Forex Crisis: SEC pledges to cooperate with EFCC 

The Securities and Exchange Commission has pledged to work with the Economic and Financial Crimes Commission in a bid to ensure that trading manipulations are reduced in the virtual space.

Acting Director General of the SEC, Dr. Emomotimi Agama, stated this Tuesday when he received a team from the EFCC led by the Executive Chairman Mr. Ola Olukoyede in Abuja.

Dr. Agama stated that as apex regulator of the capital market, the SEC is ready to co-operate with the EFCC in order to achieve the national objective of making sure that illegality is not allowed to thrive.

He said, “It is a great pleasure to receive you here today. This is a testament to the relationship we have and the value you place on the SEC and the best interest of Nigeria. We believe this will be the beginning of greater things to come. My desire is for us to strengthen the existing Memorandum of Understanding we have and ensure it is more effective in dealing with current issues.

“We believe this form of co-operation is in the best interest of Nigerians. Only last week, I met the fintech community and we made it clear to them that the SEC will not condone illegal trading on any platform, especially P2P. it’s a dangerous trend and we cannot allow it to continue. This collaboration is very necessary for us to get out of this forex crisis.”

The SEC acting DG disclosed that the Commission is planning an economic regulatory hub where it can upload requests and other regulators/sister agencies would be able to respond immediately thereby reducing incidences of delay.

Agama disclosed that the Revised Capital Market Master Plan which the Commission is currently implementing is geared towards stimulating the economy and attracting FDIs.

Speaking earlier, the Chairman of the EFCC, Mr. Ola Olukoyede said Forex malpractices and crisis are injurious to any economy adding that the role virtual traders are playing in destroying the Nigerian economy through their activities needs to be checked.

He described the SEC as critical in the area of regulatory compliance stating that the Commission is ready to use the instrumentality of the Commission to stimulate the economy.

“We are enforcers and not regulators and that is why we need the SEC to ensure people play by the rules. We have done a lot in discouraging people from forex malpractices,” he said.