Business
NGX Seeks EFCC Partnership to Strengthen Nigeria’s Stock Market
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- Nigerian Exchange Group (NGX) CEO Olufemi Shobanjo has called for increased collaboration with the Economic and Financial Crimes Commission (EFCC) to protect Nigeria’s stock market from fraudulent activities.
- 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.
Nigerian Exchange Group (NGX) CEO Olufemi Shobanjo has called for increased collaboration with the Economic and Financial Crimes Commission (EFCC) to protect Nigeria’s stock market from fraudulent activities.
Eko Hot Blog gathered that during a visit to EFCC’s Executive Chairman, Ola Olukoyede, Shobanjo emphasized the importance of safeguarding the integrity of the stock market amidst growing criminal attempts to exploit it.
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In a statement released by EFCC’s Head of Media and Publicity, Dele Oyewale, the visit highlighted the need for a stronger partnership between NGX and EFCC to address emerging threats to 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.
EFCC boss, Ola Olukoyede commended the Nigerian Exchange Group (NGX) for its dedication to upholding market integrity. Olukoyede pledged the Commission’s willingness to cooperate in efforts to combat fraudulent activities and protect Nigeria’s stock market.
“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.
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“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.
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