The management of the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC), met at the weekend in Abuja and agreed to collaborate in the fight against crime in the Nigerian capital market.
Speaking at the meeting held at the EFCC Corporate Headquarters in Abuja weekend, Acting Director-General of the SEC, Ms. Mary Uduk who led the team, said the visit was necessary to ensure that both organisations to close ranks in the face of re-awakening of Ponzi schemes, cybercrime and other fraudulent activities that have engulfed the market in the last few years.
Uduk added that the visit was aimed at a review of the Memorandum of Understanding (MoU) between both agencies on January 19, 2017, in areas such as training, cross-secondment of middle cadre officers, repatriation of stolen funds from the Capital market, cross border asset seizure, and prosecution of offenders, amongst others.
“We have had reasons to work together on some cases in the past. There is no better time for the SEC and EFCC to collaborate more closely than now,” a statement by the SEC quoted Ms. Uduk as stressing.
Responding, Acting Chairman of the EFCC, Ibrahim Magu, thanked the executive management of the SEC for the gesture, stressing the need to strengthen collaboration between both agencies.
Magu also assured the SEC team of the EFCC’s support in ensuring that clauses embedded in the MoU are executed, given the magnitude of fraudulent activities currently ongoing in the country.
He reiterated the need for joint training of staff of both organizations, stressing the need to review the MoU in order to achieve both organization’s objectives.
On the rising spate of Ponzi schemes in the country, Magu stressed the need for more sensitization campaigns between the SEC and the EFCC to ensure unsuspecting Nigerians do not continue to lose their hard earned money.

Photo caption: EFCC Secretary, Olukoyede Olanipekun (left) and Acting Executive Commissioner, Operations, Securities and Exchange Commission, Isyaku Tilde (right), look on, as Acting Chairman, EFCC, Ibrahim Magu (second left) makes a point to Acting Director General of SEC, Ms. Mary Uduk (second right), at a meeting between EFCC and SEC in Abuja at the weekend.