FATF delisting will boost investor confidence in Nigeria — SEC DG

The Securities and Exchange Commission has hailed Nigeria’s removal from the Financial Action Task Force grey list, describing it as a clear reflection of the country’s renewed policy direction and commitment to transparency.

FATF on Friday announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks.

Speaking on Channels Television’s Morning Brief, SEC Director General, Emomotimi Agama, said the development would significantly enhance investor confidence and attract more foreign investments.

“It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence

The release of Nigeria from the FATF grey list means that investor confidence would be boosted. Delisting from that grey list sends a very 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,” Agama said.

He described the delisting as a “welcome call to new investments,” saying it would further strengthen productivity and growth in the Nigerian economy.

In February 2023, Nigeria was placed on the grey list after FATF identified strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems.

However, after implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later, acknowledging the country’s progress in tightening its AML/CFT framework.

Reacting to the development, President Bola Tinubu described it as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”

According to a statement by presidential spokesman Bayo Onanuga, Tinubu commended the coordinated efforts of the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defence, Foreign Affairs, Solid Minerals, and State for Finance, the National Security Adviser, as well as the leadership of the National Assembly and the Judiciary.

He also praised Hafsat Abubakar Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit and her team for their diligence in implementing the country’s action plan.

The President noted that the NFIU’s commitment had earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes.