EFCC to police Nigeria’s capital market

The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have signed a Memorandum of Understanding to promote efficient investigation and conclusion of cases reported in the Capital Market.

The MoU serves to promote the integrity, efficiency and soundness of the Nigerian Capital Market and the economy in general.

It also seeks to promote collaboration in areas of training and secondment of middle cadre officers or in the alternative, the establishment of a liaison desk in both institutions.

Both institutions will collaborate in exchange of information to assist the performance of the institutions’ respective functions, especially in reporting, investigating and prosecuting fraudulent and manipulative practices in the Nigerian Capital Market.

The Director General of SEC, Mounir Gwarzo, commended the relationship between both organizations, adding that the commission could not discharge its responsibilities effectively without collaborating with the anti-graft agency.

“We are by provision of our law mandated to protect investors on developing the market but the way our law is structured, we have limitations over criminal cases.

“That is why in the last 10 years, there has been a very great collaboration between both agencies. We hope that when this MoU becomes fully operational, it will assist in reducing market infractions to the barest minimum,” Gwarzo said.

According to him, the collaboration has been of tremendous benefit to the SEC, especially in areas of investigation and enforcement.

He added that effective policing of the market was one of the ways of reviving investors’ confidence.

“One of our agenda is to bring back the retail investors to the market and there is no way they will agree to return if they are not sure of the safety of their investments,” the DG said.

Responding, Magu expressed delight that the collaboration had yielded enormous benefits for the growth of the capital market, adding that his agency would continue to provide assistance where required.

Source: NAN