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By Adanna Nnamani, Abuja
The Securities and Exchange Commission (SEC) has revealed that Nigeria could soon leave the Financial Action Task Force (FATF) grey list, thanks to the regulation of digital assets under the newly signed Investments and Securities Act (ISA) 2025 by President Bola Tinubu.
In a statement, SEC Director General Emomotimi Agama spoke during an interview in Abuja on Wednesday, April 9. He said including digital assets in the ISA 2025 offers a path to exit the grey list by tackling fraudulent activities in the digital space and boosting trust and innovation in blockchain technologies. Nigeria landed on the FATF grey list—indicating increased monitoring—on February 24, 2023 due to weaknesses in its anti-money laundering (AML) and counter-terrorism financing (CFT) measures.
Agama highlighted the global stakes. “It may interest you to know that the AML-CFT issue is what brought about our inclusion in the grey list,” he said.
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“The inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community. We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”
He dismissed fears that cryptocurrency trading weakens the naira. “This SEC now has the power to clamp down on such entities,” Agama said. “So we encourage everyone who is in this space to come under regulation, to seek clearance, to seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.” He added, “Once clarity is provided, they are safer in dealing in these kinds of businesses.”
Agama stressed collaboration. “We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space,” he said.
“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not get involved in things that are illegal. For every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”
