Imomotimi Agama, Director General of the Securities and Exchange Commission (SEC)
Securities and Exchange Commission (SEC) Director General Imomotimi Agama has lauded Nigeria’s removal from the Financial Action Task Force (FATF) gray list, describing it as a clear reflection of the country’s renewed policy direction and commitment to transparency.
The FATF on Friday announced the removal of Nigeria from its gray list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks.
Speaking during a television programme, Agama said the development would significantly boost investor confidence and attract more foreign investment.
“It means a lot to us in the capital markets; it means a lot to us in the financial system. It brings something we've been yearning for – investor confidence.”
Also read: FATF exit reopens doors for capital, Naira removed
Agama said, “Nigeria's removal from the FATF gray list means that investor confidence will increase. The removal from that gray list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and combating terrorism financing rules.”
He described the delisting as a “welcome call for new investment” and said it would further boost productivity and growth in the Nigerian economy.
After implementing a 19-point action plan, the FATF delisted Nigeria after more than two years, acknowledging the country's progress in strengthening its AML/CFT framework.
Also read: Nigeria's exit from FATF gray list: regaining credibility, restoring confidence and re-igniting growth
Agama described the development as a major milestone in Nigeria’s journey towards economic recovery, institutional integrity and global credibility and commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari and his team for their diligence in implementing the country’s action plan.
According to him, “NFIU was at the forefront of this initiative and we commend their commitment which has brought Nigeria global recognition for its strong institutional framework to combat financial crimes”
He also appreciated the efforts of the National Security Advisor, Secretary to the Government of the Federation, Ministers of State for Aviation, Budget and Economic Planning, Defence, Foreign Affairs, Solid Minerals and Finance as well as the leadership of the National Assembly and the Judiciary.
