The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) are to collaborate in combating crime in the Nigerian capital market.
The agreement was reached recently when the management of the SEC met with the management team of the ICPC at a forum in Abuja.
Acting director-general of SEC, Mary Uduk, said the visit was necessary in to seek collaboration, and also leverage on the expertise and mandate of the ICPC in tackling corrupt practices in the Nigerian Capital Market which is a major obstacle to the actualization of the objectives of the Commission.
The Acting SEC DG said the objective of regulating the capital market was to protect investors, maintain fair, efficient and transparent Market.
Acting DG SEC, Mary Uduk
“This shared goal she added, has necessitated a collaboration with relevant anti-corruption and law enforcement agencies in a bid to ensure that the market is fair to all investors.” Uduk noted.
“we are aware that the ICPC was established to curb corruption in the public sector, but as an agency of government we owe investors the duty to protect their investments, hence the need for this collaboration.” She added.
Uduk also disclosed that the Capital Market had been witnessing incidences of fraud by market operators who convert and divert investors funds for the acquisition of personal properties within and outside Nigeria adding that this potentially undermines investor confidence.
“We believe that this collaboration will be mutually beneficial to both agencies, promoting market integrity and the integrity of the regulator is important for facilitating the liquidity and depth necessary to attract local and foreign investors.” Uduk said.