By 
In a strategic move to enhance market surveillance and combat financial crimes, NGX Regulation Limited (NGX RegCo), the independent regulatory arm of the Nigerian Exchange Group, has reinforced its partnership with the Economic and Financial Crimes Commission (EFCC) to curb infractions in Nigeria’s capital market.
This development was announced during a high-level meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the EFCC headquarters in Abuja on Tuesday.
Strengthening Regulatory Oversight in a Digital Era
During the meeting, Shobanjo emphasized the growing complexities of financial crimes in digitized capital markets, calling for a more proactive regulatory approach.
“The digitalisation of our markets has introduced new challenges, making a robust collaborative framework essential,” he stated.
He noted that while the 2013 Memorandum of Understanding (MoU) between both institutions laid the foundation for regulatory cooperation, the expanding financial market of 2024 necessitates an enhanced partnership.
“As a frontline regulator, we acknowledge the EFCC’s critical role in enforcement and market abuse prevention. Strengthened collaboration will reinforce investor protection and preserve market integrity,” he added.
EFCC Reaffirms Commitment to Market Compliance
In response, Olukoyede reaffirmed the EFCC’s readiness to work closely with NGX RegCo in enforcing compliance and curbing capital market infractions.
“Regulatory compliance is a fundamental aspect of financial oversight, and ensuring market discipline falls within our mandate,” he stated.
He further revealed that his administration had deepened partnerships with regulatory bodies and was considering the establishment of a dedicated unit to handle capital market-related enforcement.
“We will review the existing MoU, assess its effectiveness in line with relevant financial laws, and propose recommendations to strengthen regulatory cooperation,” Olukoyede assured.
Enhancing Market Confidence Through Strategic Reforms
The strengthened NGX RegCo-EFCC alliance is expected to bolster regulatory enforcement, enhance market transparency, and safeguard investor interests. By intensifying efforts against financial misconduct, both institutions aim to foster a resilient, fraud-free capital market that aligns with global compliance standards.
Additionally, Shobanjo commended the Financial Reporting Council of Nigeria for spearheading sustainability reporting standards across Africa, underscoring the importance of transparency and accountability in corporate governance.
RegTech Africa’s Perspective
This renewed collaboration underscores the growing importance of regulatory technology solutions in market surveillance, risk assessment, and compliance enforcement. As financial markets become more digitally interconnected, institutions must leverage regulatory intelligence tools to mitigate risks, enforce regulatory requirements, and combat financial crime effectively.
Comments