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SEC, EFCC Collaborate On Capital Market Devt

The Securities and Exchange Commission Nigeria (SEC) has organized a capital market training for employees of the Economic and Financial Crimes Commission (EFCC) as part of its regulatory measures  to ensure that financial crimes are reduced to the barest minimum in the nation’s capital market.

Speaking during the opening session of the  one-day training with the theme ‘Enlightenment Programme on the Capital Market and the Investigation of Capital Market Complaints’ held at the EFCC Lagos Zonal Command,  the SEC Director,, Lagos Zonal Office, Stephen Falomo, said the training was one of the strategies of the commission to develop the capital market and also share knowledge with the EFCC officials on how to build a well-regulated market that is dynamic , fair and equitable.

Falomo explained that the special enlightenment programme was aimed at intimating the officers of EFCC on the workings of the Capital Market in general and enhancing the investigative skills you might require to handle Capital Market related complaints.

He said: “The Securities and Exchange Commission is the apex regulator of the Nigerian capital market. It is empowered by the Investment and Securities Act (ISA) of 2007 to regulate and develop the capital market.

“ Organizing programmes like today’s workshop is one of the strategies of the Commission to drive the development of the market while at the same time, sharing knowledge with a sister agency like the EFCC to achieve a well regulated market that is dynamic, fair and equitable.

“We are all aware that the EFCC is responsible for the investigation and prosecution of Financial Crimes and that a large chunk of complaints and infractions in the capital market can be deemed to be financial crimes. It is therefore imperative that the SEC supports the EFCC with up-to-date knowledge of the intricate workings of the capital market and some useful information on the investigations of financial crimes emanating from players in the capital market space. That is the primary focus of today’s program.

The Director recalled that the relationship between the two commissions dated back almost two decades, adding that the both of them have since been strengthening their cordial relationship for mutual benefits.

Earlier in his remarks, the EFCC Zonal Commander, Lagos, Ahmed Ghali, recalled the existing relationship between both agencies, and charged the participants to take maximum advantage of the training.

He assured the participants that the facilitators will shed light on a number of capital market matters, where they may be having challenges.

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