The Securities and Exchange Commission (SEC), says it is committed to ensuring that the capital market and indeed the Nigerian financial system as a whole is insulated from illicit funds.
Speaking at the opening of the Anti Money Laundering (goAML) Training for Compliance officers of capital market operators in Lagos, Thursday, the commission’s Acting Director General, Ms. Mary Uduk, said SEC is poised “to develop and regulate” a world-class Capital Market that is free from criminal activities.
Represented by Malam Adamu Sambo, Deputy Director and Head of Department, Monitoring, at the SEC, said the Commission is not relenting in its drive to fight the menace of money laundering and terrorist financing.
According to Uduk, “financial Institutions shoulder great responsibility in ensuring compliance with all Rules and Regulations governing financial system. It is our collective responsibility as stakeholders to collaborate and work together as a community in building more capacity in the system for an effective compliance programme.
“The principle for market intermediaries is to have an efficiently functioning system that delivers compliance with standards for internal organizations and operational conduct,” she stressed.
This is why, she continued, the commission is investing in human capital training and developments, in addition to the promotion of innovative technology, while proffering solutions in the SEC’s and the capital market operations as contained in the SEC 10-year Capital Market Master Plan (CMMP).
She said the goAML training in collaboration with the Nigerian Financial Intelligence Unit (NFIU), is going to be hands-on, practical approach aimed at addressing challenges by CMOs in rendition of statutory returns and taking compliance to the next level in the Capital Market.
Uduk further emphasized the SEC’s willingness to engage relevant stakeholders in building capacity on developments and trends in compliance; changes in laws and rules and regulations; the interpretation and application of same by the relevant authorities in order to encourage and promote the culture of compliance among Financial Institutions.
A statement by the SEC said the goAML software application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU’s) and is one of United Nations Office on Drugs and Crime, UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing.
The training is in line with the initiatives introduced by the SEC to sustain the confidence of investors in the capital market and to instill discipline in the transactional processes in the market.

Photo Caption:From left to right, Head compliance &Examination Nigerian Financial Intelligence Unit (NFIU), Adegbolahan ‎Olugbemi; Head Monitoring department SEC, Adamu Sambo;Head Capital Market and insurance Analysis Nigerian Financial Intelligence Unit (NFIU) Shotunde ‎Biola;and Head Anti Money Laundry and combating Financing Terrorism SEC, Mr Francis Okafor at the Opening Ceremony GoAML training for CMOs in Lagos.