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Nigerian Police Partners SEC to Tackle Capital Market Infractions

By on September 6, 2012

SEC DG, Aruma Oteh

The Nigerian Police has seconded 18 officers to the Securities and Exchange Commission (SEC) in order to protect investors against sharp practices of fraudulent fund managers, wonderbanks and other market infractions.

Speaking on the development the Inspector General of Police, Muhammed Abubakar said, ‘The Nigerian Police is willing and able to give you all the support you need to discharge your duties because we cannot allow criminals to continue to manipulate stocks, bonds and other securities.”

Aruma Oteh, DG of SEC, speaking at the inauguration of the unit said it would help both institutions ensure investor protection, enhance efficiency and support private sector participation of investors in the capital market.

She said, “The commission’s activities are guided by the Investment and Securities Act of 2007, which requires us to refer matters of criminal nature to the appropriate criminal prosecuting authorities, including the Nigeria Police.

“Some of these infractions include fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealings, corporate accounting and share price manipulation.

“In addition to the global financial crisis, the unprecedented decline in the stock market was caused by excessive risk taking and various market abuses. This is why we approached your office for the deployment of officers to jointly work with our staff in investigating criminal issues in the capital market.

“Despite the great successes in tackling fraudulent practices in the market, the commission is not resting on its laurel as there are still illegal fund managers, wonder banks and possible cases of market abuses.”