The Nigerian Stock Exchange (NSE) launched its whistleblowing portal (X-Whistle) on Monday, March 24, 2014, to enable operators, investors and other stakeholders disclose information on market infractions and abuse.

Speaking at the launch of X-Whistle, Head, Legal & Regulation Division, NSE, Ms. Tinu Awe, said it is part of the Exchange’s strategy to transform The NSE into a world class market. According to her, X-Whistle is a secure, online portal through which information can be disclosed to the Exchange, adding that a whistleblower may not necessarily be directly or personally affected by the matter being reported.

Awe called for support for the initiative, saying, “If the Exchange is not aware that violations have occurred, are occurring or about to occur, it cannot take appropriate action.”

To provide additional leverage to The Exchange’s drive towards having a dynamic and robust capital market regulatory regime; as well as maintaining its zero-tolerance policy, The Nigerian Stock Exchange has designed an effective whistle blowing program tagged X-Whistle.

X-Whistle is a program that empowers a whistleblower (an employee, an investor, a compliance officer, an Issuer, a 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 market run by The Exchange.  It is an important aspect of The NSE’s investor protection strategy designed to encourage those 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.

X-Whistle is a very powerful means of defending and upholding the integrity of the capital market.  

The Nigerian Stock Exchange encourages stakeholders to blow the whistle to rid the market of infractions and misconduct.?

Source: NSE