ICPC Joins SEC to Fight Crime in Nigeria’s Capital Market

The Nigerian capital market appears set to get double protection against financial crime, as the Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) agree to join hands in securing the market.

A statement circulated after a meeting between the managements of ICPC and NSE Wednesday has the acting director general of SEC, Ms. Mary Uduk, saying the collaboration was necessary in order “leverage on the expertise and mandate of the ICPC in tackling corrupt practices especially fraud, which has been prevalent in the Nigerian capital market and which is a major obstacle to the actualization of the objectives of the Commission.”

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She also said: “The objective of regulating the capital market is to protect investors, maintain fair, efficient and transparent market by ensuring integrity in the market place and by preventing fraudulent practices.  “The capital market has witnessed incidences of fraud by market operators who have converted and diverted investors’ funds and utilised same for the acquisition of personal properties within and outside Nigeria and this potentially undermines investor confidence.”

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