Economic News Update

EFCC, Stock Exchange strengthen pact to protect investors

 

Authorities at the Nigerian Stock Exchange (NSE) and Economic and Financial Crimes Commission (EFCC) have renewed their commitments to a Memorandum of Understanding (MoU) that seeks to protect investors from market abuses and forestall the use of the Nigerian stock market as conduit for illicit wealth.

At a high-level meeting at the Exchange in Lagos, Acting Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu and Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema led other top executives and stakeholders at the stock market in discussions on increasing collaboration between the anti-corruption agency and the stock market in the fight against corruption.

Reliable sources at the meeting said both parties reaffirmed commitments to the existing MoU and underscored the need to collaborate in the area of information sharing, investigation and intelligence.

Both parties said the mutual and cordial relationship between the agency and the stock market should give impetus to anti-corruption campaign and investors’ protection.

A source in the know said the meeting may lead to further involvement of the EFCC in investigation and prosecution of market abuses. Already, EFCC is currently investigating not less than 16 cases of investors’ impersonation under the terms of the MoU.

A report by the Exchange showed that the some 20 persons are being investigated by the EFCC for alleged impersonation and fraudulent attempt to convert investors’ shares into their names.

The Nation Newspaper

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Economic News Update

EFCC, Stock Exchange strengthen pact to protect investors

 

Authorities at the Nigerian Stock Exchange (NSE) and Economic and Financial Crimes Commission (EFCC) have renewed their commitments to a Memorandum of Understanding (MoU) that seeks to protect investors from market abuses and forestall the use of the Nigerian stock market as conduit for illicit wealth.

At a high-level meeting at the Exchange in Lagos, Acting Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu and Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema led other top executives and stakeholders at the stock market in discussions on increasing collaboration between the anti-corruption agency and the stock market in the fight against corruption.

Reliable sources at the meeting said both parties reaffirmed commitments to the existing MoU and underscored the need to collaborate in the area of information sharing, investigation and intelligence.

Both parties said the mutual and cordial relationship between the agency and the stock market should give impetus to anti-corruption campaign and investors’ protection.

A source in the know said the meeting may lead to further involvement of the EFCC in investigation and prosecution of market abuses. Already, EFCC is currently investigating not less than 16 cases of investors’ impersonation under the terms of the MoU.

A report by the Exchange showed that the some 20 persons are being investigated by the EFCC for alleged impersonation and fraudulent attempt to convert investors’ shares into their names.

The Nation Newspaper

Read More

Comment here