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The Securities and Exchange Commission (SEC) has described Nigeria’s exit from the Financial Action Task Force (FATF) Grey List as a significant milestone.
In a keynote address at the opening of the 2-day Nigerian Capital Market Institute (NCMI) Compliance Summit 2025, themed ‘Innovation and Compliance Balancing Risk and Opportunities’ SEC Director-General, Dr. Emomotimi Agama, said the achievement is a testament to the relentless efforts of the public and private sectors.
According to him, the exit from the grey list is a result of Nigeria’s commitment to strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) frameworks.
Dr. Agama emphasized that this achievement is not just a victory for the SEC, but for the entire financial sector.
He noted that Nigeria’s exit from the grey list sends a clear signal to the world that the country is open for business and is a safe, secure, and sophisticated place to invest.
He, however, warned against complacency, stressing that the country’s financial sector must remain vigilant and committed to upholding the highest standards of compliance.
The SEC Director-General highlighted the importance of robust compliance in the financial sector, stating that it is no longer a regulatory burden but a competitive advantage. He emphasized that a compliant market is a transparent market, and transparency is essential for building trust and attracting investment.
Dr. Agama called for collaboration and continuous improvement in the financial sector, emphasizing that the Nigerian Capital Market Compliance Summit provides a platform for stakeholders to engage in dialogue, share insights, and develop concrete action plans to future-proof the market.
The SEC Director-General assured that the SEC is committed to walking this path with stakeholders, providing a robust regulatory framework, engaging in constructive supervision, and facilitating the development of a culture of compliance.
He advised that as Nigeria embarks on this new chapter, it is essential for stakeholders to work together to build a culture of compliance, transparency, and accountability, noting that, by doing so, Nigeria can establish itself as a premier economic and financial hub, attracting investment and driving economic growth.
In her remarks, the summit which is in its second series, Ms. Frana Chukwuogor, the Executive Commissioner for Legal and Enforcement, said the commission as a duty is hosting the summit to address the challenges of implementing the new Investment and Securities Act 2025.
She said the summit aims to educate market operators and compliance officers on the new regulations and ensure they adhere to the laws, rules, and standards set by the regulatory body.
Ms. Chukwuogor who emphasized the importance of compliance, stated that it’s not just about avoiding penalties but about building a culture of transparency and accountability.
She noted that the new law brings new challenges, particularly with digital assets, and that the SEC will continue to monitor and sanction non-compliant operators.
It will be recall that the summit focuses on key areas such as beneficial ownership transparency, board-level compliance, and enterprise risk management.
According to the Executive Commissioner for Legal and Enforcement, SEC plans to measure success by tracking progress and monitoring compliance through a dashboard.
She emphasized that maintaining success is more challenging than achieving it and that the SEC will take a proactive approach to ensure that Nigeria remains compliant with international standards and avoids being grey-listed again.
Other major highlights during the Day-one of the summit was the presentation of papers and a panel discussion that further gave insights to the workings of the ISA Act 2025.
The 2025 summit continue tomorrow.
