The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) are to work together for efficient and effective policing of the capital market.
The Director General of SEC Mounir Gwarzo who made the disclosure when the Management of the Commission paid a visit to the Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu applauded the existing relationship of both agencies.
He noted that the Commission would have faced challenges in the discharge of its responsibility without collaborating with the anti graft agency.
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 observed that the collaboration with the EFCC has been of tremendous benefit to the SEC especially in areas of investigation and enforcement adding that effective policing of the market is one of the ways of retiring 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.
The Acting EFCC Chairman, Ibrahim Magu in his response 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.
Magu 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