SEC and EFCC Join Forces to Tackle Financial Crimes and Virtual Asset Malpractices
By Patience Ikpeme
The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have pledged to strengthen their collaboration in tackling financial crimes and promoting a safer investment environment in Nigeria.
Dr. Emomotimi Agama, Acting Director General of the SEC, emphasized the importance of cooperation between the two agencies. He stated that, “We believe this form of cooperation is in the best interest of Nigerians.”
A key area of focus will be “reducing incidences of delay” in responding to requests and “ensuring our markets are free from manipulations.” Dr. Agama highlighted the dangers of “illegal trading on any platform especially P2P” and the SEC’s commitment to “enforce where necessary to send a strong message.”
The SEC is taking a proactive approach to regulating the virtual asset space. Dr. Agama stated that, “We are examining our virtual regulations to cover all areas and are open to reviews to have a better document and a well regulated market.” Collaboration with the EFCC will be crucial in “blocking every gap in our bid to regulate the virtual space and give comfort to Nigerians.”
To improve communication and expedite information sharing, the SEC plans to create an “economic regulatory hub.” This platform will allow the SEC to “upload requests and other regulators/sister agencies would be able to respond immediately.” This initiative highlights the importance of a coordinated approach to economic regulation.
The SEC sees the capital market as a key driver of economic development. Dr. Agama stressed, “The opportunities in the capital market are enormous and we are yet to tap the full potentials for economic growth.”
The “Revised Capital Market Master Plan” being implemented by the SEC aims to stimulate the economy and attract foreign direct investment (FDI). Efforts are also underway to develop “the right products that can attract” young Nigerians to the capital market.
On its part, the EFCC is focused on combating financial crimes that undermine the Nigerian economy. Chairman Mr. Ola Olukoyede acknowledged the “injurious” effects of “Forex malpractices and crisis” and the role virtual traders play in “destroying the Nigerian economy through their activities.” The EFCC will leverage its enforcement powers to “ensure people play by the rules” and deter “economic and financial crimes.”
Both the SEC and EFCC recognize the importance of collaboration in achieving their goals. Mr. Olukoyede noted that “fighting corruption is a collaborative effort” and the need for “other agencies to lend their cooperation.” The combined efforts of these agencies hold promise for a more secure and efficient investment environment in Nigeria.
This strengthened partnership between the SEC and EFCC signifies a positive development for the Nigerian economy. By working together to address trading manipulations, regulate virtual assets, and combat financial crimes, these agencies can foster a more attractive environment for investors and promote sustainable economic growth.
