NSE strengthens investor protection with upgrade of X-Whistle

The Nigerian Stock Exchange (NSE) has upgraded 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, accessible via, https://bit.ly/X-Whistle, boasts 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, 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.”

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On her part, the Executive Director, Regulation Division, NSE, 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 N1.4billion. 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 said it 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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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.