The Securities and Exchange Commission has urged financial sector stakeholders to maintain a culture of compliance to safeguard Nigeria’s position in the global financial system, cautioning that the country’s exit from the Financial Action Task Force (FATF) grey list should not be seen as the end of the journey.
The SEC Director-General, Emomotimi Agama, gave the charge at the Nigerian Capital Market Institute Compliance Summit on Monday, November 24.
He pointed out that the discussions at the summit touch “the very heart of the market’s integrity, stability and future.”
According to Agama, Nigeria’s removal from the FATF Grey List was a major national achievement and a strong global endorsement of the country’s resolve to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“This was not a mere administrative update; it was a resounding global affirmation of our collective and unwavering commitment.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said.
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The SEC boss reminded the stakeholders that international investors and global financial institutions will continue to monitor Nigeria to determine whether the reforms are sustainable and whether the country’s compliance culture is deeply entrenched.
“Robust compliance is no longer a regulatory burden; it is our single most powerful competitive advantage. A compliant market is a transparent market, and a trustworthy market is the destination for capital,” Agama maintained.
He stressed that strengthening the compliance regime will signal to the international community that the country is “open for business, safe, secure and sophisticated.”
He called for continuous improvement across institutions, especially through the adoption of RegTech and SupTech solutions, regular training of compliance officers, and promotion of ethical conduct across the financial services ecosystem.
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The SEC boss also urged participants at the summit to share insights and develop practical solutions that will “future-proof” the Nigerian capital market.
“Let us work together to ensure that Nigeria never again finds itself on that list,” Agama added, expressing hope that the country would instead feature among the world’s most resilient and compliant emerging markets.
In her remarks, Executive Commissioner Legal and Enforcement at the SEC, Frana Chukwuogor, hinted at the new Investment and Securities Act (ISA) 2025.
“How can you be compliant if you don’t know what has changed? So our focus here today is to bring the attention, call the attention to some of the new issues, some of the new areas that may pose risks to them and the market.
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“All of you remember that this October, just past October, we were removed from the grey list. So, yes, we want every participant, every capital market operator, especially the CEOs, to first know, to compel the people who work with them, especially the compliance officers, to learn the new issues that the Investment and Securities Act 2025 requires of them,” Chukwuogor said.
She added that the commission intends to measure compliance by ensuring that operators file returns adding that failure to do so could result in sanctions.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
