NGX RegCo, EFCC Tackle Financial Crimes In Capital Market

Nigerian Exchange Regulation Limited (NGX RegCo) and the Economic and Financial Crimes Commission (EFCC) have reaffirmed their commitment to strengthening market surveillance and tackling financial crimes in Nigeria’s increasingly digitalised capital market.

This renewed partnership was the focus of a high-level meeting between NGX RegCo’s Chief Executive Officer (CEO), Mr. Olufemi Shobanjo, and EFCC’s Executive Chairman, Mr. Ola Olukoyede, held at the commission’s head office in Abuja on January 28, 2025.

Mr. Shobanjo emphasised the need for stronger regulatory measures to address emerging digital financial crimes, stressing that the market’s rapid growth requires a more robust framework. “Our 2013 Memorandum of Understanding (MoU) laid the foundation for cooperation, but the market’s expansion in 2024 necessitates an enhanced partnership. As a frontline regulator, we rely on the EFCC’s enforcement expertise to combat market abuse and protect investors,” he stated.

In response, Mr. Olukoyede reaffirmed the EFCC’s commitment to strengthening regulatory compliance and collaboration with NGX RegCo. He proposed reviewing the existing MoU to align with current market realities and regulatory requirements.

“Under my administration, we are deepening ties with regulatory bodies to address financial crimes effectively. We will explore setting up a dedicated desk to enhance engagement and ensure swift action against market violations,” he said.

The discussions highlighted both institutions’ shared mission to foster a secure, transparent, and globally competitive capital market, reinforcing investor confidence and driving sustainable economic growth.