By PETER EGWUATU

THE Securities and Exchange Commission (SEC) has strengthened its enforcement unit with the latest deployment of Nigerian police to the Commission, and has warned market operators to desist from illegal practices as anyone caught will be dealt with in accordance with the Investment and Securities Act.

Director General of the SEC, Ms. Arunma Oteh, said the deployment of policemen to the Commission will help speedy resolution of cases involving market abuses, fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealings, corporate accounting fraud and share manipulation by capital market operators.

She further declared that despite great successes recorded by the Commission in tackling fraudulent practices in the market, the SEC is not resting on its laurels as there are still illegal fund managers, wonder banks, and possible cases of market abuse.

According to her, “It is our earnest hope that this synergy with the police will help to significantly reduce, if not totally eradicate these nefarious activities to the benefit of investors and the Nigerian capital market.”

She, however, commended Inspector General of Police, Mohammed .J Abubakar for releasing his best officers to complement SEC’s enforcement team.

According to her, “ In order to achieve a successful collaboration, the Commission will in the course of their duties, expose the officers to further appropriate training, (both local and international , which we have already started) for a deeper understanding of capital market laws, operations and investigation techniques.

“In addition, the logistics required for the efficient operation of the police unit will be provided by the Commission. These we believe, will adequately equip them with the needed skills and logistics to successfully discharge their duties.”

“The presence of the staff of the office of the honourable Attorney General along with your personnel will obviously speed up the process of investigation and prosecution of capital market related offences and thereby boosting investor confidence and market discipline.

Meanwhile, in his comment during the inauguration of the 18 man team seconded to the Commission, Abubakar warned criminals to stop such act or be prepared to face the wrath of law.