The Nigerian Exchange Group, NGX, has
sought enhanced collaboration with the Economic and Financial Crimes
Commission, EFCC, in enhancing compliance with digital trading of assets
and ridding the country’s stock market of fraud.
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.
Shobanjo noted 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. He emphasized the need for NGX to strengthen its
collaboration with the EFCC towards effective protection of
the stock market's integrity.
“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.
Comments:
Leave a Reply