By PETER EGWUATU
LAGOS— In its determination to eradicate crime and malpractices in the Nigerian capital market, the Inspector General of Police, IGP, Mohammed Abubakar, yesterday, announced the deployment of 18 policemen to the Securities and Exchange Commission, SEC, saying, “this administration will not allow any criminal to go scot free without being punished”.

He commended the Director General of SEC, Ms. Arunma Oteh for her desire to make the capital market free of malpractices, saying “No nation can develop with the increase in crime and corruption.”

While inaugurating the 18 man team that was deployed to prosecute  criminal cases involving the capital market activities, he charged the members to be good ambassadors of the police by ensuring that every culprit found wanting is dealt with in accordance with the Investment and Securities Act and regulation.

The 18 man team is headed by Chief Superintendent of Police CIP, Babakura Mohammed, eight inspectors and others.

The IGP, said, “It is my solemn desire to make Nigeria safer for the growth and economic development of the nation. Life and property which include tangible and intangible assets must be protected.

“The inter agency collaboration is in the right direction as both Nigeria Police, Economic and Financial Crimes Commission, EFCC, and SEC are committed to deliver mandate of protecting life and property of the  people”.

There have been several discussions between myself and the DG of SEC on the issue of having a police desk in the commission, so the deployment of these men will help SEC to discharge their responsibilities. We can no longer allow criminal to do any act that is criminal and the criminals should know that their time is over and should stop and leave such practice. This administration will deal with anybody found defrauding the people in the capital market.

In her own remark, Director General of SEC, Arunma Oteh, commended the IGP for granting the Commission’s request to have a police unit and his commitment in fighting crime generally and criminality in the capital market.

In her words, “We must commend your leadership in fighting crime within the short term of your administration. I thank you more particularly for granting our request to establish a unit of the police force in the commission to assist in our enforcement activities.  The aggregate consequence of this will manifest in the efficient and speedy handling of criminal conduct in the capital market.

Arunma, disclosed that the Investment and Securities Act of 2007, section 304 requires the Commission to refer matters of criminal nature to the appropriate criminal prosecuting authorities including the Nigeria Police.

According to her, “Some of these infractions include fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealing, corporate accounting fraud and share manipulation etc.

While recalling the need for setting up a police unit in SEC, She said, “To ensure the speedier resolution of cases. So we approached your office for deployment of officers to jointly work with our staff in investigating criminal issues in the capital market.

Despite the great successes with tracking fraudulent practices in the market, the Commission is not resting on its laurels as there are still illegal fund managers, wonder banks and possible cases of market abuse. It is our earnest hope that this synergy with the police will help to significantly reduce, if not totally eradicate these activities to the benefit of