Nigeria: SEC and EFCC Collaborate to Combat Virtual Trading Manipulations

SEC and EFCC Collaborate to Combat Virtual Trading Manipulations
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The Securities and Exchange Commission (SEC) has affirmed its commitment to collaborate with the Economic and Financial Crimes Commission (EFCC) to combat manipulative practices in virtual trading. Dr. Emomotimi Agama, the Acting Director-General of SEC, made this announcement in Abuja during a visit from the EFCC team led by its Executive Chairman, Mr. Ola Olukoyede.

Agama emphasized the importance of cooperation between SEC and EFCC to achieve the national objective of preventing illegal activities in the financial markets. He highlighted the need to strengthen the existing Memorandum of Understanding (MoU) between the two agencies and ensure its effectiveness in addressing current issues.

In addressing recent concerns, Agama reiterated SEC’s stance against illegal trading, particularly in peer-to-peer (P2P) platforms, labeling it as a dangerous trend that cannot be tolerated. He stressed the necessity of collaboration to address challenges faced in the forex market.

Furthermore, Agama mentioned SEC’s plans to establish an economic regulatory hub to streamline regulatory processes and enhance responsiveness among regulators, thus minimizing delays.

The Acting DG emphasized SEC’s commitment to enforcing regulations to safeguard the financial markets from manipulation. He mentioned ongoing efforts to review virtual trading regulations to ensure comprehensive coverage and effectiveness in regulating the virtual space.

Echoing Agama’s sentiments, the EFCC Executive Chairman emphasized the detrimental effects of forex malpractices on the economy and the need to curb illicit activities conducted by virtual traders. Olukoyede emphasized the role of enforcement agencies in ensuring compliance with regulations to attract Foreign Direct Investments (FDIs) and foster trust in the economy.

Olukoyede commended SEC for its guidelines on virtual assets and pledged EFCC’s support in ensuring compliance by stakeholders. He reiterated that the fight against corruption requires collaborative efforts from all stakeholders.

In conclusion, the collaboration between SEC and EFCC underscores the commitment of both agencies to combat illicit activities in the financial markets and uphold regulatory standards for the benefit of the Nigerian economy.

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