The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has called for the establishment of a joint rapid-response team between the SEC and the Nigeria Police Force (NPF) to combat online fraud and other financial crimes.
Agama made the call during a meeting with the Inspector-General of Police (IGP), Kayode Egbetokun, in Abuja on Wednesday, where he sought the support of the Police Force for the initiative.
According to him, the proposed SEC–NPF team would integrate market intelligence, forensic accounting, and expertise in complex financial schemes with the investigative and intelligence-gathering capabilities of the police.
He said the unit would serve as a rapid-response mechanism to emerging fraud trends.
The SEC boss also requested approval to enter into a Memorandum of Understanding with the Cyber Security Unit of the Nigeria Police Force to enhance safety across Nigeria’s digital space.
“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.
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“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.
“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,” Agama said.
He noted that fraudsters often disguise their schemes using the attractive but poorly understood language of cryptocurrency and foreign exchange trading.
They prey on vulnerable and unsuspecting Nigerians, leaving behind shattered lives, depleted pensions, and eroded trust in the financial system.
“This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system,” he maintained.
Agama observed that criminals exploit gaps between fraud identification and enforcement, stressing the need for stronger collaboration to close those loopholes.
“Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalised collaboration with the following pillars: Joint Intelligence and Operations Task Force, Capacity Building and Knowledge Transfer, and Streamlined Processes for Enforcement and National Public Awareness Campaign.
“Nigeria’s investors are now under our combined protection. We are ready to work with you. We look forward to your guidance and partnership,” he added.
In his response, the IGP assured the SEC of the Nigeria Police Force’s readiness to collaborate closely with the commission and strengthen their partnership to achieve shared 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. If the police unit in SEC is strengthened, it will have a significant impact on your enforcement drive.
“What you said speaks so much to your determination to ensure effective drive in the Capital market and when we can achieve effective enforcement, it comes with so many benefits,” Egbetokun assured.
Commending the SEC’s resolve to strengthen the police enforcement unit attached to the commission, he added, “In this note, I approve the collaboration with the Cyber Security Centre of the NPF.”
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
