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.
The
collaboration 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”.
Wilson Uwujaren
Head Media & Publicity
19th January 2017
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