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The Securities and Exchange Commission (SEC) has called on capital market operators and wider financial sector stakeholders to strengthen a proactive, enduring culture of compliance to safeguard Nigeria’s standing in the global financial system—particularly in the wake of the country’s recent removal from the Financial Action Task Force (FATF) Grey List.
Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, SEC Director-General Dr. Emomotimi Agama underscored the significance of the gathering, describing it as central to the integrity, stability, and long-term evolution of Nigeria’s financial markets.
Agama described Nigeria’s exit from the Grey List as a major national milestone and “a resounding global affirmation of our collective and unwavering commitment” to bolstering the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regime. He attributed the achievement to strong collaboration across government institutions, regulators, operators, and compliance professionals.
However, he cautioned against complacency.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said, noting that international investors and global financial institutions will continue to assess whether Nigeria’s reforms are durable and whether a genuine compliance culture has taken root.
Agama emphasised that the summit’s theme reflects a necessary shift—from compliance that merely responds to external pressure to a more strategic, forward-looking, and permanent adherence to global best practices.
Also speaking at the event, SEC Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, highlighted the importance of knowledge and regulatory awareness in the evolving compliance landscape. She referenced the new capital market law signed by the President in 2025, noting that one of the biggest challenges facing compliance officers is a lack of clarity on regulatory changes.
“How can you be compliant if you don’t know what has changed?” she asked. “Our focus today is to draw attention to the new issues and emerging areas that may pose risks to operators and to the market.”
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