The Securities and Exchange Commission (SEC) has urged law enforcement agencies to collaborate with the Commission in its effort to achieve zero tolerance to infractions in Nigerian capital market, and to ensure that the perpetrators of fraudulent acts are brought to book appropriately.
The Director General of SEC, Mounir Gwarzo stated this during the Commission’s courtesy visit to the Inspector General of Police, Solomon Arase in his office in Abuja on Monday.
Gwarzo solicited the support of the IGP to enhance the ongoing co-operation between the Force and the Commission towards ensuring that the laid down rules and procedures are adhered to in the capital market.
While appreciating the police on the work they have been doing since the collaboration started, he sought more assistance in the areas of specialised discipline, such as forensic investigation to enhance the operations of the capital market.
In his response, the Inspector General of Police, Arase, assured the Commission that the Nigerian Police, under his leadership, would do all that it could to assist in ensuring that incidents of infractions within the capital market were brought to the barest minimum.
He commended the SEC’s DG on his desire to make the capital market free of malpractices, saying that no nation can develop with the increase in crime and corruption and 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 are committed to deliver the mandate of protecting life and property of the people.
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, operation of wonder banks, insider dealing, corporate accounting fraud and share manipulation etc.
The SEC boss said despite the great success achieved so far through the tracking of fraudulent practices in the market, the Commission is not resting on its oars as there are still illegal fund managers, wonder banks operators and possible cases of market abuse. “It is hoped that this synergy with the police will help to significantly reduce, if not totally eradicate these activities to the benefit of investing public,” he said.