Busy Brain
Busy Brain

Excellent Forum For Business, Information Technology, News Update, Jokes And Education
 
HomeHome  GalleryGallery  FAQFAQ  SearchSearch  MemberlistMemberlist  UsergroupsUsergroups  RegisterRegister  Log in  
Latest topics
» THE MILLIONAIRES CLUB
Sun Feb 12 2017, 21:46 by Admin

» ABOUT MyFXTM
Tue Feb 07 2017, 05:21 by Admin

» Afenifere meets, issues 9-day ultimatum on confirmation of CJN
Wed Feb 01 2017, 10:43 by Admin

» Jealous Husba
Thu Jan 26 2017, 11:57 by Admin

» Almost Joke: Valentine’s Day iPhone
Thu Jan 26 2017, 11:47 by Admin

» After the Honeymoon
Thu Jan 26 2017, 11:42 by Admin

» Akpos Joke: Driver’s licence
Thu Jan 26 2017, 11:37 by Admin

» iPhone 6 or iPhone 7
Wed Jan 25 2017, 23:36 by Admin

» Akpos meets Donald Trump
Wed Jan 25 2017, 23:29 by Admin

July 2017
MonTueWedThuFriSatSun
     12
3456789
10111213141516
17181920212223
24252627282930
31      
CalendarCalendar

Share | 
 

 EFCC, SEC seal MoU to fight capital market fraudsters

View previous topic View next topic Go down 
AuthorMessage
Admin
Admin


Posts : 144
Join date : 2012-07-13
Age : 29
Location : Port-harcourt

PostSubject: EFCC, SEC seal MoU to fight capital market fraudsters   Fri Jan 20 2017, 19:44



The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have sealed a relationship to fight fraud in Nigeria’s capital market.
Both the EFCC and SEC this week signed a Memorandum of Understanding (MoU) which will among others promote the efficient investigation and conclusion of all capital market cases as well as promote the integrity, efficiency and soundness of the Nigerian capital market and the economy in general.
The MoU seeks to promote collaboration in the areas of training and secondment of middle cadre officers of the SEC to the EFCC and those of the EFCC to the SEC; or in the alternative, the establishment of a liaison desk in both Institutions as well as promote collaboration in other areas beneficial to both institutions.
Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo signed on behalf of SEC while chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, signed on behalf of EFCC.
Going by the provisions of the document, the Institutions shall provide each other with the utmost mutual assistance in any matter falling within the competence of the Institutions, including in particular the following areas: Secondment of middle cadre officers, Training to enhance the investigative skills and capacity of personnel of the Institutions and consequently increase the general output and performance of the Institutions and facilitate better understanding of each others’ functions through capacity building programs and human capital development in the areas of investigation of fraud in the capital market.
Both institutions will also collaborate in the areas of exchange of information to assist the performance of the Institutions’ respective functions, reporting, investigation and prosecution of fraudulent/manipulative practices in the Nigerian Capital Market and any other activity as agreed between the Institutions from time to time.
The MoU serves as a basis of cooperation between the institutions and does not create any binding legal obligation, nor does it modify or supersede any laws, regulations or regulatory requirements in force or applying to the institutions. Furthermore, the MoU does not create any rights enforceable by third institutions nor does it affect any arrangement under other MoUs.
Only recently when the SEC paid a visit to the EFCC, the Director General of SEC, Mounir Gwarzo commended the close relationship between both organizations, adding that the Commission cannot discharge its responsibility effectively without collaborating with the anti graft agency.
He said, “We are by provision of our law mandated to protect investors on developing the market but the way our law is structured we have limitations over criminal cases and that is why in the last 10 years there has been a very great collaboration between both agencies.
“We hope that when this MoU becomes fully operational, it will assist in reducing market infractions to the barest minimum.”
Gwarzo remarked that the collaboration with the EFCC has been of tremendous benefit to the SEC especially in areas of investigation and enforcement, adding that effective policing of the market is one of the ways of reviving investor confidence.
“One of our agenda is to bring back the retail investors to the market and there is no way they will agree to return if they are not sure of the safety of their investments,” the DG stated.
Responding, Magu expressed delight that the collaboration between both agencies has yielded enormous benefit for the growth of the capital market, adding that his agency will continue to provide assistance where required.
Back to top Go down
View user profile http://www.judechijioke.com
 
EFCC, SEC seal MoU to fight capital market fraudsters
View previous topic View next topic Back to top 
Page 1 of 1
 Similar topics
-
» Top experts to deal with capital market policy conflicts on Friday
» Sri Lanka's Economic growth vs Capital Market Growth
» Capital Market Education
» Three more capital market road shows in the pipeline
» Certificate in Capital Market..

Permissions in this forum:You cannot reply to topics in this forum
Busy Brain  :: News Update-
Jump to: