The Securities and Exchange Commission (SEC) has urged law enforcement agencies to collaborate with the commission in its quest to ensure zero tolerance on infractions in Nigeria’s capital market and to ensure that perpetrators of fraudulent acts are brought to book.
Director-General of SEC, Mounir Gwarzo stated this when he led members of the management of the commission on a visit to the Inspector General of Police, Solomon Arase in his office in Abuja, yesterday.
Gwarzo solicited the support of the IGP to enhance the ongoing co-operation between the police and the commission towards ensuring that laid down rules and procedures are adhered to in the capital market.
He appreciated the police on the work they have been doing since the collaboration started and sought for more in areas of specialised discipline such as forensic investigation to enhance the operations of the market.
In his response, IGP Arase assured that the Nigerian Police under his leadership would do all that it can to assist in ensuring that incidents of infractions within the market are brought to the barest minimum.
He commended the SEC boss on his desire to make the capital market free of malpractices, saying that no nation can develop with the increase in crime and corruption, adding that life and property which include tangible and intangible assets must be protected.
He said the inter agency collaboration is in the right direction as both the Nigeria Police, Economic and Financial Crimes Commission (EFCC), and SEC were committed to deliver the mandate of protecting life and property of the people, adding that the administration will deal with anybody found defrauding the people in the capital market.
The Investment and Securities Act of 2007, section 304 requires the Commission to refer matters of criminal nature to the appropriate criminal prosecuting authorities including the Nigeria Police.
Some of these infractions include fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealing, corporate accounting fraud and share manipulation, among others.
