financial Mechanisms
According to the SEC, VIM's business model involves misleading claims about regulatory approval and supervision to attract investors. The platform allegedly displays fraudulent documentation suggesting endorsement by Nigerian authorities, creating an appearance of legitimacy while operating outside legal boundaries.
The commission's investigation indicates that the platform's activities constitute an illegal investment scheme capable of defrauding the public. By making false claims about regulatory status, such operations exploit information asymmetries between regulators and investors, particularly in markets where financial literacy levels vary widely.
International Implications and Policy Response
The case against VIM underscores broader challenges facing securities regulators worldwide as digital investment platforms operate across borders with varying degrees of compliance. Nigerian authorities are increasingly recognizing the need for enhanced regulatory coordination and investor education to combat fraudulent online investment schemes.
The SEC's repeated warnings about unregistered platforms suggest growing pressure on regulators to adapt oversight mechanisms to the digital age. While the commission maintains its verification portal, the increasing sophistication of fraudulent operations demands more robust regulatory responses, including potential international cooperation agreements and enhanced monitoring of online financial activities.
Sources
This report is based on official communications from Nigeria's Securities and Exchange Commission, including their public warning notice issued regarding Voya Investment Management. Additional context draws on the commission's investor verification portal and previous regulatory alerts concerning similar unregistered platforms operating in Nigeria's capital market.
