SEC, police partner to curb capital market infractions

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 also ensure that perpetrators of fraudulent acts are brought to book appropriately.

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, Monday.

According to Gwarzo, the ongoing cooperation between the Force and the Commission is towards ensuring that laid down rules and procedures are adhered to in the capital market.”

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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.

He lamented, that despite the great successes with tracking fraudulent practices in the market, the Commission is not resting on its laurels as there are still illegal fund managers, wonder banks and possible cases of market abuse.

In his response, IGP Arase assured the Commission that the Nigerian Police under his leadership will do all that it can to assist the Commission in ensuring that incidents of infractions within the capital market are brought to the barest minimum.

 

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