News Column

EFCC Calls for Transparency in Stock Market

June 25, 2014

Augustine Osayande

STAKEHOLDERS in the local capital market have been charged to be transparent and operate within the framework of the law.

Executive Chairman of Economic and Financial Crimes Commission (EFCC) Mr. Ibrahim Lamorde gave the charge 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 was daily investing in stocks and shares, and who must be assured that their investments were 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.

He appreciated the upward swing in the stock market, made possible by the new management of the NSE, led by Oscar Onyema.

According to him, the development accounted for a Memorandum of Understanding (MoU) EFCC signed with the NSE in 2013.

The anti-graft agency boss 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 of Legal and Corporate Services in NSE, 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.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters