Published On: Fri, Jan 20th, 2017

EFCC, SEC target capital market fraudsters

EFCC Nigeria

EFCC Nigeria

ABUJA, (CAJ News) – THE Economic and Financial Crimes Commission (EFCC) and Securities and Exchange Commission (SEC) have vowed to clamp down on fraudulent operators in the Nigerian capital market.
A memorandum of understanding (MoU) has been signed in that regard by Ibrahim Magu, Acting Chairman of EFCC, and SEC counterpart, Mournir Gwarzo in Abuja.
The collaboration will see the EFCC provide law enforcement capacity to boost SEC’s regulatory mandate in the capital market.
Magu stressed the need for both agencies to pool resources together in dealing with the menace of Ponzi schemes.
Many Nigerians are currently at the mercy of such schemes.
Gwarzo declared the signing of the MoU will send a strong warning to fraudsters.
“Any operator of the capital market that crosses the red line will
certainly be dealt with,” Gwarzo said.
CAJ News

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