SEC Partners ICPC To Curb Corrupt Market Practices


Wednesday, January 15, 2019 / 7:00 PM / SEC Nigeria / Header Image Credit: @SECNigeria


The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) have agreed to collaborate in combating crime in the Nigerian capital market.


The agreement reached was effected when the management of the SEC met with their counterparts at the ICPC in Abuja, on Wednesday, January 15, 2020.


Acting director-general of SEC, Ms. Mary Uduk, said the visit was necessary to seek collaboration, and leverage on the expertise and mandate of the ICPC in tackling fraud-related issues, witnessed in the Nigerian Capital Market and which has hampered the Commission's efforts at improved market transparency.


Uduk said the objective of regulating the capital market is to protect investors and maintain a fair, efficient and transparent Market by ensuring integrity in market practices. This shared goal she added, had necessitated collaboration with relevant anti-corruption and law enforcement agencies in a bid to ensure that the market is fair to all investors.

According to her, "we are aware that your agency intends to curb corruption in the public sector, but as an agency of government, we owe investors the duty to protect their investments, hence the need for this collaboration."

Uduk said the Capital Market had witnessed incidences of fraud by market operators who had converted and diverted investors funds and utilized the same for the acquisition of personal properties within and outside Nigeria, adding that this potentially undermines investor confidence.

"We believe that this collaboration will be mutually beneficial. Promoting market integrity and the integrity of the regulator is important in facilitating the liquidity and depth necessary to attract local and foreign investors. The collaboration translates to sustainable growth and development of the economy, which has a positive impact on the lives of every citizen and resident in Nigeria."

"We are confident that creating awareness within the Commission, on relevant laws and regulations administered by the ICPC, would project the Commission as a law-abiding institution, aid our fight against market abuse, and further boost market confidence."

"Given that technology and globalization have made it easy for assets to be dissipated or to disappear without a trace, swift and effective ways of safeguarding and tracing assets has become increasingly important. The Commission, therefore, seeks to leverage on your intelligence network in other countries, for the tracing and recovery of assets belonging to innocent and hardworking investors in the Nigerian Capital Market."

In his remarks, ICPC Chairman, Professor Bolaji Owasanoye said the capital market is very important to any economy that wants to grow, stating that the ICPC is ready to partner with the SEC for the nation to reap the benefits of a vibrant market.

"I understand the need to protect investors because the capital market has been so badly affected by the activities of fraudulent individuals and organizations. We are happy to collaborate with the SEC to look at those who are giving the investment climate a bad name by collecting investor's funds and disappearing. We have powers to trace such people and seize their assets".

Owasanoye said the capital market is technical, and that underscores the need for mutual understanding between both organizations adding "We can train you on issues relating to how to ensure that your processes are not susceptible to corrupt practices while you, on the other hand, train our staff on capital market issues."

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