The Nigerian Stock Exchange has launched the upgraded version of its whistle- blowing platform, X-Whistle.
In 2019 alone, the complaints, tips and referrals received by the NSE led to investors’ restitution in excess of N1.4 billion.
The upgraded X-Whistle includes an improved user interface and easier navigation to enhance user experience. Some of the new features also include a single repository for complaints, tips and referrals; and the ability to generate detailed and varied reports with analytics for proper tracking.
The X-Whistle, which was first launched in 2014, is a web-based whistle-blowing 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.
Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said the upgrade affirmed the Exchange’s commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitised.
According to him, the X-Whistle was 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,” Onyema said.
Executive Director, Regulation Division, Nigerian Stock Exchange (NSE), Ms. Tinuade Awe pointed out that the upgraded X-Whistle comes 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.
“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,” Awe said.
She assured that the Exchange remains committed to providing a dynamic and robust capital market regulatory regime for the benefit of all its stakeholders, urging all stakeholders to blow the whistle through X-Whistle in order to rid the market of infractions and misconduct.