The move to get Nigeria out of the Financial Action Task Force’s grey list has been described as one that will be beneficial to the capital market and the economy as a whole.
The Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, disclosed this while speaking to journalists at the end of the Capital Market Committee (CMC) meeting in Lagos on Monday.
He said, “This is huge, because the perception will change, the risk profile will change, and all other risk that are associated with being branded as being part of the grey list will also change”.
He added that, “The move will instill confidence in international investors. It will instill confidence in Nigerians, and it will encourage confidence for collaboration. So for us, it will be the game changer”.
Minister of Interior, Dr Olubunmi Tunji-Ojo, had said in Abuja that the Federal Government is working assiduously to get Nigeria out from the “Grey List” of the Financial Action Task Force FATF to attract more Foreign Direct Investments FDIs.
He added that he, alongside the Minister of Justice and Attorney General of the Federation AGF, Mr Lateef Fagbemi SAN are co-chairing a committee working with the Nigeria Financial Intelligence Unit NFIU to get the country to the “White List” by the end of this month.
Agama also emphasized the commission’s commitment to regulatory reforms and capital market growth.
According to him the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.
Agama highlighted the Commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.
He also emphasized the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.
The SEC boss noted that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitization team to deepen public understanding of the new law. A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.
Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalization growing by 53.39 per cent. He also noted the Commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.
The SEC boss emphasized the importance of financial inclusion and investor education, citing the Commission’s initiatives to empower women, youth, and grassroots communities. He also highlighted the Commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.
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