The EFCC in its bid to guard against infractions on extant rules by players on the exchange has signed a Memorandum of Understanding with the Nigeria Stock Exchange.

According to the report, the Executive chairman of the EFCC, Ibrahim Lamorde had led the anti-graft team to the MoU signing ceremony and bell ringing that took place on the floor of the Exchange.

CEOAFRICA news desk had gathered by the statement of the anti-graft boss that the pact is an acknowledgment of the obvious significance of the NSE in the lives of millions of Nigerians and the nation as a corporate entity.

Lamorde stated that the MoU basically seeks to promote cooperation between the Exchange and the commission, adding that the EFCC will meet its obligations in order to help achieve the highest levels of transparency and accountability in the operations of the NSE and take the stock market to the next level.

He pointed out that the EFCC has been inundated with calls for intervention either from individual investors or by the market regulators, adding that the commission had in the last 10 years uncovered all the criminally ingenious strategies used by unscrupulous capital market players to defraud unfortunate citizens.

“Some of these methods include market (shares) manipulation through insider dealings, fraudulent falsification of accounting records, clearing of third party dividend warrant and impersonation of dead investors among several others,” he recounted.

Lamorde however stressed that the stock exchange of any nation is the window on the economy of that nation and the snapshots it provides on a daily basis, mirrors the nation’s economic essence.