The Director-General of the Securities and Exchange Commission, Emomotimi Agama, has hailed Nigeria’s removal from the Financial Action Task Force grey list, describing it as a signal of the country’s renewed commitment to transparency and sound financial governance.
FATF, the global watchdog for anti-money laundering and counter-terrorism financing, on Friday announced Nigeria’s delisting after more than two years on the watchlist for countries with strategic deficiencies in their financial systems.
Speaking on Channels Television’s Morning Brief programme, Agama said the development marks a turning point for Nigeria’s financial markets and will significantly boost investor confidence and foreign capital inflows.
“It means so much for us in the capital market; it means so much for us in the financial system. The release of Nigeria from the FATF grey list means investor confidence will be boosted. It sends a strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations,” he said.
Following the implementation of a 19-point action plan, Nigeria was officially removed from the grey list after FATF confirmed the country’s compliance with global standards. The SEC boss commended the Nigerian Financial Intelligence Unit, led by Hafsat Bakari, for spearheading the reform process that led to the delisting.
