By Chukwuma Umeorah
The regulatory arm of the Nigerian Exchange Group, NGX Regulation Limited (NGX RegCo) and the Economic and Financial Crimes Commission (EFCC) have pledged to strengthen their partnership to enhance market surveillance and combat financial crimes in Nigeria’s increasingly digitalized capital market.
The commitment was made during a high-level meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s Abuja headquarters on Tuesday where they focused on reinforcing regulatory frameworks to tackle evolving financial crimes and strengthening investor protection mechanisms.
Shobanjo emphasized that “The digitalization of our markets has brought new challenges, necessitating a more robust collaborative approach. While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework. As a frontline regulator, we recognize the EFCC’s crucial role in providing enforcement support and specialized expertise to combat market abuse and protect investor interests.” He expressed confidence that NGX RegCo’s cooperation with the EFCC would bolster investor confidence.
On his part, The EFCC boss, Olukoyede welcomed the initiative and reaffirmed Commission’s readiness to collaborate, emphasizing the importance of regulatory compliance in market integrity. “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 us 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 in respect of 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.