OTEHMINIA: calls police to probe capital market infractions

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The Director General of Securities and Exchange Commission (SEC), Ms Arunma Oteh is fighting back as has invited the Police to help probe capital market infractions (operators and stakeholders who instace of breaking a trading law).

DG SEC revealed this yesterday at a brief ceremony for the 18 police officers seconded to the commission from the Force Headquarters in Abuja.

Ms Oteh said that despite the successes recorded in tackling fraudulent practices in the market, the commission is still battling with illegal fund managers, wonder banks and possible cases of market abuse.

“These infractions” she said, “informed the partnership between the police and the SEC”.

SEC Boss further informed the police management team that the unprecedented decline in the Nigerian stock market between 2008 and 2009 was caused by excessive risk taking and various market abuses.

“To ensure speedier resolution of cases”, she said, “The commission was compelled to approach the police to deploy officers to jointly work with staff of the SEC in investigating criminal issues in the capital market”.

To achieve a successful collaboration between the police and the SEC, Oteh disclosed that “the commission will expose the officers to further appropriate training (both locally and internationally) for deeper understanding of capital market laws, operations and investigation techniques.”

In the same vein, she promised that the logistics required for the efficient operation of the police unit will be provided by the SEC to adequately equip the police at the SEC with the needed skills and logistics to successfully discharge their duties.

Oteh further revealed that the Attorney General of the Federation has also agreed to deploy some staff from the department of public prosecution to the commission. She said that the deployment of the staff from both the police and the office of the public prosecutor will speed up the process of investigation and prosecution of capital market related offences, which would boost investor confidence and market discipline.

In his address, the Inspector General of Police Mr. Abubarkar Mohammed said the police while giving support to the SEC will no longer fold it’s arms and allow any act of criminality in the country.

Mohammed also stated that the time was over for criminals in Nigeria and urged them to either change their ways and become good citizens or get caught and face the wrath of the law.

IG enjoined the officers seconded to the SEC to discharge their duties with honour, dedication and honesty to both SEC and Nigeria while doing justice to all.


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