EFCC TASKS STOCK MARKET OPERATORS ON INTEGRITY

The Economic and Financial Crimes Commission, EFCC, has charged stakeholders in the Nigerian capital market to be transparent and operate by the rules guiding the market.

 Executive Chairman of the EFCC, Mr. Ibrahim Lamorde, gave the charge Tuesday   at the Joint EFCC-Nigerian Stock Exchange Awareness Programme in Lagos. Lamorde, who spoke through the Commission’s Deputy Director, Public Affairs Osita Nwajah, observed that the Stock Exchange was the life wire of the ordinary Nigerian, who is daily investing in stocks and shares, and who must be assured that his investments are being handled with utmost integrity and transparency.

“….the stock market is literally the life of many ordinary Nigerians. Other than the handful of employers and employees, who earn their daily living directly from the activities on the NSE, many Nigerians have their life’s savings invested in what goes on inside this building and they need to be assured that they have put their lives in safe hands. It therefore behoves every stakeholder-investors, brokers, dealers, regulators - to play by the rules guiding the market”, he said.

 Lamorde also appreciated the upward swing in the stock market, made possible by the new management of the NSE, led by Mr. Oscar Onyema. This development, according to him, accounted for a Memorandum of Understanding, MoU, EFCC signed with the NSE on October 4, 2013. He, however, cautioned the NSE, to be vigilant and address any weakness in its operations that could be exploited by unscrupulous individuals and groups.

The Joint EFCC-NSE Awareness Programme is a major component of the MoU between the two organizations. Through it, the EFCC is “seeking to enhance the capacity of NSE members and other players on the market, to easily meet their obligations under the Money Laundering (Prohibition) Act, 2011 (as amended) and the Economic and Financial Crimes Commission (Establishment) Act, 2004, among other laws relevant to the Exchange”.

General Manager, Legal and Corporate Services, NSE, Mrs. Tinuade Awe, expressed satisfaction with the relationship between the EFCC and NSE. “Our relationship with the EFCC is excellent and we are proud of our MoU with it”, she said.

The awareness programme was attended by trading members of the stock exchange, top officials of the EFCC and NSE. They include, Mr. Ezima Akaninyene, Head, Advance Fee Fraud, EFCC; Mr. Femi Shobanjo, Head, Broker-Dealer Department, NSE and Mr. Godstime Iwenkai, Head, Monitoring and Enforcement, NSE.