SEC To Cooperate With EFCC On Forex Crisis

The Securities and Exchange Commission (SEC) has pledged to work with the Economic and Financial Crimes Commission (EFCC) in a bid to ensure that trading manipulations are reduced in the virtual space.
Acting director-general of SEC, Dr. Emomotimi Agama stated this while receiving the team from EFCC led by the executive chairman, Ola Olukoyede yesterday in Abuja.

Agama stated that, as the apex regulator of the capital market, the SEC is ready to cooperate with the EFCC in order to achieve the national objective of making sure that illegality is not allowed to thrive.
He said, “this is a testament to the relationship we have and the value you place on the SEC and the best interest of Nigeria. We believe this will be the beginning of greater things to come. My desire is for us to strengthen the existing Memorandum of Understanding we have and ensure it is more effective in dealing with current issues.”

He noted that, “We believe this form of co-operation is in the best interest of Nigerians. This collaboration is very necessary for us to get out of this forex crisis.”

The SEC acting DG disclosed that the commission is planning an economic regulatory hub where it can upload requests and other regulators/sister agencies would be able to respond immediately thereby reducing incidences of delay.

Agama disclosed that the Revised Capital Market Master Plan which the commission is currently implementing is geared towards stimulating the economy and attracting FDIs.

Speaking earlier, the chairman of the EFCC, Ola Olukoyede said, Forex malpractices and crisis are injurious to any economy adding that the role virtual traders are playing in destroying the Nigerian economy through their activities needs to be checked.

He described the SEC as critical in the area of regulatory compliance stating that the commission is ready to use the instrumentality of the commission to stimulate the economy.

“We are enforcers and not regulators and that is why we need the SEC to ensure people play by the rules. We have done a lot in discouraging people from forex malpractices

“The mandate of the EFCC is to enforce all economic and financial crimes in Nigeria and this is a herculean task and that is why we are collaborating with other relevant government agencies. We need to ensure people play by the rules and ensure compliance in a bid to attract Foreign Direct Investments to our economy.

“If people have trust in us and know people play by the rules, it will attract them. And the EFCC is working to ensure people play by the rules,” he explained.

Olukoyede stated that fighting corruption is a collaborative effort that the EFCC cannot do alone emphasising the need for other agencies to lend their cooperation.

He commended the SEC, on its guidelines on virtual assets and pledged the willingness of the EFCC in ensuring compliance by stakeholders.