SEC seeks EFCC support to curb market infractions

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The Securities and Exchange Commission on Sunday said it was working with the Economic and Financial Crimes Commission to address some of the infractions affecting the growth of the capital market.

Both organisations have signed a Memorandum of Understanding as part of efforts to ensure an effective regulation of the capital market and restore investors confidence in the market.

The Director-General, SEC, Mounir Gwarzo, stated this when he led the management of the commission on a visit to the Acting Chairman of the EFCC, Ibrahim Magu.

A statement from the commission quoted Gwarzo to have said that the collaboration with the EFCC was borne out of the fact that the law setting up SEC was limited on issues relating to criminal cases.

According to him, while there is a close relationship between SEC and the EFCC, there is a need for the relationship to be strengthened in order to effectively address infractions in the capital market.

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