By Niyi Jacobs
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called on market operators and financial sector stakeholders to strengthen and sustain a proactive compliance culture to protect Nigeria’s renewed standing in the global financial system following its recent removal from the Financial Action Task Force (FATF) Grey List.
Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, Agama described the forum as vital to the future of the country’s financial markets, noting that its deliberations go to “the very heart of the market’s integrity, stability and future.”
He hailed Nigeria’s exit from the FATF Grey List as a major national milestone and a strong international endorsement of the country’s efforts to reinforce 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,” he said.
Agama credited the achievement to the combined efforts of public and private sector institutions, commending operators, regulators and compliance professionals for their contributions. However, he cautioned that the accomplishment should not be viewed as the end of the journey.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he warned, adding that global investors and financial institutions will continue to assess whether Nigeria’s reforms are sustainable and whether a true compliance culture has taken root.
He emphasized that the summit’s theme highlights the need to transition from compliance driven by external pressure to one rooted in strategic, proactive and continuous adherence to global standards.
“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 said.
According to him, Nigeria’s strengthened compliance regime signals to the international community that the country is “open for business—safe, secure and sophisticated.”
Agama urged institutions to continuously upgrade their systems by adopting RegTech and SupTech solutions, strengthening ethical practices and ensuring regular training for compliance officers. He assured stakeholders that the SEC will continue to provide strong guidance, constructive supervision and sustained engagement to keep Nigeria aligned with global best practices.
He encouraged summit participants to share insights and craft practical solutions that will “future-proof” the Nigerian capital market, stressing: “Let us work together to ensure that Nigeria never again finds itself on that list.”
In her remarks, the SEC’s Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, highlighted that the capital market now operates under a new law signed by the President in 2025. She noted that one of the biggest challenges operators face after regulatory changes is a lack of clarity on what has changed.
“How can you be compliant if you don’t know what has changed?” she asked. She said the summit aims to draw attention to emerging risks, including issues related to Ponzi schemes and digital assets.
Chukwuogor reminded participants that Nigeria’s removal from the FATF Grey List in October underscores the urgent need for operators—especially CEOs—to familiarize themselves with new compliance requirements under the Investment and Securities Act 2025.
She added that the SEC will closely monitor adherence by ensuring operators file their required returns, warning that failure to comply could result in sanctions.
