SEC Pushes for Stronger Compliance After FATF Grey-List Exit
Atume Terfa
Nigeria’s Securities and Exchange Commission (SEC) has renewed its call for capital market operators to strengthen and sustain a culture of rigorous compliance, following the country’s recent removal from the Financial Action Task Force (FATF) Grey List.
Speaking at the Nigerian Capital Market Institute (NCMI) Compliance Summit, SEC Director-General Dr Emomotimi Agama described the delisting as a “global vote of confidence” in Nigeria’s efforts to combat money laundering and terrorist financing. But he warned that the achievement should not inspire relaxation.
“Exiting the grey list is not the finish line — it is the starting point for a higher race. The world is watching,” Agama said, urging operators to demonstrate that Nigeria’s reforms are not temporary fixes but durable systems capable of standing global scrutiny.
He stressed the importance of transitioning from compliance driven by fear of sanctions to a deeper, strategic embrace of global standards. According to him, strong compliance now represents a competitive edge, as transparent and trustworthy markets attract long-term capital.
Agama encouraged operators to embrace RegTech and SupTech innovations, train compliance personnel continuously, and uphold ethical conduct across the sector. He assured that the SEC will support these efforts with consistent regulatory guidance and constructive supervision.
Also speaking at the summit, Frana Chukwuogor, Executive Commissioner for Legal & Enforcement, highlighted key changes in the newly enacted Investment and Securities Act (ISA) 2025. She cautioned that many operators may not yet understand their expanded obligations under the law.
Chukwuogor pointed to rising risks from digital assets, unregistered investment schemes and Ponzi-style operations, stressing the need for heightened vigilance. She revealed that the SEC will closely monitor statutory filings, adding that operators who fail to meet reporting requirements may face sanctions.
The summit’s central message was clear: Nigeria’s exit from the FATF Grey List is not the end of the journey, but the beginning of a more disciplined era in which the capital market must maintain — and continuously improve — global-standard compliance.
