The Chief Executive Officer of the Nigerian Exchange Group, Olufemi Shobanjo, has called for stronger collaboration with the Economic and Financial Crimes Commission (EFCC) to safeguard Nigeria’s stock market from fraudulent activities.
Shobanjo made it known during a visit to the EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s headquarters in Abuja this Tuesday.
The EFCC’s Head of Media and Publicity, Dele Oyewale, highlighted the importance of the meeting, saying that it is to address the increasing need to protect the integrity of the stock market.
Shobanjo said a big push was seen in the market in 2024, and subsequently, criminals are looking to take advantage of it, hence the need for a strengthened collaboration.
He said the NGX does not have criminal jurisdiction but understands the EFCC’s expertise in that area and knows the EFCC can help in protecting the integrity of the market and safeguarding investors.
He also referenced a 2013 Memorandum of Understanding (MoU) between the NGX and the EFCC, promoting its revival to address emerging threats in the digital trading ecosystem.
In response, EFCC Chairman Ola Olukoyede praised the NGX’s commitment to market integrity and pledged the Commission’s readiness to collaborate.
He highlighted the need for compliance and outlined steps to strengthen cooperation between the two agencies.
Olukoyede said, “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 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.