The Nigerian Stock Exchange (NSE) yesterday announced the upgrade of its whistle-blowing platform, X-Whistle. The web-based whistle blowing portal was first launched in 2014. It empowers a whistleblower, who can be 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.
According to the Exchange, 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.
Commenting, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said: "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."
Also commenting, the Executive Director, Regulation Division, NSE, Ms. Tinuade Awe, said: "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."
Meanwhile, the stock market remained bullish as the NSE All-Share Index appreciated by 0.25 per cent to close at 25,291.73, while market capitalisation added N32.7 billion to be at N13.2 trillion.
Activity level was mixed as volume traded rose 0.1 per cent to 251.3 million shares while value traded declined by 51 per cent to N1.2 billion. The top traded stocks by volume were Transcorp (94.9 million shares), United Bank for Africa Plc (33.2 million shares) and Wema Bank Plc (14.6 million shares).