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MOU to checkmate infractions in stock exchange

07 October 2013, 15:29

Lagos - The Economic and Financial Crimes Commission (EFCC) has signed a memorandum of understanding with the Nigerian Stock Exchange (NSE) to combat impropriety by stockbrokers.

Speaking during the signing of the pact, EFCC Chairman, Ibrahim Lamorde, said the commission will duly meet its obligations as spelt out in the MoU to help in achieving the highest levels of transparency and accountability in the operations of the NSE.

Lamorde argued that the stock exchange of any nation was the “window of the economy of that nation as it mirrored its economic essence.”

According to him, when the stock exchange was “healthy” or perceived to be “sick,” it reflected on that country’s economy.

Lamorde assured that the EFCC would enforce the law on any market players engaged in practices that negated rules and good corporate governance with the predetermined aim of getting undue advantage on themselves or their interests.

“Currently, we have 20 stock exchange infraction cases at various stages of prosecution in courts across the country. The loss of even one kobo by an investor through shady deals of those he entrusted his hard-earned money to invest and guard is totally unacceptable to us,” he said.

The EFCC chairman said he would apply zero-tolerance to any market infraction, which includes market share manipulation through insider dealings, fraudulent falsification of accounting records, clearing of third party dividend warrant and impersonation of dead investors, among several others.

The NSE Chief Executive Officer, Oscar Onyenma assured the EFCC of the bourse’s support. He said the stock exchange would be working with the commission to ensure firms in the Nigerian securities market complied. He added the co-operation would ensure a fair and orderly market.

– CAJ News

Tags nse efcc sec

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