Tag: Securities and Exchange Commission

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.

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“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.

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.

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has announced plans to significantly step up enforcement actions in 2026, following the enactment of the Investments and Securities Act (ISA) 2025, as part of efforts to strengthen investor confidence and market integrity.

Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed this while outlining the Commission’s regulatory priorities, noting that the new law has expanded the Commission’s supervisory and enforcement powers.

Agama said the Commission would apply these powers “firmly and impartially” to address market abuse, insider dealing, fraudulent investment schemes, and other forms of misconduct in the capital market.

He stressed that enforcement actions will be guided by due process and the rule of law, adding that predictable and consistent regulation remains critical to building trust among investors.

“With the enactment of the Investments and Securities Act 2025, the Commission’s supervisory and enforcement framework has been strengthened. In 2026, the Commission will continue to apply these powers firmly and impartially”, he said.

He explained that the SEC’s enforcement push forms part of broader measures to strengthen market integrity, efficiency, and resilience, adding that confidence in the capital market depends on effective supervision and the consistent application of rules.

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Beyond enforcement, the Commission, he stated, plans to advance regulatory efficiency through digitalisation, including streamlined approvals, automated filings, and improved disclosure processes.

 “These measures are intended to reduce unnecessary frictions, improve regulatory responsiveness, and enhance transparency across the market”, he emphasized.

Agama also said the SEC would introduce enhanced disclosure standards, including environmental, social, and governance (ESG) reporting, alongside a structured recapitalisation and governance review of market intermediaries to ensure financial resilience and sound risk management.

On investor protection, the Director-General reaffirmed the Commission’s commitment to balancing broader market access with strong safeguards, particularly for retail investors and small and medium-sized enterprises (SMEs).

Looking ahead, Agama said the SEC remains focused on supporting Nigeria’s economic transition while maintaining market discipline.

 “We will regulate not to stifle, but to catalyse. We will enforce not to punish, but to protect and build trust,” he said.

Agama stated that the SEC also plans to roll out a nationwide financial literacy programme in 2026 aimed at improving investor awareness and reducing vulnerability to fraudulent schemes.

Securities and Exchange Commission (SEC) has directed all capital market operators to renew their registration between January 1 and January 31, 2026, as part of broader efforts to modernise regulatory processes and deepen confidence in Nigeria’s capital market.

The commission also disclosed that it will begin the electronic receipt and processing of applications for registration and updates to registration information in the first quarter of 2026, a move aimed at reducing delays, improving transparency and easing engagement between regulators and market participants.

A statement from the commission yesterday said the Director General of the SEC, Dr. Emomotimi Agama, made this known when he spoke extensively on the Commission’s digital transformation agenda and its implications for operators and investors.

According to Agama, the initiatives are designed to reposition the commission as a technology-driven regulator capable of responding to the evolving needs of a fast-changing financial ecosystem. “These initiatives reflect our commitment to leveraging technology for faster, more transparent, and efficient regulatory processes. The Commission is taking deliberate steps to make regulatory processes faster, more transparent, and technology-driven. We are investing in automation, databased supervision, and secure infrastructure to improve how we interact with the market,” he said.

He explained that the SEC’s Digital Transformation Portal has already changed the way registration and licensing are handled, with processes now fully automated from start to finish. Through the platform, operators are able to submit applications, upload required documents and track approvals online, significantly cutting down manual processing time and limiting the need for physical visits to the Commission.

Agama also disclosed that the Commission has introduced a Commercial Paper issuance module that enables operators to file documents, monitor the status of applications and receive approvals electronically. He noted that feedback from early users of the platform has shown a clear improvement in turnaround time, signalling early gains from the digital shift.

Beyond registration and issuance processes, the SEC is working to automate the submission of quarterly and annual returns by operators. Agama said structured templates and system checks are being developed to ensure accuracy and consistency, while a returns analytics dashboard is also in progress to support risk-based supervision and exception reporting.

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“To back these changes, we have started upgrading our IT infrastructure, servers, storage, networks, and security layers, to boost speed and reliability. Selective cloud migration is underway for platforms that need scalability and external access, while core internal systems remain on premise for now as we assess security and cost implications,” he said.

He added that data protection and cybersecurity remain central to the Commission’s strategy, noting that vulnerability assessments are ongoing, with penetration testing planned once the automation and migration phases stabilise. According to him, the objective is to build a modern and resilient regulatory environment that supports operational efficiency, strengthens investor confidence and promotes overall market stability.

