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 made the pledge Thursday, January 19, 2017 while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head office, Abuja.
Read Also:
- Brig- Gen Usman Rtd Delivers Insightful Lecture at Air Force War College, Nigeria
- 45th Kano International Trade Fair: Badaru Urges Support for Nigerian Military to ensure Peace and Security for Economic Growth; Says Peace is Essential for National Development
- FG Pledges Enhanced Security for S-East Region; As Badaru Commends 82 Division, Insists Adequate Security Vital for Business, Prosperity
The collaboration will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.
A statement by Wilson Uwagaren, Spokesman of EFCC said, “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”.
END