SEC, EFCC To Tackle Crime in the Nigerian Capital Market

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Monday, June 03, 2019 / 08.00AM / SEC Nigeria / Header Image Credit: IndianFolk


The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have agreed to collaborate in combating crime in the Nigerian capital market.


The organizations reached an agreement when the Management of the SEC met with the Management of the EFCC at the EFCC Corporate Headquarters in Abuja over the weekend.


Ag. DG of the SEC, Ms. Mary Uduk who led the team, said the visit was necessary to close ranks in the face of re-awakening of Ponzi schemes, cybercrime and other fraudulent activities that have affected the market in the last few years.


Uduk also stated that the visit was intended to revisit the Memorandum of Understanding (MoU) signed between the SEC & EFCC on January 19, 2017.


According to Uduk some areas where the MoU seeks Cooperation of both Agencies includes training, secondment of middle cadre officers of the SEC to the EFCC and those of the EFCC to the SEC,  cross-boarder asset seizure, repatriation of stolen funds from the Capital market and prosecution of offenders amongst others.


“We have had reasons to work together in some cases in the past. There is no better time than now for the SEC and EFCC to collaborate more closely,” she added.


In his response, the Ag. Chairman of the EFCC, Mr. Ibrahim Magu, thanked the Executive Management of the SEC for the gesture and stressed the need to strengthen collaboration between both agencies.


Magu also assured the SEC officials of the EFCC’s support in ensuring that clauses contained in the MoU are made effective considering the magnitude of fraudulent activities going on in the country.


He reiterated the need for joint training of staff of both organizations and said there is a need to review the MoU to achieve both organization’s objectives. 


On the rising spate of Ponzi schemes in the country, Magu stressed the need for more sensitization campaigns between the SEC and the EFCC to ensure unsuspecting Nigerians do not continue to lose their hard earned money.


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