SEC, Police Forge Alliance to Combat Investment, Crypto Fraud

By Oluwakemi Kindness 

The Securities and Exchange Commission (SEC) and the Nigeria Police Force (NPF) have agreed to establish a formal collaboration to combat illegal investment schemes, Ponzi operations, and cryptocurrency fraud across the country.

The agreement was reached during a meeting between the Director-General of the SEC, Dr. Emomotimi Agama, and the Inspector-General of Police, Kayode Egbetokun, in Abuja on Wednesday.

Speaking at the meeting, Agama said the alliance is aimed at protecting investors, strengthening market integrity, and closing enforcement gaps exploited by fraudsters who promise unrealistic returns and operate outside the regulated capital market.

He described illegal investment schemes as a growing social and economic threat, noting that perpetrators often disguise fraudulent activities as cryptocurrency and forex trading, leaving victims with depleted savings and broken trust.

To address the challenge, the SEC proposed an institutionalised partnership with the Police, including the creation of a joint intelligence and operations task force, capacity building, streamlined enforcement processes, and a national public awareness campaign.

The SEC boss also sought approval to formalise collaboration with the Cyber Security Unit of the Nigeria Police Force, to enhance monitoring and enforcement in the digital space.

Responding, the Inspector-General of Police assured the Commission of the Police Force’s readiness to collaborate fully and strengthen enforcement efforts against financial crimes.

Egbetokun acknowledged the critical role of the SEC in Nigeria’s economic stability and approved the proposed collaboration with the Police Cyber Security Centre, saying enhanced enforcement would support investor confidence and economic growth.

He also congratulated the Commission on achieving the ₦100 trillion market capitalisation milestone, describing it as a significant boost for national economic development.