The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged financial sector stakeholders to maintain a culture of proactive compliance to safeguard Nigeria’s position in the global financial system after its exit from the Financial Action Task Force (FATF) Grey List.

Agama made this call at the Nigerian Capital Market Institute Compliance Summit, describing the gathering as crucial to the future of the country’s financial markets. He noted that Nigeria’s removal from the FATF Grey List was a major national achievement, crediting the success to joint efforts of public and private sector institutions.

The SEC boss cautioned that the exit should not be seen as the end of the journey, emphasizing that international investors and global financial institutions will continue to monitor Nigeria’s compliance culture.

He stressed the need for a shift from compliance driven by external pressure to a proactive and permanent culture of adherence to global standards.

Agama highlighted the importance of robust compliance, stating that it is Nigeria’s most powerful competitive advantage, making the market transparent, trustworthy, and attractive to capital. He called for continuous improvement across institutions, adoption of RegTech and SupTech solutions, and promotion of ethical conduct.

The SEC will provide strong regulatory guidance and supervision to keep Nigeria aligned with global standards.

The SEC intends to measure compliance by ensuring operators file returns, with sanctions for non-compliance.

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