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NSE strengthens investor protection, upgrades X-Whistle

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

The Nigerian Stock Exchange (NSE) has announced the upgrade of its whistleblowing platform, X-Whistle.

X-Whistle which was first launched in 2014, is a web-based whistleblowing portal that empowers a whistleblower – an employee, investor, compliance officer, Issuer, stockbroker or any member of the public – to report possible violations of the rules and regulations of The Exchange, the securities law and fraud related to activity within the capital market.

The upgraded X-Whistle boasts of an improved user interface and easier navigation to enhance user experience. Some of the new features include a single repository for complaints, tips and referrals; and the ability to generate detailed and varied reports with analytics for proper tracking.

Speaking on the development, the Chief Executive Officer, NSE, Oscar N. Onyema, OON noted that “This upgrade affirms our commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitized.

“The X-Whistle has, therefore, been enhanced to ensure that all stakeholders are better able to sound the alarm on market violations in a quick, easy and seamless manner. We believe that the updates we have made to the X-Whistle will enhance market integrity and encourage accountability, while improving the experience of stakeholders in our market.”

On her part, the Executive Director, Regulation Division, NSE, Ms Tinuade Awe, stated, “The Exchange is pleased to introduce the upgraded X-Whistle to the market with robust features that will allow people with information about misconduct to come forward to report it and to provide all stakeholders with the means of expressing their concerns in a responsible and effective manner.

“In 2019 alone, the complaints, tips and referrals received have led to investors’ restitution in excess of N1.4 Billion. The X-Whistle will, therefore, further equip The Exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.”

The Exchange remains committed to providing a dynamic and robust capital market regulatory regime for the benefit of all its stakeholders. The NSE, therefore, encourages all stakeholders to blow the whistle via X-Whistle in order to rid the market of infractions and misconduct.

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