The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) have reached agreement on how to collaborate to combat financial crime in the Nigerian capital market.
This agreement was reached when the managements of both organisations met yesterday in Abuja. In a statement made available to Vanguard, the Acting Director General of SEC, Ms. Mary Uduk, explained that: "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."
Uduk said: "The objective of regulating the capital market is to protect investors, maintain fair, efficient and transparent market by ensuring integrity in the market place and by preventing fraudulent practices."
This shared goal, she added has necessitated a collaboration with relevant anti-corruption and law enforcement agencies in a bid to ensure that the market is fair to all investors. "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", she said.
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Uduk further 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 and this potentially undermines investor confidence.