In the global sphere , partnering, collaboration and harmonisation of programs has been the bane of all activities world over , as this is been domesticated by the new leadership of Dr Emomotimi Agama at Securities and Exchange Commission, SEC to promote sane practices in line with the Renewed Hope Agenda, RHA of President Bola Ahmed Tinubu.
Aside operational hazards that is capable of retarding the development of stock/capital market and trading in Nigeria, the proliferation of ponzi activities and illegal stock trading among many others has posed not only as a great danger to the advancement of stock trading in the country, but retarded healthy competition.
The existence of illegal and fraudulent companies, organizations , groups and individuals that engaged in illicit financial deals locally and with collaboration of international agents, has exposed the country with needless and corrupt images in the comity of nations.
Aside tracking and tackling the growing illicit financial and stock deals in the country, the Director General of SEC, Emomotimi Agama has set up a machinery through various approaches to nip in the bud such corrupt ridden activities on assumption of duty, two years down the line.
His appointment in 2024 came at a time when the country was witnessing high wave of illegal stocks/Capital Market trading and activities from crypto currency among many others, that was capable of posing serious damage nationally and internationally to the capital market.
But for Emomotimi Agama, the needed reforms and redress commenced from curbing the activities of non-formal business outlets using stocks as their rallying point .
The positive development led to the clamping down of several fake and illegal traders in stocks and all other illicit financial deals in the capital market.
Therefore, the recent partnership within the Nigeria Police Force, NPF , under the leadership of the Inspector General of Police, Kayode Adeolu Egbetokun
underscores the efforts of the Nigeria Securities Exchange Commission’s,SEC efforts along with other security agencies like the DSS, NIA, Customs, Immigration, Prisons, Armed forces to address the scourge, depending on were the illegalities is been perpetrated across the country.
With the ongoing reforms and reorganisation in the securities and exchange commission, SEC, and the recent discovery globally of $700 Million stolen by crypto criminals who oftenly using old age tricks, and predominantly carried out by young ones criminally minded.
The global Ponzi practices has putting the country on its toes for constant review and reorganisation of the capital market, with a view to meeting local and international demands.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
