NGX Regulation Partners With EFCC to Strengthen Market Oversight
NGX Regulation Limited (NGX RegCo), the regulatory arm of the Nigerian Exchange Group, has joined forces with the Economic and Financial Crimes Commission (EFCC) to bolster market surveillance and tackle financial crime in Nigeria’s rapidly expanding capital market.
The partnership was reaffirmed during a meeting on Tuesday between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC Chairman, Ola Olukoyede, at the commission’s headquarters in Abuja.
Shobanjo highlighted the urgent need for regulatory frameworks to evolve in response to increasingly sophisticated financial crimes in the digital era. “The digitalisation of our markets has introduced new complexities, requiring a more robust and dynamic approach to regulation,” he said. “While the memorandum of understanding (MoU) signed in 2013 laid the groundwork for cooperation, the significant expansion of Nigeria’s capital market in 2024 necessitates a more structured and proactive partnership.”
He emphasised NGX RegCo’s commitment to maintaining market integrity and investor confidence, stating that closer collaboration with the EFCC would provide critical enforcement support and expertise to combat market abuse.
In response, Olukoyede reaffirmed the EFCC’s commitment to upholding compliance standards and intensifying enforcement actions against market infractions. “We recognise the importance of regulatory compliance, and as an enforcement agency, we are committed to ensuring that the capital market operates within the confines of the law,” he stated.
The EFCC chairman further disclosed plans to establish a dedicated unit focused on capital market-related offences, underscoring the commission’s resolve to enhance regulatory oversight. He also confirmed that the EFCC would review the existing MoU with NGX RegCo and provide recommendations aligned with current legal and regulatory frameworks.
“As part of our commitment to strengthening this partnership, we will review the MoU, assess its effectiveness, and make necessary revisions to align with evolving market realities,” Olukoyede assured.
The move comes as Nigeria’s financial markets undergo rapid transformation, with new technologies and digital trading platforms reshaping the investment landscape. By reinforcing cooperation between regulatory and enforcement agencies, the initiative aims to curb financial misconduct, protect investors, and enhance confidence in the capital market.
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