Yemisi Izuora
The Securities and Exchange Commission (SEC) and the Nigeria Police Force have agreed to forge an alliance against illegal scheme operators, investment frauds, and cryptocurrency frauds in a bid to protect the hard-earned savings and the financial dreams of the Nigerian people.
Director General (DG) of the SEC, Dr. Emomotimi Agama stated this during a meeting with the Inspector General of Police Kayode Egbetokun in Abuja Wednesday.
Agama said the SEC as the sentinel at the gate of Nigeria’s formal capital markets, has the mandate to protect investors, maintain fair, efficient, and transparent markets, and promote the growth of a vibrant economy built on trust, which are done by setting rules, licensing operators and market surveillance.
He however stated that the Commission faces adversaries who operate in the shadows, outside regulated gates by exploiting the trust of people and promising miraculous returns such as 200% in 30 days.
“They cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading. They target the vulnerable, the optimistic, and the simply unsuspecting, leaving behind a trail of shattered lives, depleted pensions, and broken trust. This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system.
“This is where our authority, as the SEC, meets its necessary complement: your power, your reach, and your mandate. The Nigeria Police Force is the primary law enforcement agency with the national presence, the investigative muscle, and the constitutional authority to track, apprehend, and bring these criminals to justice. Where we identify the illegality and the regulatory breach, you possess the apparatus for criminal investigation, arrest, and prosecution.
“Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalized collaboration with the following pillars: Joint Intelligence and Operations Task Force: Capacity Building and Knowledge Transfer; Streamlined Processes for Enforcement and National Public Awareness Campaign’ he stated.
The SEC DG advocated the establishment of a dedicated SEC-NPF team that combines market intelligence, forensic accounting, and understanding of complex financial schemes with investigative and intelligence-gathering capabilities. This team will be the rapid-response unit to new frauds.
Agama also sought the permission of the IGP to go into a Memorandum of Understanding with the Cyber Security Unit of the Police Force in a bid to ensure the cyber space is safe for all Nigerians
“Mr. Inspector General, the fight against financial crime is a fight for the soul of our economy. It is a fight for the widow who has lost her savings, the youth lured by fake crypto promises, and the retiree seeking a safe return. The SEC cannot win this fight alone. The Police should not have to decipher these complex schemes without specialist support. Together, however, we form an impenetrable shield.
“Let this meeting be remembered as the day the two guardians of Nigeria’s safety the safety of our streets and the safety of our savings joined hands. Let us send a clear, unequivocal message to every scammer, from the dusty streets to the dark web: Your time is up. Nigeria’s investors are now under our combined protection. We are ready to work with you. We look forward to your guidance and partnership,” he added.
In his response, the IGP Kayode Egbetokun assured the SEC team that the Nigerian police Force, is ready to collaborate with the Commission, Strengthen partnership in all the ways possible, and ensure that the Commission achieves its aims.
He said, “Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our Supervision and Support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make so much impact in your enforcement drive. What you said speaks so much to your determination to ensuring effective drive in the Capital market and when we are able to achieve effective enforcement, it comes with so many benefits.
Egbetokun also congratulated the Commission on the recent achievement of 100 trillion naira market capitalization mark adding that it will aid economic growth and development.
“That is a very huge one, and on behalf of the entire police force, i congratulate you on this great achievement. l am happy to also hear from you that you are ready to strengthen the police enforcement unit that are attached to the SEC. on this note, I approve the collaboration with the Cyber Security Centre of the NPF” he added.