NGX Regulation Limited, the independent regulation subsidiary of the Nigerian Exchange Group, has partnered with the Economic and Financial Crimes Commission to strengthen market surveillance and combat financial crimes in Nigeria’s evolving capital market.
This was disclosed in a 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.
Speaking at the meeting, Shobanjo underscored the need to adapt regulatory frameworks to address sophisticated financial crimes emerging in the digital era.
“The digitalisation of our markets has brought new challenges, necessitating a more robust collaborative approach,” he said.
“While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework. As a frontline regulator, we recognise the EFCC’s crucial role in providing enforcement support and specialised expertise to combat market abuse and protect investor interests.”
He added that NGX RegCo remained committed to maintaining market integrity and investor confidence, emphasising that “reinforced collaboration with the EFCC will strengthen investor protection mechanisms.”
In response, Olukoyede assured that the EFCC was ready to work closely with NGX RegCo to curb market infractions. “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,” he stated.
He further noted that his administration had strengthened relationships with various regulatory bodies and expressed interest in setting up a dedicated unit to handle capital market-related issues.
Olukoyede also confirmed that the EFCC would review the existing memorandum of understanding with NGX RegCo and provide recommendations in line with relevant laws and regulations.
“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 assured.
The PUNCH reported that the Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, has commended the Financial Reporting Council of Nigeria for spearheading sustainability reporting standards across Africa.