Some capital market operators on Thursday commended the collaboration between the Nigerian Stock Exchange (NSE) and the Economic and Financial Crimes Commission (EFCC).
They said in Lagos that the renewed collaboration between NSE and EFCC would boost investors’ confidence in the capital market.
Alhaji Rasheed Yussuf, the immediate President, Association of Stockbroking Houses of Nigeria (ASHON), advised the two organisations to work together to rid the market of fraudulent operators.
“Some fraudsters who are pretending to be brokers are currently operating in the market and this needs to be addressed,” he said.
He said the criminal acts, if not checked, would constitute a major threat to the growth of the capital market and the economy at large.
Mr Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., said that the collaboration between NSE and EFCC would boost the confidence of local and foreign investors in the market.
Adenagbe said that the collaboration would enhance operators’ compliance with market rules and regulations to avoid sanctions.
He said that the partnership would portray the Nigerian capital market as a better and more disciplined outfit after the market crash of 2008.
According to him, NSE and EFCC should be fair in the course of their duties for the collaboration to work.
It would be recalled that the NSE and EFCC, on October 4, signed a Memorandum of Understanding (MoU) to tackle market infractions and check sharp practises by market operators.
The MoU, according to NSE and EFCC, will create high level of transparency and accountability in the daily activities of the NSE.