SEC partners EFCC to curb capital market crimes

The Securities and Exchange Commission (SEC) has engaged staff of the Economic and Financial Crimes Commission on capital market training to reduce financial crimes.

The Director, SEC Lagos Zonal Office, Mr Stephen Falomo, in an address during a one-day training on Wednesday in Lagos, said the training was to drive development in the capital market.

It was reported that the theme of the training was entitled: “Enlightenment Programme on the Capital Market and the Investigation of Capital Market Complaints.

Falomo said the training was one of the strategies of the SEC to drive the development of the market.

He added that it was aimed at sharing knowledge with the EFCC to achieve a well-regulated, dynamic, fair and equitable market.

“The special enlightenment programme is aimed at intimating the officers of the EFCC on the workings of the capital market in general and enhancing the investigative skills required to handle capital market related complaints.

“The SEC is the apex regulator of the Nigerian capital market. It is empowered by the Investment and Securities Act (ISA) of 2007 to regulate and develop the Capital Market.

“Organising programmes like today’s workshop is one of the strategies of the commission to drive the development of the market, while at the sametime, sharing knowledge with a sister agency like the EFCC to achieve a well regulated market that is dynamic, fair and equitable.

“We are all aware that the EFCC is responsible for the investigation and prosecution of financial crimes and that a large chunk of complaints and infractions in the capital market can be deemed to be financial crimes.

“It is, therefore, imperative that the SEC supports the EFCC with up-to-date knowledge of the intricate workings of the capital market and some useful information on the investigations of financial crimes emanating from players in the capital market space,” he said.

In his remarks, the EFCC Zonal Commander, Lagos, Mr Ahmed Ghali, recalled the existing relationship between both agencies, and charged the participants to take maximum advantage of the training.

Ghali said: “I assure you that the facilitators will throw light on a number of capital market matters, where you may be having challenges.”