KEY POINTS
- SEC calls for sustained proactive compliance after FATF grey list exit.
- Nigeria’s AML/CFT progress praised but global monitoring continues.
- New capital market law prompts call for improved regulatory awareness.
Nigeria’s Securities and Exchange Commission has urged financial-sector stakeholders to strengthen Nigeria’s compliance culture following the country’s removal from the Financial Action Task Force Grey List.
Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, SEC Director-General Dr. Emomotimi Agama said the achievement reflects a major shift in the nation’s anti-money laundering and counter-terrorism financing framework.
Agama described the summit as central to the market’s long-term integrity, noting that conversations held there speak to “the very heart of the market’s stability and future.” He said Nigeria’s grey list exit was more than an administrative milestone. It was, he said, “a resounding global affirmation of our collective and unwavering commitment.”
Nigeria FATF grey list exit demands vigilance
He praised public and private entities for the combined effort that led to the removal. But he warned that the development should not be taken as the end of Nigeria’s compliance journey.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said.
Agama noted that international investors and multilateral institutions will closely assess whether Nigeria can sustain its reforms and deepen what he called a permanent, proactive compliance culture one not driven by external pressure but internal discipline.
Compliance officers need clarity on new rules
Executive Commissioner of Legal and Enforcement at the SEC, Ms. Frana Chukwuogor, said the capital market is now operating under a new law signed by the President in 2025.
She added that many compliance officers struggle when regulations change because they often lack detailed information on what exactly has been amended.
“How can you be compliant if you don’t know what has changed?” she asked. She said the summit aims to highlight new regulatory issues and emerging risks to ensure operators remain well informed and aligned with global standards.
