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From Sola Ojo, Abuja
The Nigerian Exchange Group (NGX) on Tuesday sought to strengthen its collaboration with the Economic and Financial Crimes Commission (EFCC) to protect the integrity of the stock market and rid it of fraud.
NGX’s CEO, Olufemi Shobanjo, led a delegation to meet with EFCC’s Executive Chairman, Ola Olukoyede, to discuss enhancing compliance with digital trading of assets and combating fraud.
Head of Media and Publicity, EFCC, Dele Oyewale, said the NGX boss emphasized the need for stronger collaboration, citing the evolution of fraud from manual to digital and the need to stay ahead of criminal elements during the meeting.
He also mentioned a 2013 Memorandum of Understanding (MoU) between the two agencies, which he hopes to revive.
“I remember we signed an MoU in 2013, which worked many years ago; we want to see how we can bring that back, because we need your assistance and support in protecting the integrity of the market.
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“In 2024, we saw a very big push in the market; unfortunately, with this success, we are also seeing criminal elements looking to take advantage of this.
“It is time we now looked at how we can strengthen this collaboration. For us, we don’t have criminal jurisdiction, but we know your powers are very broad in this area and you have the expertise to support us, especially in protecting the integrity of the market and our investors,” Shobanjo was quoted.
In his response, Olukoyede welcomed the initiative, assuring that the EFCC was committed to collaborating with NGX. He highlighted the importance of regulatory compliance and enforcing it, which is part of the EFCC’s mandate.
“I know you are also concerned with regulatory compliance, because the issue of compliance is a key issue. It is part of our mandate to enforce compliance.
“Under my administration, we have strengthened our bond with different regulatory bodies; let’s see how we can have a desk where we can work better and attend to you. I have a special interest in the capital market with respect to the abuse of assets and trades.
“We will try to review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views to you. We pledge our commitment to this,” he said.
