NSE Upgrades X-Whistle for Better Investor Protection

By Dipo Olowookere

The whistleblowing platform of the Nigerian Stock Exchange (NSE) known as X-Whistle has been upgraded to strengthen investor protection.

A statement issued on Tuesday, 25 August 2020, by the exchange explained that 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.

“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,” the CEO of the NSE, Mr Oscar Onyema, said.

On her part, the Executive Director, Regulation Division at the NSE, Ms Tinuade Awe, said the robust features introduced in the upgraded X-Whistle “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.”

She said, “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 has always expressed its committed to providing a dynamic and robust capital market regulatory regime for the benefit of all its stakeholders.

It has, therefore, encouraged all stakeholders to blow the whistle via X-Whistle in order to rid the market of infractions and misconduct. ​

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.