The Securities and Exchange Commission (SEC) has vowed to collaborate with the Economic and Financial Crimes Commission (EFCC) to mitigate forex trading manipulations within the virtual space.
Acting Director General of the SEC, Dr. Emomotimi Agama, made this declaration on Tuesday during a meeting with a delegation from the EFCC, headed by Mr. Ola Olukoyede, the Executive Chairman, in Abuja.
Agama, in a statement, emphasized that as the apex regulator of the capital market, the SEC stands prepared to engage in cooperative efforts with the EFCC to uphold the national imperative of preventing the proliferation of illegal activities.
He said the commission’s desire is for the two agencies to strengthen the existing Memorandum of Understanding they have and ensure it is more effective in dealing with current issues.
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.
Agama noted that the SEC will do everything within its powers to ensure that markets are free from manipulation.
Agama disclosed that the Revised Capital Market Master Plan, which the commission is currently implementing, is geared towards stimulating the economy and attracting Foreign Direct Investments (FDIs).
He said the opportunities in the capital market are enormous, noting that the potential is yet to be fully tapped for economic growth.
According to him, the economy faces some challenges and the capital market is one of the avenues that can lead to economic emancipation.
He noted that the President has said he wants to re-engage the youth and that is why the commission is making efforts to ensure that the markets have the right products that can attract them.
Speaking earlier, the Chairman of the EFCC, Mr. Ola Olukoyede, had said that forex malpractices and crisis are injurious to any economy, noting that the role played by virtual traders needs to be checked.
He described the SEC as critical in the area of regulatory compliance, stating that the EFCC is ready to use the instrumentality of the SEC to stimulate the economy.