The Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, have vowed to take action against fraudulent operators in the Nigerian capital market.

The Acting Chairman, EFCC, Ibrahim Magu, and his SEC counterpart, Mournir Gwarzo made the pledge on Thursday, January 19, 2017  while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head office, Abuja.

Magu stressed the need for both agencies to pool resources together in dealing with the menace of Ponzi schemes, which many Nigerian are currently at their mercy.

Gwarzo, on his part declared that the signing of the MoU will send a strong warning to fraudsters added that, “any operator of the capital market that crosses the red line will certainly be dealt with.”