On Wednesday, the Securities and Exchange Commission (SEC) announced that it had enlisted the help of the Economic and Financial Crimes Commission (EFCC) to provide capital market training in order to combat financial crimes in the market.
The ‘Enlightenment programme on the capital market and the investigation of capital market complaints, according to the SEC, is one of the agency’s tactics for driving market development.
This initiative is a welcome development as it should lead to a more formidable financial sector and improve individual trust.
Mr Stephen Falomo, Director, SEC Lagos Zonal Office, stated that sharing knowledge with the EFCC would aid in the creation of a well-regulated market that would be dynamic, fair, and equitable.
He explained that the purpose of the special enlightenment program was to inform EFCC officers on the workings of the capital market in general and to improve the investigative abilities needed to handle capital market-related complaints.
Falomo said, “We are all aware that the EFCC is responsible for the investigation and prosecution of financial crimes and that a large chunk of complaints and infractions in the capital market can be deemed to be financial crimes.
“It is, therefore, imperative that the SEC supports the EFCC with up-to-date knowledge of the intricate workings of the capital market and some useful information on the investigations of financial crimes emanating from players in the capital market space. That is the primary focus of today’s programme.”
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