SEC, EFCC partner to ensure effective capital market policing
NAN-H-41
Partnership
By Lucy Nwachukwu
Abuja, Jan. 19, 2017 (NAN) The Securities and Exchange Commission says it is collaborating with the Economic and Financial Crimes Commission (EFCC) to ensure an effective policing of the capital market.
A statement by the management of SEC on Thursday in Abuja said a Memorandum of Understanding (MoU) was signed by the duo in Abuja.
According to the statement, the partnership will help promote the efficient investigation and conclusion of all cases reported by either institution to each other.
It stated that it will also promote the integrity, efficiency and soundness of the Nigerian Capital Market and the Economy in general.
“It seeks to promote collaboration in the areas of training and secondment of middle cadre officers of the SEC to the EFCC and those of the EFCC to the SEC.
“It will aid the establishment of a liaison desk in both institutions as well as promote collaboration in other areas beneficial to both institutions.’’
It said the partnership entailed that the institutions provided each other with the utmost mutual assistance in any matter falling within the competence of the institutions.
It stated that it would provide “secondment of middle cadre officers, training to enhance the investigative skills and capacity of personnel of the institutions.
“Consequently it will increase the general output and performance of the institutions and facilitate better understanding of each other functions.
“This will be through capacity building programmes and human capital development in the areas of investigation of fraud in the capital market.
“Both institutions will also exchange information to assist the performance of the institutions’ respective functions, reporting, investigation and prosecution of fraudulent practices in the Nigerian Capital Market.
“And any other activity as agreed between the Institutions from time to time.’’
It said the MoU does not create any binding legal obligation, nor does it modify or supersede any laws, regulations or regulatory requirements in force or applying to the institutions.
It said the MoU does not also create any rights enforceable by third institutions nor does it affect any arrangement under other MoUs.
The News Agency of Nigeria (NAN) recalls that the Director-General of SEC, Mr Mounir Gwarzo, in a recent visit to EFCC commended the close relationship between both organisations.
Gwarzo said the commission could not discharge its responsibility effectively 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 this MoU becomes fully operational, it will assist in reducing market infractions to the barest minimum.”
Gwarzo remarked that the collaboration with the EFCC had been of tremendous benefit to the SEC especially in areas of investigation and enforcement.
It added that effective policing of the market was one of the ways of reviving investor confidence.
He said: “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.’’
Responding, Magu expressed delight that the collaboration between both agencies had yielded enormous benefit for the growth of the capital market.
He added that the EFCC would continue to provide assistance where required. (NAN)
LCN/MST
Edited by Muhammad Suleiman Tola