SEC, EFCC Agree to Fight Against Capital Market Crime
The Economic and Financial Crimes Commission (EFCC) and
the Securities and Exchange Commission (SEC) weekend pledged to work together to fight against financial crimes in the capital market sector.
The agreement on collaborative effort followed when officials of the SEC visited the EFCC corporate headquarters in Abuja.
SEC’s Acting Director General, Ms. Mary Uduk, said her organization was ready to collaborate with the EFCC to be able to address the issues of Ponzi schemes, cybercrime and other capital crimes that the market has suffered in the past few years.
She disclosed that the purpose of the visit was mainly to revisit the Memorandum of Understanding (MoU) entered into between the two organizations in January 19, 2017.
Uduk said the collaboration includes training and secondment of some officers of SEC to EFCC and those of EFCC to SEC, cross border asset seizure.
She also added that the agreement was to repatriate stolen funds from the capital market and prosecution of offenders.
According to her, “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.”
The Acting Chairman of EFCC, Mr. Ibrahim Magu, in his response commended the management team led by Uduk for the visit, saying it will strengthen co-operation between the two organizations.
On the rising Ponzi schemes and other capital market crime in the country, Magu called for sensitization of Nigerians to ensure they do not become victims.
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