The Securities and Exchange Commission (SEC) has requested that the Nigeria Police Force reinforce their measures against cryptocurrency fraudsters, Ponzi scheme promoters, and various investment swindlers engaged in operations outside the official capital market regulations.
Mr. Emomotimi Agama, the Director-General of the SEC, voiced this plea during a meeting with the Inspector-General of Police, Kayode Egbetokun, at the police headquarters in Abuja on Wednesday.
Agama emphasized that a stronger partnership with the police is essential for safeguarding investors and maintaining the integrity of the nation’s financial framework.
Highlighting the role of the SEC as the leading regulatory body for the capital market, he remarked that although the commission aims to protect investors and guarantee fairness in the markets, numerous fraudulent entities continue to elude its regulatory grasp.
He expressed concern that these criminals are taking advantage of public trust, promising unrealistic returns and masking their schemes as cryptocurrency or forex investments, often resulting in victims losing their savings and faith in such investments.
He pointed out that the urgency for collaboration has increased following the Nigerian capital market achieving a remarkable N100 trillion in market capitalisation, which has encouraged a growing number of Nigerians to invest.
In reply, the Inspector-General of Police assured that the force would leverage its investigative and cybercrime assets to combat investment fraud, enhance investor trust, and foster economic development.
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