EFCC, SEC Declare War on Fraudulent Capital Market Operators
Adetokunbo Fakeye
The Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, have vowed to clamp down on fraudulent operators in the Nigerian capital market.
Ibrahim Magu, Acting Chairman, EFCC, and his SEC counterpart, Mournir Gwarzo, according to the agency spokesman, Wilson Uwujaren made the vow on Thursday while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head office, Abuja.
The collaboration, the anti-fraud chief stated will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.
Magu stressed the need for both agencies to pool resources together in dealing with the menace of Ponzi schemes, which many Nigerian are currently at their mercy.
Gwarzo, on his part declared that the signing of the MoU will send a strong warning to fraudsters added that, “any operator of the capital market that crosses the red line will certainly be dealt with”.