SEC, EFCC vow to fight financial crimes in Nigeria

0 50

The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) are teaming up to stop shady trading practices in Nigeria’s virtual markets.

This disclosure was made by the Acting Director General, Dr. Emomotimi Agama at a meeting on Tuesday, May 14, with a group from the EFCC led by Ola Olukoyede.

Agama said the SEC is determined to work closely with the EFCC to keep illegal activities out of Nigeria’s financial system.

He said: “We want to strengthen our partnership and make sure it helps us tackle current issues.”

They’re particularly worried about illegal trading, especially online peer-to-peer deals, which they say are risky and harmful to the economy.

Agama also talked about setting up a new system to share information quickly among regulators, so they can respond faster to issues. According to him, “We want to create a hub where regulators can share requests and respond right away. Time is crucial in our work, so we need quick responses.”

The SEC is also updating its rules to better control online trading and protect investors. Dr. Agama said the SEC is “working to fix any loopholes in our regulations to make sure people are safe when they invest online.”

Olukoyede of the EFCC commended the SEC for taking action against financial crimes.

He said the EFCC will “support the SEC’s efforts. We need to make sure everyone follows the rules to attract investments.”

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More