EFCC, NGX RegCo strengthen partnership to boost market integrity

NGX Regulation Limited (NGX RegCo), the independent regulation subsidiary of Nigerian Exchange Group and the Economic and Financial Crimes Commission (EFCC) have called for an enhanced partnership that would pave the way for efficient market surveillance and help combat financial crimes in Nigeria’s digitalised capital market.

This strategic initiative was discussed during a meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s headquarters in Abuja.

During the meeting, Shobanjo outlined the critical need to adapt regulatory frameworks and address sophisticated digital financial crimes emerging in today’s evolving market landscape.

“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.

” As a frontline regulator, we recognise the EFCC’s crucial role in providing enforcement support and specialised expertise to combat market abuse and protect investor interests.”

Shobanjo reiterated NGX RegCo’s resolve toward maintaining market integrity and expressed confidence that reinforced collaboration with the EFCC would strengthen investor protection mechanisms.

Responding, Olukoyede commended the desire to strengthen the existing relationship between the two agencies and assured that the Commission was ready and willing to collaborate.

“I know you are also concerned with regulatory compliance because 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.

According to him, the strategic dialogue highlighted both organisations’ shared commitment to fostering a secure, transparent, and globally competitive market that instils investor confidence and promotes sustainable economic growth.

Meanwhile, the total turnover in the FX spot and derivatives markets, for the week ending on January 31, 2025, was $3.867 billion, an increase of 215.67 per cent ($2.642 billion) from $1.225 billion reported for the week ending on January 24, 2025.

According to FMDQ Securities Exchange, the week-on-week (WoW) increase in total turnover was solely driven by the 215.67 per cent ($2.642 billion) increase in FX spot transactions, while there were no FX Derivatives transactions for the week ending January 31, 2025.