The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) are to collaborate in combating crime in the Nigerian capital market.
This agreement was reached when the management of the SEC met with the management team of the ICPC in Abuja, Wednesday.
The Acting Director-General of SEC, Ms. Mary Uduk, said the visit was necessary in order to seek collaboration, and also leverage on the expertise and mandate of the ICPC in tackling corrupt practices especially fraud, which has been prevalent in the Nigerian Capital Market and which is a major obstacle to the actualization of the objectives of the Commission
According to her, "we are aware that your agency is established to curb corruption in the public sector, but as an agency of government we owe investors the duty to protect their investments, hence the need for this collaboration.
Uduk said the Capital Market has witnessed incidences of fraud by market operators who have converted and diverted investors funds and utilised same for the acquisition of personal properties within and outside Nigeria adding that this potentially undermines investor confidence.
"We believe that this collaboration will be mutually beneficial to both agencies. Promoting market integrity and the integrity of the regulator is important for facilitating the liquidity and depth necessary to attract local and foreign investors."
The ICPC Chairman, Prof Bolaji Owasanoye said the capital market is very important to any economy that wants to grow, stating that the ICPC is ready to partner with the SEC in order for the nation to reap the benefits of a vibrant capital market.