Nigeria’s recent removal from the Financial Action Task Force (FATF) Grey List has prompted the Securities and Exchange Commission (SEC) to call for stronger and more proactive compliance standards across the nation’s capital market. Speaking at the Nigerian Capital Market Institute Compliance Summit, SEC Director-General Dr. Emomotimi Agama described the milestone as a major turning point for the country’s financial reputation and investment climate.
Agama told participants that the significance of Nigeria’s FATF Grey List exit extends far beyond a regulatory update. He said the achievement reflects the country’s commitment to strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) systems. He praised the joint efforts of regulators, operators, and compliance professionals, noting that long-standing collaboration between the public and private sectors made the progress possible.
The SEC DG, however, warned that the delisting should not create a false sense of finality. “Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said, stressing that global institutions and investors will continue to assess whether Nigeria’s reforms are sustainable. He urged operators to shift from reactive compliance to a culture anchored in long-term transparency, accountability, and global best practices.
Agama also encouraged institutions to embrace modern regulatory technologies (RegTech and SupTech), enhance training for compliance officers, and enforce ethical standards across the capital market. He assured stakeholders that the SEC will provide clear guidance and oversight to keep Nigeria aligned with international expectations and prevent any slip back onto the FATF Grey List.
Echoing this message, SEC Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, highlighted the need for operators to understand the new provisions of the Investment and Securities Act signed into law in 2025. She warned that ignorance of updated rules—especially those related to Ponzi schemes and digital asset regulation—could expose operators to sanctions. Chukwuogor urged CEOs and compliance teams to stay informed, as Nigeria’s FATF Grey List exit reinforces the need for vigilance and a compliance culture built for the future.
source: The Guardian