By Charles Ebi
Securities and Exchange Commission ,SEC, has said Nigeria’s removal from the Financial Action Task Force ,FATF, grey list will help bring back investor confidence, attract foreign investment, and boost the country’s economy.
Recall that Nigeria was placed on the FATF grey list in February 2023 after the global body found weaknesses in the country’s fight against money laundering and terrorism financing.
The decision at the time made foreign investors more cautious about doing business with Nigeria because it was seen as a high-risk country for financial transactions.
However, on Friday, the FATF announced that Nigeria had been removed from the list after completing a 19-point action plan to strengthen its financial regulations.
Reacting to the development, President Bola Tinubu called it “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility”.
In a statement issued by his spokesman, Bayo Onanuga, the president praised the efforts of the Secretary to the Government of the Federation and several ministers, including those of aviation, budget and economic planning, defence, foreign affairs, solid minerals, state for finance, the national security adviser, and the leadership of the National Assembly and the judiciary.
Tinubu also commended the director and staff of the Nigerian Financial Intelligence Unit ,NFIU, for their hard work in ensuring the full and timely implementation of the country’s action plan.
He said the FATF’s decision showed that Nigeria’s progress in fighting money laundering and terrorist financing had been recognised globally.
Following this announcement, SEC’s Director General, Emomotimi Agama, while speaking on Channels Television’s Morning Brief on Monday, said that the delisting was a clear sign of Nigeria’s strong policy direction and its determination to maintain financial integrity.
According to him, the move was a big win for the country’s capital market and financial system, explaining that it would “bring about something we have been craving for, which is 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 the financing of terrorism regulations”, he said.
He explained that the move would “chart a new course for the country, boost the nation’s economy, and attract foreign investors to Africa’s most populous nation.
“That is very significant in the space of financial investment. For Nigerians as a whole, this is a welcome call to new investments into our economy and the boosting of the economy in terms of productivity”, he said.
Agama added that Nigeria must now focus on maintaining the progress that led to the delisting and continue improving its financial systems to prevent a relapse.
