Voya Investment Management is an illegal market operator

Nigeria’s Securities and Exchange Commission (SEC) said that its attention has been drawn to the activities of an online investment platform known as, and operating under the name Voya Investment Management (VIM).

SEC noted that VIM bears clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.

As a result, the Commission has advised the investing public 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 also reiterated that transacting in the Nigerian capital market with unregistered entities exposes investors to financial risks including fraud and potential loss of investments.

According to SEC, Voya Investment Management through its website https://investmemts.voya.com claims 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,” SEC said.

According to SEC, the certificate being paraded by Voya Investment Management was neither issued nor endorsed by the SEC, Nigeria “as the Commission does not issue certificates of identity verification”. “Furthermore, claims by VIM that it is supervised, licensed, or approved by the Commission to undertake operations in the capital market are false, misleading and fraudulent,” SEC warned.

SEC further said that 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”.

“The investing public is therefore reminded to verify the status of companies and entities purporting to offer investment opportunities in the capital market on the Commission’s dedicated portal – www.sec.gov.ng/cmos, prior to transacting with such companies and entities,” SEC said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.