The Inspector General of Police, Mohammed Abubakar, on Wednesday vowed to rid the Nigerian capital market of fraudsters saying the options open to fraudulent market operators is to either stop criminal activities or face the full wrath of the law.

Mr Abubakar, who gave this warning in Abuja at the formal inauguration of police seconded to the Securities and Exchange Commission (SEC), explained that the police would do all it takes to ensure that the economy of the nation is protected by ensuring that the capital market is given all the support it requires to function effectively.

“Without safety and security, Nigeria cannot be developed in whatever way. We will therefore not fold our arms and allow criminals to do whatever they want to in this country. They should either desist from their criminal ways or get caught and face the consequences,” the police boss said.

He charged the newly inaugurated officers to be good ambassadors of the Nigeria Police, urging them to be dedicated, honest and fair in the discharge of their responsibilities to the Commission.

Also speaking at the inauguration, the Director General of SEC, Arunma Oteh, said the commission has the responsibility of regulating and developing the Nigerian Capital markets to ensure investor protection, enhance efficiency and support private sector growth, job creation and economic development, adding that the support of the security agencies in fulfilling the Commission’s mandate is indispensable.

According to her, the Commission’s activities are guided by the Investments and Securities Act of 2007, section 304 of which requires the capital market regulatory institution to refer matters of criminal nature to the appropriate crime prevention and prosecuting authorities, including the Nigeria police.

“Some of these infractions include fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealing, and corporate accounting fraud and share price manipulation.

“In addition to the global financial crisis, the unprecedented decline in the Nigerian stock market between 2008 and 2009 was caused by excessive risk taking and various market abuses. In light of this, and to ensure the speedier resolution of cases, the commission approached the Inspector General of Police for the deployment of officers to jointly work with our staff in investigating criminal issues in the capital market”.

Ms Oteh commended the IG of Police on his commitment to crime prevention generally but particularly, criminality in the capital market where, she said, he has demonstrated through the on-going reforms in the Force and the deployment of some of the best and highly specialized personnel to the commission.