The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has commended Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a reflection of the country’s renewed commitment to transparency, sound financial governance, and global best practices.
The FATF, an international watchdog that sets standards for combating money laundering and terrorist financing, maintains “grey” and “black” lists for countries with compliance deficiencies. Nations on the grey list are those identified as having “strategic deficiencies” in their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks but are working to address them.
On Friday, FATF announced Nigeria’s removal from its grey list, following the country’s successful implementation of a 19-point action plan designed to strengthen its AML/CFT regulatory framework. The decision comes more than two years after Nigeria was first listed.
Speaking on Channels Television’s Morning Brief, Dr. Agama said the development marks a significant milestone for Nigeria’s financial system, noting that it would greatly boost investor confidence and attract foreign investments.
“It means so much for us in the capital market and the entire financial system,” Agama said. “It brings about something we have been craving for – investor confidence. Delisting from the FATF grey list sends a strong signal to global investors and trading partners that Nigeria has made tangible progress in strengthening its financial integrity and regulatory systems.”
He described the delisting as a “welcome call to new investments,” adding that it will enhance productivity, deepen market participation, and stimulate economic growth.
Agama also commended the leadership of Mrs. Hafsat Abubakar Bakari, Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), and her team for their dedication in executing the FATF-mandated reforms that led to Nigeria’s delisting.
“This milestone speaks volumes about our commitment to institutional integrity and global credibility,” he said. “It reinforces Nigeria’s resolve to maintain transparent, accountable systems that inspire investor trust.”
The SEC boss emphasized that the FATF’s decision is not only a testament to Nigeria’s improved compliance environment but also a critical step toward sustaining economic reform and deepening confidence in the capital market.