Lagos: The Nigerian Exchange (NGX) Group on Wednesday honoured the Inspector-General of Police (IGP), Mr Kayode Egbetokun, at its closing gong ceremony in Lagos. The recognition, according to the NGX Group, formed part of efforts to strengthen the fight against financial crimes and boost investor confidence in Nigeria’s capital market.
According to News Agency of Nigeria, the Chairman of NGX Group, Dr Umaru Kwairanga, emphasized the necessity of collaboration between law enforcement agencies and market regulators to protect the nation’s financial system. He highlighted the importance of the Nigerian capital market in mobilising long-term capital essential for economic development. However, he warned that the increasing trend of fraudulent investment schemes poses serious threats to market stability.
Kwairanga stated that a credible market relies on trust, built on accountability and transparency, ensuring that wrongdoing is addressed. He stressed that addressing threats from financial crimes requires coordinated action, intelligence sharing, and robust institutional partnerships. The deepening cooperation between the Nigeria Police Force and the Securities and Exchange Commission (SEC) was already enhancing enforcement actions and improving responses to capital market-related offences.
He pointed out that the presence of the police within the capital market framework signaled a strong stance against financial crimes, underscoring that accountability is crucial for sustaining trust in the market. Kwairanga commended IGP Egbetokun for his leadership and support for initiatives aimed at investor protection and maintaining the financial ecosystem’s integrity.
Earlier, IGP Egbetokun described the closing gong ceremony as a symbol of investor prosperity in the capital market. He expressed optimism that the gong’s sound would resonate globally, influencing boardrooms and encouraging Nigerian market participation. Egbetokun thanked the NGX Group for the honour, seeing it as a new beginning in the partnership between the Nigeria Police Force and the Exchange.
He stated that a transparent and well-regulated capital market is crucial for Nigeria’s economic growth, and the Nigeria Police Force is dedicated to collaborating with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of the financial system.