The Securities and Exchange Commission (SEC) on Sunday it is working on a Memorandum of Inderstanding (MoU) with the Economic and Financial Crimes Commission (EFCC) that will ensure an efficient and effective policing of the Nigerian capital market.
Speaking when he led his management team on visit to the Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, weekend in Abuja, Director General of SEC Mounir Gwarzo said there has been a close relationship between organisations.
The nation’s capital market regulatory agency cannot discharge its responsibility effectively without collaborating with the anti graft agency, he added.
For Gwarzo, the SEC is “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 and that is why in the last 10 years there has been a very great collaboration between both agencies.
“We hope that when his MoU becomes fully operational it will assist in reducing market infractions to the barest minimum,” he stressed.
Already, he acknowledged, the collaboration with the EFCC has been of tremendous benefit to the SEC, especially in areas of investigation and enforcement.
Effective policing of the market, he continued, is one of the ways of inspiring investor 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 stated.
Responding, Magu expressed delight that the collaboration between both agencies has yielded enormous benefit for the growth of the capital market adding that his agency will continue to provide assistance where required.
He said the EFCC has been instrumental in investigating several cases of fraud in the capital market and recovered funds which were returned to investors and assured the SEC of the agency’s continued support.