SEC Collaborates with EFCC To Fight Financial Crimes in Nigeria

The collaboration between the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) marks a significant step towards curbing illicit trading practices in Nigeria’s virtual markets.

Acting Director General Dr. Emomotimi Agama emphasized the SEC’s commitment to partnering with the EFCC to uphold the integrity of Nigeria’s financial system and safeguard investors from fraudulent activities.

He said: “We want to strengthen our partnership and make sure it helps us tackle current issues.”

They’re particularly worried about illegal trading, especially online peer-to-peer deals, which they say are risky and harmful to the economy.

Agama also talked about setting up a new system to share information quickly among regulators, so they can respond faster to issues. According to him, “We want to create a hub where regulators can share requests and respond right away. Time is crucial in our work, so we need quick responses.”

The SEC is also updating its rules to better control online trading and protect investors. Dr. Agama said the SEC is “working to fix any loopholes in our regulations to make sure people are safe when they invest online.”

Olukoyede of the EFCC commended the SEC for taking action against financial crimes.

He said the EFCC will “support the SEC’s efforts. We need to make sure everyone follows the rules to attract investments.”