The Nigerian Exchange Group (NGX) has called for renewed collaboration with the Economic and Financial Crimes Commission (EFCC) to address the growing threat of digital fraud in the stock market.
During a courtesy visit to EFCC’s headquarters in Abuja on Tuesday, NGX CEO Olufemi Shobanjo highlighted the evolution of fraud from manual to digital methods, emphasizing the need for stronger partnerships to safeguard market integrity.
Shobanjo referenced a 2013 Memorandum of Understanding (MoU) between the two organizations and expressed the desire to revive such efforts.
EFCC Executive Chairman Ola Olukoyede welcomed the initiative, underscoring the importance of joint efforts to combat financial crimes and protect investors in Nigeria’s evolving digital economy.
“In 2024, we saw a very big push in the market, unfortunately with this success, we are also seeing criminal elements looking to take advantage of this. It is time to look at how we can strengthen this collaboration.
“For us, we don’t have criminal jurisdiction, but we know your powers are very broad in this area and you have the expertise to support us, especially in protecting the integrity of the market and our investors,” he said.