SEC And EFCC Join Forces In Response To Escalating Forex Crisis

SEC And EFCC Join Forces In Response To Escalating Forex Crisis....KINDLY READ THE FULL STORY HERE▶

The Securities and Exchange Commission (SEC) has affirmed its commitment to collaborate closely with the Economic and Financial Crimes Commission (EFCC) to combat fraudulent practices in virtual trading.

Dr. Emomotimi Agama, the Acting Director-General of SEC, made this declaration in Abuja during a visit by a delegation from the EFCC, led by its Executive Chairman, Mr. Ola Olukoyede.

Agama emphasized the importance of this collaboration in achieving national goals and ensuring that illegal activities do not thrive. He expressed optimism about the potential for enhanced cooperation between the two agencies, aiming to strengthen their existing Memorandum of Understanding (MoU) and address emerging challenges effectively.

Highlighting recent engagements with the fintech community, Agama underscored SEC’s firm stance against unlawful trading practices, particularly in Peer-to-Peer (P2P) platforms. He stressed the urgency of tackling such issues, especially amidst the ongoing forex crisis, reiterating the necessity of collaboration between SEC and EFCC.

Agama also outlined SEC’s plans to establish an economic regulatory hub to streamline processes and reduce response times from other regulatory bodies. He emphasized SEC’s determination to enforce regulations rigorously, signaling a departure from past practices.

Furthermore, Agama mentioned ongoing efforts to review and enhance virtual trading regulations, aiming to close loopholes and ensure a well-regulated market environment that instills confidence among Nigerians.

In response, the EFCC executive chairman highlighted the detrimental impact of forex malpractices and crises on the economy, emphasizing the need for stringent enforcement measures. He underscored the complementary roles of EFCC as enforcers and SEC as regulators, emphasizing the importance of adherence to established rules and regulations in the financial sector.

The EFCC chairman concluded by reaffirming EFCC’s commitment to discouraging forex malpractices and collaborating closely with SEC to uphold integrity in the financial markets.

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