By Nkechi Eze
The Nigerian Exchange Group (NGX) is seeking to strengthen its partnership with the Economic and Financial Crimes Commission (EFCC) to boost compliance with digital asset trading and eliminate fraud from Nigeria’s stock market. This collaboration aims to protect investors and maintain market stability, particularly as the NGX has witnessed significant growth, with foreign investor transactions reaching N744.34 billion in the first 10 months of 2024, a 156% increase from the previous year.
This request was made in Abuja on Tuesday, January 28, 2025 when the Chief Executive Officer of NGX , Olufemi Shobanjo led a staff delegation on a courtesy visit to EFCC’s Executive Chairman, Mr. Ola Olukoyede at the Commission’s corporate headquarters.
A statement signed by the commission’s spokesman Dele Oyewale states that; while Shobanjo emphasized on the need for NGX to strengthen its collaboration with the EFCC towards effective protection of the stock market’s integrity, he also disclosed that the evolution of fraud has moved from manual to digital across all sectors with criminal elements taking advantage of the digital opportunities to stay a step ahead, hence the need for this collaboration.
“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. 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,” he said
Responding, Olukoyede commended the desire to strengthen the existing relationship between the two agencies and assured that the Commission was ready and willing to collaborate.
“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”, he said.
