Home CRIME SEC partners with NFIU to subdue Ponzi schemes, others

SEC partners with NFIU to subdue Ponzi schemes, others


By Mazino Dickson,  Daily editor


In a bid to tackle Ponzi schemes and fraud in the capital market, the Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU).

The MoU, covers training, secondment of middle cadre officers between the organisations, cross-border monitoring, repatriation of stolen funds from the capital market and prosecution of offenders, among others.

Mrs Mary Uduk, the Acting Director-General of SEC, who disclosed this in Abuja, said the collaboration was necessitated by the need for SEC and NFIU to close ranks in the face of “insider dealings, reawakening of Ponzi schemes, cybercrime and other fraudulent activities that have engulfed the market in the last few years”.

“If we have solutions that will help us track transactions, it will greatly reduce the incidence of insider dealings.

“We will be very willing to collaborate with you on that in our determination to ensure that our markets are efficient and transparent and all investors are protected.” she said.

Uduk stressed the need for more public sensitisation to ensure that unsuspecting Nigerians do not continue to lose their hard-earned money.

Modibbo Tukur, the Director of NFIU, assured SEC that the Agency would continue to play its part in ensuring that the financial system was safe for Nigerians to operate.

He disclosed that NFIU was making efforts to ensure that the financial system was rid of shell companies, adding that, for companies to exist, they should have physical addresses.

He commended SEC on its regulation barring shell companies from operating in the capital market.










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