The Chief Executive Officer of the Nigerian Exchange Regulation, Olufemi Shobanjo, has called for stronger collaboration with the Economic and Financial Crimes Commission to safeguard Nigeria’s stock market from fraudulent activities.
Shobanjo made the appeal during a visit to the EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s headquarters in Abuja.
The visit, highlighted in a statement on Tuesday by EFCC’s Head of Media and Publicity, Dele Oyewale, underscored the increasing need to protect the integrity of the stock market.
“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 it. It is time we strengthened our collaboration.
“While we do not have criminal jurisdiction, we know your expertise in this area can support us in protecting the integrity of the market and safeguarding investors,” Shobanjo said.
He also referenced a 2013 Memorandum of Understanding (MoU) between the NGX and the EFCC, advocating its revival to address emerging threats in the digital trading ecosystem.
“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,” he added.
In response, the EFCC Chairman, Ola Olukoyede, praised the NGX’s commitment to market integrity and pledged the Commission’s readiness to collaborate.
He emphasised the need for compliance and outlined steps to strengthen cooperation between the two agencies.
“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 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,” Olukoyede stated.
The anti-graft boss noted that the collaboration between the NGX and EFCC is expected to bolster efforts to protect the stock market from fraud while ensuring a conducive environment for investors.
