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By Chukwuma Umeorah
The Securities and Exchange Commission (SEC), has urged capital market operators to reinforce a proactive and enduring compliance culture to protect Nigeria’s position in global financial system following the country’s removal from the Financial Action Task Force (FATF) Grey List.
Speaking at the Nigerian Capital Market Institute Compliance Summit in Lagos on Monday, Director General of the SEC, Emomotimi Agama, described the forum as vital to the future of the financial markets, noting that the issues being discussed go to “the very heart of the market’s integrity, stability and future.”
Calling Nigeria’s exit from the Grey List a significant national milestone, Agama said it represented a strong international endorsement of the country’s commitment to strengthening 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 stated.
While commending regulators, operators and compliance professionals for their roles in the achievement, Agama warned that the development should not be mistaken for the conclusion of Nigeria’s compliance efforts.
“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said. According to him, global investors and financial institutions will continue to assess whether Nigeria’s reforms can be sustained and whether its compliance culture is deeply rooted across institutions.
He explained that the summit’s theme highlights the need for the market to shift from compliance driven by external pressure to one anchored on strategic, deliberate and lasting 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.”
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Agama explained that the country’s strengthened compliance regime signals to international stakeholders that Nigeria is “open for business, safe, secure and sophisticated.”
He called for continued improvements across the financial ecosystem, including wider adoption of RegTech and SupTech solutions, periodic training of compliance personnel, and stronger ethical conduct among market participants. He added that the SEC would continue to provide regulatory guidance and constructive supervision to keep the market aligned with global expectations.
Urging participants to share insights that can “future-proof” the Nigerian capital market, the SEC DG said the goal is to ensure the country does not return to the FATF watchlist. “Let us work together to ensure that Nigeria never again finds itself on that list,” he noted, expressing confidence that the country can position itself among the world’s most resilient and compliant emerging markets.
Also speaking, the Executive Commissioner, Legal and Enforcement, Frana Chukwuogor, said the capital market is operating under a new law signed by the President in 2025. She identified the lack of adequate information on regulatory changes as one of the major challenges faced by operators and compliance officers.
She said, “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.”
According to her, some of the issues relate to emerging threats involving Ponzi schemes and digital assets. She reminded participants that Nigeria’s exit from the FATF list in October places additional responsibility on operators to fully understand the new requirements of the Investment and Securities Act 2025.
“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 said.
Chukwuogor added that the Commission will track compliance by ensuring operators file mandatory regulatory returns, warning that failure to do so may attract sanctions.
