Forex Crisis: SEC Pledges To Co-operate With EFCC

The Securities and Exchange Commission has pledged to work with the Economic and Financial Crimes Commission in a bid to ensure that trading manipulations are reduced in the virtual space.

Acting Director General of the SEC, Dr. Emomotimi Agama stated this Tuesdaywhen he received a team from the EFCC led by the Executive Chairman Mr. Ola Olukoyede in Abuja.

Dr. Agama stated that as apex regulator of the capital market, the SEC is ready to co-operate with the EFCC in order to achieve the national objective of making sure that illegality is not allowed to thrive.

He said, “It is a great pleasure to receive you here today. This is a testament to the relationship we have and the value you place on the SEC and the best interest of Nigeria. We believe this will be the beginning of greater things to come. My desire is for us to strengthen the existing Memorandum of Understanding we have and ensure it is more effective in dealing with current issues.

“We believe this form of co-operation is in the best interest of Nigerians. Only last week, met the fintech community and we made it clear to them that the SEC will not condone illegal trading on any platform especially P2P. it’s a dangerous trend and we cannot allow it continue. This collaboration is very necessary for us to get out of this forex crisis.

The SEC Acting DG disclosed that the Commission is planning an economic regulatory hub where it can upload requests and other regulators/sister agencies would be able to respond immediately thereby reducing incidences of delay.

“We plan to create an economic regulatory hub we can upload requests and other regulators can respond immediately. Time to market is very important in the work we do and we need to have information and responses in a timely manner.

“We will do all we need to do to ensure our markets are free from manipulations. We will enforce where necessary to send a strong message that it is no longer business as usual.

“We are examining our virtual regulations to cover all areas and are open to reviews to have a better document and a well regulated market. we are striving to close all the gaps and this co-operation will enable us block every gap in our bid to regulate the virtual space and give comfort to Nigerians.

Agama disclosed that the Revised Capital Market Master Plan which the Commission is currently implementing is geared towards stimulating the economy and attracting FDIs.

He said “The opportunities in the capital market are enormous and we are yet to tap the full potentials for economic growth. The economy has a lot of issues and the capital market is one of the avenues that can lead to economic emancipation. The President has said he wants to re-engage the youths and that is why we are making efforts to ensure that our markets have the right products that can attract them.

“Whatever we can do together to improve the market and economy and send a strong message to the bad actors, we are willing to do it. It is a win win for all of us and I assure you of our determination to work with you to ensure that economic saboteurs are not allowed to thrive.

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Speaking earlier, the Chairman of the EFCC, Mr. Ola Olukoyede said Forex malpractices and crisis are injurious to any economy adding that the role virtual traders are playing in destroying the Nigerian economy through their activities needs to be checked.

He described the SEC as critical in the area of regulatory compliance stating that the Commission is ready to use the instrumentality of the Commission to stimulate the economy.

“We are enforcers and not regulators and that is why we need the SEC to ensure people play by the rules. We have done a lot in discouraging people from forex malpractices

“The mandate of the EFCC is to enforce all economic and financial crimes in Nigeria and this is a herculean task and that is why we are collaborating with other relevant government agencies. We need to ensure people play by the rules and ensure compliance in a bid to attract Foreign Direct Investments to our economy.

“If people have trust in us and know people play by the rules, it will attract them. And the EFCC is working to ensure people play by the rules.

Olukoyede stated that fighting corruption is a collaborative effort that the EFCC cannot do alone emphasising the need for other agencies to lend their co-operation.

He commended the SEC on its guidelines on virtual assets and pledged the willingness of the EFCC in ensuring compliance by stakeholders.

Photo Captions:

From Left: Executive Commissioner Legal and Enforcement,  Securities and Exchange Commission (SEC) Ms Frana Chukwuogor,  Chairman  Economic and Financial Crimes  Commission Mr Ola Olukoyede, Acting Director General SEC Dr. Emomotimi Agama  and  Director and Coordinator, Special Duties EFCC  Mr Friday Ebelo  during a Meeting between The SEC and EFCC in Abuja Tuesday

Pix 2

From Left: Chairman,  Economic and Financial Crimes  Commission Mr Ola Olukoyede, Acting Director General Securities and Exchange Commission  Dr. Emomotimi Agama,  Director and Coordinator, Special Duties EFCC  Mr Friday Ebelo  and  Head Special Duties Committee 4 EFCC. Mr Mustapha Afeez  during a Meeting between The SEC and EFCC in Abuja Tuesday

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