SEC Commits to Collaboration with EFCC to Address Forex Crisis

• SEC and EFCC affirm collaboration to tackle virtual trade manipulations, emphasizing the need to safeguard market integrity and prevent illegal practices
• Acting Director General of SEC, Dr. Emomotimi Agama, highlights plans to establish an economic regulatory hub for swift regulatory responses

The Securities and Exchange Commission (SEC) has affirmed its commitment to collaborate with the Economic and Financial Crimes Commission (EFCC) to tackle trade manipulations occurring in the virtual space.

Dr. Emomotimi Agama, the Acting Director General of the SEC, made this declaration during a meeting in Abuja with a EFCC delegation headed by Executive Chairman Mr. Ola Olukoyede.

Dr. Agama emphasized that the SEC is prepared to cooperate with the EFCC as the apex regulator of the capital market to uphold national objectives and prevent illegal practices from flourishing.

“We believe that this collaboration is in the best interest of Nigerians. During a meeting with the fintech community recently, we clarified that illegal trading, especially peer-to-peer (P2P) transactions, will not be tolerated. This trend poses significant risks, and we cannot allow it to persist. Collaboration between our agencies is crucial to addressing the ongoing forex crisis,” Dr. Agama stated.

He further revealed the SEC’s plans to establish an economic regulatory hub, facilitating swift communication and responses between regulators and sister agencies to mitigate delays in regulatory processes.

In his remarks, Mr. Ola Olukoyede, Chairman of the EFCC, highlighted the detrimental impact of forex malpractices on the economy and stressed the need to curb the activities of virtual traders.

“As enforcers, our role is to ensure compliance with regulations. We rely on agencies like the SEC to maintain market integrity. We have taken significant steps to deter individuals from engaging in forex malpractices,” Mr. Olukoyede asserted.

The collaboration between the SEC and the EFCC underscores their shared commitment to safeguarding the integrity of the financial market and addressing challenges posed by forex-related illicit activities.