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Business News of Thursday, 14 October 2021

Source: punchng.com

SEC partners EFCC on capital market fraud

Securities and Exchange Commission (SEC) Securities and Exchange Commission (SEC)

The Securities and Exchange Commission announced on Wednesday that it had engaged the staff of the Economic and Financial Crimes Commission on capital market training in a bid to tackle financial crimes in the market.

SEC described the training, tagged ‘Enlightenment programme on the capital market and the investigation of capital market complaints,’ as one of the strategies of the SEC to drive the development of the market.

The Director, SEC, Lagos Zonal Office, Mr Stephen Falomo, said sharing knowledge with the EFCC would help achieve a well-regulated market that would be dynamic, fair and equitable.

He said the special enlightenment programme was aimed at intimating the officers of EFCC on the workings of the capital market in general and enhancing the investigative skills required to handle capital market-related complaints.

Falomo said, “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. That is the primary focus of today’s programme.”

According to him, the relationship between SEC and the EFCC dates back almost two decades, and the two commissions have always maintained a cordial and mutually beneficial relationship.