The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria’s removal from the Financial Action Task Force (FATF) grey list will boost investors’ confidence in the capital market.
SEC’s Director General, Emomotimi Agama, stated this on Channels Television’s Morning Brief on Monday, October 27.
He described the country’s exit from the global watchlist as a clear reflection of the country’s renewed policy direction and commitment to transparency.
He maintained that it would significantly enhance investor confidence and attract more foreign investments into the capital market.
“It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence.
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“The release of Nigeria from the FATF grey list means that investor confidence would be boosted. Delisting from that grey list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations,” Agama said.
Pinnacle Daily reported that the FATF had on Friday, October 24 declared Nigeria’s exit from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
After implementing a 19-point action plan, the FATF removed Nigeria from the list after two years, acknowledging the country’s progress in tightening its AML/CFT framework.
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Agama further described the delisting as a “welcome call to new investments,” saying it will further strengthen productivity and growth in the Nigerian economy.
Agama further described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.
He commended the Nigerian Financial Intelligence Unit and National Security Adviser, among others, for their roles in implementing the country’s action plan.
“The NFIU was in the forefront of this initiative, and we commend their commitment, which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes,” Agama said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
