By Modupe Gbadeyanka
Fraudulent capital market operators in Nigeria are in for a tough time now as the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have vowed to clamp down them.
Acting Chairman of EFCC, Mr Ibrahim Magu and his SEC counterpart, Mr Mournir Gwarzo, made the pledge Thursday, January 19, 2017 while signing a Memorandum of Understanding (MoU) for cooperation at the EFCC head office, Abuja.
The collaboration will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.
Mr Magu stressed the need for both agencies to pool resources together in dealing with the menace of Ponzi schemes, which many Nigerian are currently at their mercy.
On his part, Mr Gwarzo declared that the signing of the MoU will send a strong warning to fraudsters.
He added that, “Any operator of the capital market that crosses the red line will certainly be dealt with.”
Adedapo Adesanya