The Securities and Exchange Commission (SEC) Nigeria has warned the public against dealing with an online investment platform operating under the name Voya Investment Management (VIM), over suspected fraudulent activities.
The commission in a Public Notice signed by its management alleged the warning was sequel to complaints that the platform falsely claimed to be operating under its supervision.
According to the SEC, the online investment platform is presenting itself as an investment platform offering services in Nigerian stocks and other financial instruments with regulatory backing.
Debunking the firm’s claims, the SEC stated that the company was not licensed by it to carry out any activity in the Nigerian capital market.
It clarified: “The attention of the Securities and Exchange Commission, Nigeria (“the Commission”) has been drawn to the activities of an online investment platform known as, operating under the name Voya Investment Management (VIM) through its website. The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission. 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 commission stressed.
The capital market regulatory commission further described VIM’s claims of approval as deceptive, describing such representations aa false, misleading and fraudulent.
It stated that based on complaints received, the fake online investment platform’s activities reflected traits of illegal investment schemes designed to defraud unsuspecting members of the public, warning the public not to fall prey to its deceptive antics to defraud.