The Securities and Exchange Commission (SEC) has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant milestone that will restore global confidence in the country’s financial and capital markets.
Speaking on Channels Television’s Morning Brief, SEC’s Director General, Dr. Emomotimi Agama, said the decision signals Nigeria’s improved commitment to anti-money laundering and counter-terrorism financing reforms.
Agama explained that the delisting demonstrates Nigeria’s determination to align with international financial standards and will likely attract more foreign investments.
“It means a great deal for our capital market and the entire financial system,” he said. “Delisting from the FATF grey list sends a strong signal to investors that Nigeria has made remarkable progress in strengthening its financial integrity framework.”
The FATF, a global intergovernmental watchdog, had in February 2023 placed Nigeria on its grey list over deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures.
Two years later, following the full implementation of a 19-point action plan, FATF officially removed Nigeria from the list, citing significant improvements across regulatory and institutional frameworks.
President Bola Ahmed Tinubu hailed the development as a “major milestone” in Nigeria’s economic reform and global credibility journey.
In a statement signed by his media aide, Bayo Onanuga, the President commended the Nigerian Financial Intelligence Unit (NFIU) and its Director, Hafsat Abubakar Bakari, for leading the country’s successful compliance effort. He also lauded key ministers, the National Assembly, and the Judiciary for their collective role in achieving the reform target.
Agama added that the delisting would stimulate renewed interest from international investors and enhance capital inflows, contributing to Nigeria’s broader economic recovery and productivity goals.
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