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By Daniel Adaji
The Securities and Exchange Commission (SEC) and the Nigeria Police Force (NPF) have agreed to form a strategic alliance to crack down on illegal investment schemes, including forex and cryptocurrency fraud, in a coordinated effort to protect Nigerians’ savings and restore confidence in the financial system.
The agreement was reached on Wednesday in Abuja during a meeting between the Director-General of the SEC, Dr. Emomotimi Agama, and the Inspector-General of Police, Kayode Egbetokun.
Speaking at the meeting, Agama said the partnership was necessary to confront fraudsters who operate outside Nigeria’s regulated capital markets, exploiting public trust with unrealistic promises of quick wealth.
He described the SEC as “the sentinel at the gate of Nigeria’s formal capital markets,” mandated to protect investors, ensure fair and transparent markets, and promote economic growth through regulation, licensing, and surveillance.
However, he warned that illegal operators continue to thrive in the gap between regulatory identification and criminal enforcement.
“They cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading. They target the vulnerable, the optimistic, and the simply unsuspecting, leaving behind a trail of shattered lives, depleted pensions, and broken trust. This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system,” Agama said.
He stressed that while the SEC can identify regulatory breaches, effective prosecution requires the investigative and enforcement powers of the police.
“This is where our authority, as the SEC, meets its necessary complement: your power, your reach, and your mandate. The Nigeria Police Force is the primary law enforcement agency with the national presence, the investigative muscle, and the constitutional authority to track, apprehend, and bring these criminals to justice,” he said.
Agama noted that scammers currently exploit “a gap, a seam between identification and enforcement,” adding, “Today, we aim to close that gap permanently.”
To achieve this, he proposed a robust and institutionalised collaboration built on joint intelligence and operations, capacity building and knowledge transfer, streamlined enforcement processes, and a national public awareness campaign.
He also advocated the creation of a dedicated SEC–NPF team combining market intelligence, forensic accounting expertise, and police investigative capabilities to serve as a rapid-response unit against emerging frauds.
In addition, the SEC chief sought the approval of the Inspector-General to enter into a Memorandum of Understanding with the Cyber Security Unit of the Police Force to ensure safer cyberspace for Nigerians.
“Mr. Inspector General, the fight against financial crime is a fight for the soul of our economy. It is a fight for the widow who has lost her savings, the youth lured by fake crypto promises, and the retiree seeking a safe return. The SEC cannot win this fight alone. The Police should not have to decipher these complex schemes without specialist support. Together, however, we form an impenetrable shield,” Agama said.
He added, “Let this meeting be remembered as the day the two guardians of Nigeria’s safety the safety of our streets and the safety of our savings joined hands. Let us send a clear, unequivocal message to every scammer, from the dusty streets to the dark web: Your time is up. Nigeria’s investors are now under our combined protection.”
Responding, Inspector-General of Police Kayode Egbetokun assured the SEC of the Police Force’s readiness to collaborate fully and strengthen enforcement efforts to achieve the Commission’s objectives.
“Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our Supervision and Support from the government, we will ensure economic recovery and growth,” Egbetokun said.
He noted that strengthening the police unit attached to the SEC would significantly enhance enforcement, adding, “If the police unit in SEC is strengthened, it is going to make so much impact in your enforcement drive.”
The Inspector-General also congratulated the Commission on achieving a ₦100 trillion market capitalisation milestone, describing it as a major boost for economic growth and development.
“That is a very huge one, and on behalf of the entire police force, i congratulate you on this great achievement. l am happy to also hear from you that you are ready to strengthen the police enforcement unit that are attached to the SEC. on this note, I approve the collaboration with the Cyber Security Centre of the NPF,” he said.