NGX Regulation Limited (NGX RegCo) and the Economic and Financial Crimes Commission (EFCC) have called for a deeper partnership to improve market surveillance and combat financial crimes in Nigeria’s increasingly digitalized capital market.
The call for stronger collaboration was made during a high-level meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s Abuja headquarters on Tuesday, January 28, 2025.
During the meeting, Shobanjo stressed the need to adapt regulatory frameworks to address the growing challenges posed by sophisticated digital financial crimes. “The digitalization of our markets has brought new challenges, necessitating a more robust collaborative approach,” he stated. “While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework. As a frontline regulator, we recognize the EFCC’s crucial role in providing enforcement support and specialized expertise to combat market abuse and protect investor interests.”
Shobanjo also reiterated NGX RegCo’s commitment to ensuring market integrity, adding that a reinforced partnership with the EFCC would help strengthen investor protection measures.
In response, Olukoyede expressed his support for strengthening the collaboration between the two agencies, emphasizing the importance of regulatory compliance. “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.
The strategic discussion underscored both NGX RegCo and EFCC’s shared goal of fostering a transparent, secure, and globally competitive Nigerian capital market. Their collaboration aims to enhance investor confidence while promoting sustainable economic growth.
