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.
SEC Director General Emomotimi Agama said the development is expected to boost investor confidence in the country. He noted that the removal reflects the Federal Government’s efforts to strengthen its anti‑money laundering and counter‑terrorism financing frameworks, which should attract foreign investors to Nigeria, Africa’s most populous nation, and chart a new course for the economy.
According to Agama, the delisting sends a strong signal to investors and trading partners that Nigeria has made significant progress in tightening its regulations. Nigeria was placed on the grey list in February 2023 because of strategic deficiencies in its AML/CFT systems. After implementing a 19‑point action plan to strengthen its AML/CFT framework, the FATF removed Nigeria from the list.
President Tinubu hailed the development as a major milestone in Nigeria’s journey toward economic reform, institutional integrity, and global credibility. He praised the support of various government agencies, the leadership of the National Assembly and the Judiciary, and commended Hafsat Abubakar Bakari, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), and her staff for their diligence in ensuring the complete and timely implementation of the Action Plan.
The NFIU’s work has earned international recognition for Nigeria’s strides in combating serious crimes. The removal from the grey list is expected to have a positive impact on the economy, making the country more attractive to foreign investors. This development reinforces Nigeria’s commitment to economic reform and institutional integrity, representing a significant step toward boosting investor confidence and promoting economic growth. With the delisting, Nigeria is poised to reap the benefits of increased foreign investment and improved global credibility.
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