SEC to Curb Market Infractions with Strengthened EFCC MOU

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The Securities and Exchange Commission (SEC) has moved to further strengthen an agreement signed with the Economic and Financial Crimes Commission (EFCC) towards combating crime in the Nigerian capital market.

The SEC disclosed this following it’s meeting with EFCC management staff at the EFCC corporate headquarters in Abuja during the weekend.

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According to Mary Uduk, the SEC’s acting Director General, the visit was necessary in order to close ranks in the face of re-awakening of Ponzi schemes, cybercrime and other fraudulent activities that have engulfed the market in the last few years.

Uduk who led the SEC’s management team also stated that the visit was aimed at revisiting the Memorandum of Understanding (MoU) signed between the SEC & EFCC on January 19, 2017.

The SEC DG said 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 on some cases in the past. There is no better time for the SEC and EFCC to collaborate more closely than now” she added.

The acting chairman of the EFCC, Mr. Ibrahim Magu in his response, thanked the Executive Management of the SEC for the gesture and also stressed the need for a strengthened collaboration between both agencies.

He assured the SEC team of the EFCC’s support in ensuring that clauses embedded in the MoU are executed given the magnitude of fraudulent activities currently on going in the country.

He also reiterated the need for joint training of staff of both organizations, and said there is need to review the MoU in order 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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