Following the recent cases of infractions in the Nigerian capital market, the Securities and Exchange Commission is set to sign a Memorandum of Understanding with the Economic and Financial Crimes Commission to provide efficient and effective policing of the capital market.
SEC Director-General, Mr. Mounir Gwarzo, disclosed that there had been a close relationship between the SEC and the anti-graft agency, adding that the Commission could notdischarge its responsibility effectively without collaborating with EFCC.
He said, “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 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.” Gwarzo stated that the collaboration with the EFCC had been of tremendous benefit to the SEC, especially in areas of investigation and enforcement, adding that effective policing of the market was one of the ways of returning 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 stated
