Friday, April 18, 2014

Police to protect capital market investments

Published:

IGP says police would do everything in its capacity to protect the Nation’s economy and capital market investments.

The Inspector General of Police (IGP), Mohammed Abubakar, on Wednesday said the police would do everything in its capacity to protect the economy and capital market investments.

Mr. Abubakar assured that the police will ensure adequate security to the capital market to enable it function effectively.

The police boss gave the assurance in Abuja at the formal inauguration of a program that allows the police to second its officers to the Securities and Exchange Commission (SEC). He warned perpetrators of fraud and other malpractices in the nation’s capital market to desist from such practices or be ready to face dire consequences of their acts of economic sabotage.

“We will therefore not fold our arms and allow criminals to do whatever they want to ruin this country,” Mr. Abubakar said.

He also charged the newly inaugurated officers to be good ambassadors of the Nigeria Police, urging them to be dedicated, honest, and fair in the discharge of their assigned responsibilities to the commission.

The Director General of SEC, Arunma Oteh, had said the commission has the responsibility of regulating and developing the Nigerian Capital market by ensuring investor protection, enhanced efficiency and support to private sector growth, job creation and economic development, adding that the support of the security agencies in fulfilling the Commission’s mandate is indispensable.

According to her, the commission’s activities are guided by the Investments and Securities Act of 2007, section 304, which requires the capital market regulatory institution to refer matters of criminal nature to the appropriate crime prevention and prosecuting authorities, including the Nigeria police.

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

Ms. Otteh explained that “the commission approached the Inspector General of Police for the deployment of officers to jointly work with our staff in investigating criminal issues in the capital market,”

The SEC boss commended the Police boss on his commitment to crime prevention, particularly towards criminality in the capital market.

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