The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has urged financial sector stakeholders to sustain a culture of compliance to safeguard Nigeria’s position in the global financial system following its recent elimination from the Financial Action Task Force (FATF) Grey List.
Addressing stakeholders and the press at the Nigerian Capital Market Institute Compliance Summit on Monday, Dr. Emomotimi Agama described the gathering as essential to the future of the country’s financial 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 framework.
“This was not a mere administrative update; it was a resounding global affirmation of our collective and unwavering commitment,” he said.
Crediting the success to the joint efforts of public and private sector institutions, he commended operators, regulators, and compliance professionals for their roles in achieving the milestone.
The SEC boss, however, warned that the exit should not be seen as the end of the 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.
Agama stressed that international investors and global financial institutions will continue to monitor Nigeria to determine whether the reforms are sustainable and whether the country’s compliance culture is deeply entrenched.
He said the summit’s theme 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,” Agama asserted.
According to him, 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, especially 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.