Agama said the Nigerian capital market is firmly on a path towards full digital transformation but warned that the journey requires deliberate policy choices and capacity building. He stressed the need for regulatory clarity around advanced technologies, targeted support for smaller firms and sustained initiatives to build skills across the market.

“A phased and proportionate approach to regulating emerging technologies such as AI is essential, complemented by internal readiness through supervisory technology tools. Furthermore, investor education, particularly among younger demographics, will be critical to future-proof participation and drive fintech adoption,” he said.

While encouraging innovation, the SEC boss cautioned that technology adoption must go hand in hand with responsibility. “Innovation is vital, but it must be accompanied by responsibility. As operators embrace automation, artificial intelligence, and data-driven tools, they bear a duty to ensure ethical, secure, and compliant deployment. Safeguarding investor data, preventing market abuse, and maintaining operational resilience are non-negotiable,” Agama stated.

He noted that responsible use of technology ultimately serves a higher purpose in the market. “Responsible technology adoption is about building trust, the cornerstone of our markets. Trust thrives on fairness, transparency, accountability, and regulatory compliance,” he said.

Agama therefore urged capital market operators to uphold these principles as the market becomes increasingly digital, noting that doing so would protect investors and systemic stability while strengthening the long-term credibility and competitiveness of the Nigerian capital market.

The Securities and Exchange Commission (SEC) has announced that the Nigerian capital market will officially migrate to a T+2 settlement cycle for equities transactions effective Friday, November 28, 2025. 

The transition, according to the Commission, is designed to align the Nigerian market with global best practices and improve overall efficiency in trade settlement.

In a statement signed by Efe Ebelo, Head of External Relations, on Thursday, the Commission said the move from the current T+3 (trade date plus three days) settlement structure to T+2 has reached the implementation stage after several months of extensive preparation and stakeholder testing.

Under the new regime, trades executed on Friday, November 28, 2025, will be settled on Tuesday, December 2, 2025. 

Meanwhile, all transactions carried out before that date will continue to follow the T+3 schedule. 

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This means that trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first batch of T+2 settlements.

Explaining the impact of the change, Ebelo said the migration “is expected to significantly enhance the Nigerian capital market by allowing investors quicker access to funds, thereby enhancing overall market liquidity and reducing counterparty risk exposure, thereby fostering a more stable and resilient market environment.”

The SEC further disclosed that the Central Securities Clearing System (CSCS) Plc, which serves as the central counterparty in the market, “has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition.”

According to the Commission, “Extensive testing with market participants has been successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change.”

The SEC also stated that it remains committed to building a modern, efficient, and transparent capital market that meets international standards. 

It added that ongoing stakeholder engagements will continue as part of efforts to strengthen Nigeria’s position as an attractive destination for both local and foreign investors.

Securities and Exchange Commission (SEC) has said that Nigerians have lost an estimated N300.2 billion to fraudulent investment schemes in recent years, prompting the Commission to intensify its enforcement and investor protection measures across the financial sector.

This disclosure was made yesterday by AbdulRasheed Dan-Abu, Head of Fintech and Innovation Department at the SEC, during the 2025 Journalists Academy organised by the Commission in Abuja.

Dan-Abu said the figure was compiled from investigations into some of Nigeria’s most notorious Ponzi and illegal investment schemes, which have devastated households and small investors across the country.

According to him, “The losses, drawn from investigations into some of the country’s most notorious Ponzi and illegal investment schemes, reveal the devastating financial and social impact of these operations on households and small investors. The SEC’s estimates cover several collapsed schemes that had promised investors extraordinarily high and unsustainable returns.”

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A breakdown of the figures showed that MMM Nigeria accounted for about N18 billion, while Nospecto Oil and Gas defrauded investors of roughly N45 billion. The MBA Forex and Capital Investment Ltd scheme wiped out N213 billion in investor funds before its collapse, while Chinmark Group, Ovaioza Farm Produce Storage Business, and Famzhi Interbiz Ltd collectively cost Nigerians over N24 billion.

    The SEC noted that these figures do not capture all fraudulent entities, as other unregistered schemes have caused additional losses running into tens of billions of naira.

    Financial analysts believe the real losses could be significantly higher, given that many victims — particularly those in rural communities — fail to report their experiences to regulators or law enforcement agencies.

