The Securities and Exchange Commission (SEC) has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, citing the country’s clear policy direction as a key factor. The FATF, an inter-governmental body that sets standards for anti-money laundering and counter-terrorism financing, announced Nigeria’s delisting on Friday. According to the SEC’s Director General, Emomotimi Agama, this development is expected to boost investor confidence in the country.
Agama noted that the removal from the grey list reflects the Federal Government’s efforts to strengthen its anti-money laundering and counter-terrorism financing frameworks. This, he said, would attract foreign investors to Nigeria, Africa’s most populous nation, and chart a new course for the country’s economy. The SEC boss explained that the delisting sends a strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its regulations.
Nigeria was placed on the grey list in February 2023 due to strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems. However, after implementing a 19-point action plan aimed at strengthening its AML/CFT framework, the FATF removed Nigeria from the list. President Tinubu has hailed the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.
The President applauded the support from various government agencies and the leadership of the National Assembly and the Judiciary in achieving this feat. He also commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, and her staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan. The NFIU’s work has led to international recognition of Nigeria’s strides in strengthening its measures to tackle serious crimes.
The removal from the grey list is expected to have a positive impact on Nigeria’s economy, making it more attractive to foreign investors. This development reinforces the country’s commitment to economic reform and institutional integrity, and is seen as a significant step towards boosting investor confidence and promoting economic growth. With this delisting, Nigeria is poised to reap the benefits of increased foreign investment and improved global credibility.