NGX RegCo and EFCC Strengthen Partnership to Tackle Capital Market Infractions
The Nigerian capital market is set to witness enhanced regulatory oversight as NGX Regulation Limited (NGX RegCo) partners with the Economic and Financial Crimes Commission (EFCC) to strengthen surveillance and combat financial crimes. This collaboration aims to adapt to the evolving challenges of digital markets and reinforce investor confidence.
A Renewed Commitment to Market Integrity
During a meeting at the EFCC headquarters in Abuja, NGX RegCo CEO, Olufemi Shobanjo, highlighted the necessity of updating regulatory frameworks to address increasingly sophisticated financial crimes in the digital era.
“The digitalisation of our markets has brought new challenges, necessitating a more robust collaborative approach. While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework,” Shobanjo stated.
He further emphasized that EFCC’s enforcement support and expertise are critical in combating market abuses and safeguarding investor interests.
EFCC’s Commitment to Stronger Compliance Measures
In response, EFCC Chairman, Ola Olukoyede, assured the commission’s commitment to ensuring compliance and curbing infractions.
“Regulatory compliance is a key issue, and it is part of our mandate to enforce it,” Olukoyede affirmed.
He noted that his administration has strengthened relationships with various regulatory bodies and expressed interest in establishing a dedicated unit to handle capital market-related cases.
Reviewing the MoU for a Stronger Framework
A key takeaway from the meeting was EFCC’s decision to review the existing Memorandum of Understanding (MoU) with NGX RegCo to ensure it aligns with current regulations and market dynamics.
“We will review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views accordingly,” Olukoyede assured.
A Step Forward for Nigeria’s Capital Market
This renewed partnership signifies a proactive approach to tackling financial misconduct in Nigeria’s capital market, ensuring better investor protection and market transparency. The collaboration between NGX RegCo and EFCC is expected to bolster regulatory enforcement and strengthen the integrity of the Nigerian capital market in the coming years.
The Nigerian capital market is set to witness enhanced regulatory oversight as NGX Regulation Limited (NGX RegCo) partners with the Economic and Financial Crimes Commission (EFCC) to strengthen surveillance and combat financial crimes. This collaboration aims to adapt to the evolving challenges of digital markets and reinforce investor confidence.
A Renewed Commitment to Market Integrity
During a meeting at the EFCC headquarters in Abuja, NGX RegCo CEO, Olufemi Shobanjo, highlighted the necessity of updating regulatory frameworks to address increasingly sophisticated financial crimes in the digital era.
“The digitalisation of our markets has brought new challenges, necessitating a more robust collaborative approach. While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework,” Shobanjo stated.
He further emphasized that EFCC’s enforcement support and expertise are critical in combating market abuses and safeguarding investor interests.
EFCC’s Commitment to Stronger Compliance Measures
In response, EFCC Chairman, Ola Olukoyede, assured the commission’s commitment to ensuring compliance and curbing infractions.
“Regulatory compliance is a key issue, and it is part of our mandate to enforce it,” Olukoyede affirmed.
He noted that his administration has strengthened relationships with various regulatory bodies and expressed interest in establishing a dedicated unit to handle capital market-related cases.
Reviewing the MoU for a Stronger Framework
A key takeaway from the meeting was EFCC’s decision to review the existing Memorandum of Understanding (MoU) with NGX RegCo to ensure it aligns with current regulations and market dynamics.
“We will review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views accordingly,” Olukoyede assured.
A Step Forward for Nigeria’s Capital Market
This renewed partnership signifies a proactive approach to tackling financial misconduct in Nigeria’s capital market, ensuring better investor protection and market transparency. The collaboration between NGX RegCo and EFCC is expected to bolster regulatory enforcement and strengthen the integrity of the Nigerian capital market in the coming years.