    “These figures represent only a portion of the total losses suffered by the investing public,” a source at the Commission disclosed. “The actual losses could be far more significant given the number of unreported cases and the proliferation of online schemes that evade regulatory scrutiny.”

    Disturbed by the persistence of these fraudulent operations, the SEC said it has intensified its regulatory crackdown to protect investors and preserve the integrity of Nigeria’s financial system.

    According to the Commission, its new strategy combines investor education, strict enforcement, and inter-agency collaboration. It includes partnerships with the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to identify and freeze accounts linked to illegal investment operators.

    Under this renewed enforcement drive, the SEC has secured court orders to shut down unregistered entities, initiated prosecution of their operators, and issued investor alerts naming firms engaged in unlawful solicitation. The Commission has also strengthened its technology-driven surveillance systems to track suspicious online investment advertisements, particularly across social media platforms.

    “The Commission remains committed to protecting investors through proactive regulation and strict enforcement actions against those who exploit public trust for illicit gain,” SEC officials stated.

    The Commission is also expanding its public awareness campaigns to educate Nigerians about the dangers of unregistered investment schemes and the importance of verifying the registration status of any investment operator.

    “The public is strongly advised to always confirm the registration status of any investment firm before engaging in financial transactions,” the SEC urged. “Investor education remains one of the most effective deterrents to financial fraud.”

    Dan-Abu expressed optimism that the SEC’s tougher stance, coupled with its collaboration with security agencies, would significantly reduce the spread of Ponzi operations that have long preyed on unsuspecting citizens.

    Dr. Emomotimi Agama, Director-General of the SEC, represented by Mrs. Efe Ebelo, Head of External Relations, noted that over 80 million Nigerians are involved in crypto-related activities — a figure that reflects both the opportunities and the risks in the rapidly expanding digital asset market.

    “We are among the world’s top adopters of digital assets, with more than one-third of our population participating in crypto-related activity,” Agama said. “This reflects the creativity of our young people, our deep mobile connectivity, and the hunger for inclusion.”

    However, he warned that the same growth has also “created a fertile ground for exploitation,” pointing to the rise in scams, phishing attacks, fake wallet applications, and ransomware schemes targeting unsuspecting users.

    “These threats show an urgent truth: without robust regulation, innovation can quickly become vulnerability. Regulation is not about restriction; it is about building trust and ensuring that innovation serves progress, not predation,” Agama stated.

    He explained that regulators worldwide face similar challenges in balancing innovation and investor protection. “Clamp down too hard, and innovation migrates offshore; regulate too softly, and systemic risks multiply,” he said.

    Agama cited global regulatory frameworks such as the Financial Action Task Force (FATF) Recommendation 15, the European Union’s 5th Anti-Money Laundering Directive (5AMLD) and MiCA framework, and ongoing enforcement actions in the United States as examples of how digital finance is being brought under stricter oversight globally.

    He said Nigeria is not lagging behind, as the SEC in 2022 issued Rules on the Issuance, Offering, and Custody of Digital Assets, which define virtual assets as securities and establish a licensing framework for Virtual Asset Service Providers (VASPs).

    These rules, he explained, rest on three key principles. First, all VASPs operating in Nigeria must register and obtain SEC approval. Second, they are required to comply with Anti-Money Laundering and Counter-Terrorism Financing obligations and cooperate with the NFIU in line with FATF standards. Third, VASPs must maintain real-time transaction monitoring systems to detect suspicious or high-value activities.

    Agama added that to strengthen enforcement, the SEC collaborates closely with the CBN and EFCC to freeze illicit digital wallets and recover criminal proceeds. Through partnerships with blockchain analytics firms, the Commission now deploys advanced monitoring tools to trace transactions, detect fraud, and enhance cybersecurity oversight.

    He concluded that virtual assets hold vast potential to promote inclusion and attract investment, but innovation must always be guided by integrity.

    “Virtual assets hold immense potential to expand inclusion, mobilize investment, and position Nigeria as a continental leader in digital finance,” Agama said. “But innovation must never outpace integrity.”

    As the SEC sustains its enforcement drive, stakeholders are optimistic that the Commission’s balanced approach — combining investor education, regulatory vigilance, and technological supervision — will help restore public confidence and reduce the recurring cycle of investor exploitation in Nigeria’s capital market.