Why SEC designated Voya investment fraudulent

Fresh facts have emerged as to why the Securities and Exchange Commission (SEC) warned the investing public against Voya Investment Management (VIM).

Independent checks by our correspondent revealed the latest update on Voya Investment (VIM) in Nigeria is a major warning from the Commission, issued January 7, 2026, stating that Voya Investment Management (VIM) is an illegal, unregistered platform operating a fraudulent scheme, despite claims of being licensed by the SEC.

The SEC advises the public to avoid transacting with them as they are not authorized in Nigeria, display a fake certificate, and pose a high risk of fraud, warning investors to verify firms through official SEC channels.

According to the SEC warning, VIM is not registered or licensed to conduct investment activities in Nigeria and the platform’s claims of SEC licensing and supervision, including a fake identity verification certificate, are fraudulent.

In a notice issued on Wednesday, the commission said the firm, which operates through its website, investments.voya.com’s claims of being licensed or supervised by the SEC are false and misleading.

 “The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission,” the commission said.

“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 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.”

The SEC said complaints received regarding VIM’s activities indicate that the company is operating an illegal investment scheme capable of defrauding unsuspecting members of the public, particularly through misleading claims of regulatory approval.

“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 commission reiterated.

The SEC also urged investors to verify the registration status of companies on its portal via www.sec.gov.ng/cmos before investing, warning that engaging with unregistered entities exposes investors to significant financial risks, including fraud and potential loss of funds.

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Besides, SEC believes VIM exhibits characteristics of illegal schemes designed to defraud investors, with any engagement being at the investor’s own risk.

However, separately, the publicly traded Voya Financial (VOYA) stock has seen positive movement recently, with analysts noting potential upside and market reallocation towards value stocks, according to Nasdaq and Trading.