New Joint Task Force to Protect Investors and Strengthen Enforcement Nationwide
The Securities and Exchange Commission (SEC) has formally partnered with the Nigeria Police Force (NPF) to intensify the fight against Ponzi schemes, illegal investment operations, and cryptocurrency-related frauds.
The collaboration was announced on Wednesday during a strategic meeting in Abuja between SEC Director General Emomotimi Agama and Inspector General of Police Kayode Egbetokun. The initiative represents a major escalation in the SEC’s enforcement strategy to safeguard Nigerian investors from unscrupulous operators exploiting regulatory gaps.
Closing the Enforcement Gap
Agama explained that while the SEC identifies illegal market activities and breaches, effective prosecution requires the investigative reach, arrest powers, and nationwide presence of the police.
“These schemes thrive in the shadows, promising returns of up to 200% in weeks, preying on financial desperation. They destroy lives, pensions, and trust in our financial system,” he said.
To tackle this, the SEC proposed an institutionalized partnership featuring joint intelligence sharing, coordinated enforcement operations, capacity building, and nationwide investor awareness campaigns.
A Dedicated SEC–NPF Task Force
Central to the plan is the creation of a dedicated SEC–NPF joint task force, combining forensic accounting expertise, market intelligence, and police investigative powers. The task force will act as a rapid-response unit against emerging financial scams, including those operating on digital platforms.
Agama also sought approval for a Memorandum of Understanding with the Police Cyber Security Unit to strengthen oversight of digital investment platforms.
“The fight against financial crime is a fight for the soul of our economy. Together, we can form an impenetrable shield around Nigerian investors,” he said.
Police Backing and Cyber Enforcement
In response, IGP Egbetokun pledged the full support of the Nigeria Police Force, emphasizing that reinforced police enforcement would enhance the SEC’s ability to curb illegal activities and produce broader economic benefits.
The IGP also approved collaboration with the NPF Cyber Security Centre, signaling a tougher stance against online Ponzi schemes and digital investment frauds.
Historical Context
The SEC–NPF partnership traces back to 2010, when a dedicated Nigerian Police Unit was established within the SEC to handle criminal cases in the capital market. After a lull, Dr. Agama’s renewed push marks a move to institutionalize police integration into SEC enforcement, particularly against high-profile investment scams and crypto frauds.
The initiative aims to send a strong warning to fraudsters that regulatory and law enforcement agencies are now working in lockstep to protect Nigerian investors.
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