“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
The Director General (DG) of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama has hailed Nigeria’s removal from the Financial Action Task Force grey list.
Expressing happiness at the development, Agama described it as a clear reflection of the country’s renewed policy direction and commitment to transparency.
Recall that 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, the SEC DG, said the development would significantly enhance investor confidence and attract more foreign investments.
He said, “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.”
Describing the delisting as a “welcome call to new investments,” Agama noted that it would further strengthen productivity and growth in the Nigerian economy.
After implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later. Thus, acknowledging the country’s progress in tightening its AML/CFT framework.
The SEC DG described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.
He also commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari and her team for their diligence in implementing the country’s action plan.
He said, “The NFIU was in the fore front of this initiative. We commend their commitment which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes”
Agama also praised the efforts of the National Security Adviser, NSA, and the Secretary to the Government of the Federation.
He also thanked the Ministers of Aviation, Budget and Economic Planning, Defense, Foreign Affairs, Solid Minerals, and State for Finance, as well as the leadership of the National Assembly and the Judiciary for their efforts.