SEC seeks synergy with EFCC on capital market infractions

The Securities and Exchange Commission (SEC) is working on a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) towards effective monitoring of the capital market.

The Director General of SEC, Mounir Gwarzo, disclosed at the weekend when the management of the commission paid a visit to the Acting Chairman of the EFCC, Ibrahim Magu, in Abuja.

Gwarzo said in a statement that SEC could not discharge its responsibility effectively without collaborating with the anti-graft agency.

“We are mandated by law to protect investors in 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 had been collaboration between both agencies,” he stated.

Gwarzo said the partnership with EFCC had been helpful especially in the investigation of cases and enforcement, adding that the effective policing of the market was one of the ways of restoring investors’ confidence.

“Our agenda is to bring back retail investors to the market but they will not return if they are not sure of the safety of their investments,” the SEC DG noted.

Magu said the collaboration between both agencies was expected to yield enormous benefit for the growth of the capital market, adding that his agency would continue to provide the necessary assistance when required.

“EFCC has been instrumental in investigating several cases of fraud in the capital market and recovered funds which were returned to investors,” he stated.