Onome Amuge
Financial sector stakeholders in Nigeria are being urged to institutionalise a culture of proactive compliance following the country’s exit from the Financial Action Task Force (FATF) grey list, with regulators warning that global investors will closely scrutinise whether recent reforms are sustainable.
Speaking at the Nigerian Capital Market Institute Compliance Summit in Abuja on Monday, Emomotimi Agama, the director-general of the Securities and Exchange Commission (SEC),called on financial sector stakeholders to strengthen and sustain a culture of proactive compliance to safeguard Nigeria’s position in the global financial system.
Agama described the gathering as crucial to the future of the country’s financial markets, adding that the summit’s discussions touch the very heart of the market’s integrity, stability and future.
He said Nigeria’s removal from the FATF Grey List was “a major national achievement and a strong global endorsement of the country’s resolve to strengthen 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,” Agama said, praising the collaborative efforts of public and private sector institutions. He commended operators, regulators, and compliance professionals for their roles in achieving the milestone.
However, the SEC chief cautioned that delisting should not be viewed as the end of Nigeria’s compliance journey.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said, stressing that international investors and global financial institutions would continue to monitor the country to determine whether reforms are sustainable and whether Nigeria’s compliance culture is deeply entrenched.
Agama argued that the summit underscored the need to shift from compliance driven by external pressure to a more strategic, proactive, and permanent culture of 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,” he said.
According to the SEC DG, Nigeria’s strengthened compliance regime signals to the international community that the country is open for business, safe, secure and sophisticated.
Agama called for continuous improvement across institutions, particularly through the adoption of RegTech and SupTech solutions, regular training of compliance officers, and the promotion of ethical conduct across the financial services ecosystem.
He assured stakeholders that the SEC would continue to provide strong regulatory guidance, constructive supervision, and the necessary engagement to keep Nigeria aligned with global standards.
The SEC boss urged participants at the summit to share insights and develop practical solutions that will “future-proof” the Nigerian capital market.
“Let us work together to ensure that Nigeria never again finds itself on that list,” he said, expressing hope that the country would instead feature among the world’s most resilient and compliant emerging markets.
In her remarks, Frana Chukwuogor, executive commissioner for legal and enforcement at the SEC, highlighted the challenges arising from regulatory changes under the new Investment and Securities Act 2025, signed into law by the President earlier this year.
She noted that one of the greatest challenges facing compliance officers and market operators is insufficient information on regulatory changes.
“How can you be compliant if you don’t know what has changed? So our focus here today is to bring the attention, call the attention to some of the new issues, some of the new areas that may pose risks to them and the market,” Chukwuogor said.
She said some of these issues relate to emerging threats from Ponzi schemes and digital assets, which have become increasingly prominent risks in Nigeria’s financial landscape.
“All of you remember that this October, this just past October, we were removed from the grey list. So, yes, we want every participant, every capital market operator, especially the CEOs, to first know, to compel the people who work with them, especially the compliance officers, to learn the new issues that the Investment and Securities Act 2025 requires of them,” she added.
Chukwuogor also disclosed that the SEC intends to measure compliance by ensuring that operators file required returns, warning that failure to do so could result in sanctions.
