EFCC to probe Stockbrokers

[emj]

http://www.sunnewsonline.com/webpage...9-2009-001.htm


EFCC to probe Stockbrokers
From MURPHY GANAGANA, Abuja
Tuesday, September 8, 2009
Farida Waziri
•Photo: Sun News Publishing

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Chairman of the Economic and Financial Crimes Commission (EFCC), Farida Waziri, on Monday disclosed that she is set to prosecute stock broking firms for manipulating share prices and distorting the market.
The anti-corruption boss also appealed to Festus Akingbola, sacked managing director of Intercontinental Bank Plc to give himself up rather than keep on with his hide and seek game.

Akingbola has been on the run since the EFCC waded into the issue of the five troubled banks after their MDs were sacked on August 14.

“I feel that he should just get himself together with his defence and his lawyers and report here. If he is back, we are appealing to him to come and surrender himself,” Waziri said.
Waziri, while receiving a delegation of the Association of Stock Broking Houses of Nigeria in her office, explained that the commission’s investigation of banks revealed an active connivance of stock broking firms.

“What the current investigation of banks has revealed is the active connivance of stock broking firms to manipulate share prices and distort the market,” she stressed.
She maintained that the EFCC investigation revealed that the exposure of a single stock broking firm to the banking industry was over N90 billion, recalling that the commission has charged the MD of Falcon Securities Limited, Peter Ololo, to court already.

According to Waziri, “he could not account for billions of naira that went through his account. There were some instances where billions went into his account one day and the following day, went back to the banks and he could not explain that.”
The EFCC boss added that another reason the commission was beaming its search lights on stock brokers was the discovery that looted funds were being laundered into the stock market through acquisition of shares.

“The EFCC will start the enforcement of the provision of the Money Laundering (Prohibition) Act 2004 and prosecute all stock broking firms that default in their obligation to file transaction reports,” Waziri said, stating that being financial institutions, they must file all suspicious transactions with the Nigeria Finance Intelligence Unit.
She noted that the stock market is the platform for development of the economy and it is important that it sets adequate rules in place to ensure the economy is not sabotaged.

Oh ho, farida....hmmm, wats there to say other than the money went on a trip.
So no one was reporting unusual transactions, nor was it being monitored nor enforced by anyone....hmm, but they had large transaction report ke...hmm.....so the sh.i.t might also hit the fan for stockbrokers...chei

[Bill Carson]

Can someone help explain the statutory role of EFCC in Nigeria society?. What we are witnessing Is the systematic decapitation of the Nigeria Financial system by a bunch of corrupt Buffoons that are lead by a highly questionable character……

About time this crap of EFCC is ban before it brings forward the death of financial entrepreneurship in Nigeria with it’s sadistic witch hunt…… Only In Nigeria thus genuine business failure equate to corrupt practice… All you need is to borrow money or entre into an unsuccessful business transaction with someone and the next thing Is EFCC coming In to embarrass you with detention etc (meanwhile their Officers are well known for massive bribe taking)……