SEC, ICPC to Track Stolen Funds Invested in Capital Market

By Modupe Gbadeyanka

The Securities and Exchange Commission (SEC) has expressed its readiness to work closely with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in tackling corruption in the Nigerian capital market.

Acting Director-General of the apex capital market regulatory agency in the country, Ms Mary Uduk, during a visit to the ICPC at its headquarters in Abuja recently, said she was sure of the commission’s competence and capacity in helping SEC trace and recover stolen assets of hardworking Nigerians that had been invested in companies, no matter where they were stashed.

She and her management staff team therefore, sought the expertise of the anti-corruption agency in tackling corruption in the Nigerian capital market. According to her, ICPC has been breaking new grounds in its effort to rid public sector institutions of corruption.

“To develop and regulate a capital market that is dynamic; fair; transparent and efficient; and able to contribute to the nation’s economic development,” the SEC chief said, stressing that the need for collaboration with agencies such as ICPC was imperative.

Ms Uduk further sought the assistance of the commission in the area of manpower development, expressing her desire for ICPC to train her organisation’s staff in enforcement and issues of integrity and accountability.

She, on the other hand also pledged SEC’s readiness to offer training to ICPC operatives on capital market investment.

Responding, Chairman of ICPC Chairman, Professor Bolaji Owasanoye, noted that the capital market was very important to the growth of every economy, pointing out that a weakness in the integrity of the system would scare away investors.

He explained that apart from investigation and prosecution of corrupt persons, ICPC was also empowered to examine the practices, systems and procedures of public bodies, and where such aid or facilitate corruption, the Commission could instruct, or direct a review.

Prof Owasanoye assured the delegation of the Commission’s ability to trace, recover, and seize stolen assets.

Speaking on the presence of the Anti-Corruption and Transparency Unit (ACTU) in SEC, the ICPC Chairman enjoined the visitors to ensure the efficient and free operation of the unit.

According to him, a functional and effective ACTU was an asset to any management especially where people of integrity were at the helm of affairs.