Nigeria’s financial regulators and market operators have been urged to deepen a culture of proactive and forward-looking compliance to reinforce the country’s standing in the global financial system. The appeal came from the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, during the Nigerian Capital Market Institute Compliance Summit held on Monday.
The summit followed Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list—a development Agama described as a significant national accomplishment and a clear signal of the country’s strengthened Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework. But he warned that the achievement marks a beginning rather than an end.
“Exiting the grey list is not the finish line; it is the starting block for a new race,” Agama said, noting that international financial institutions and investors will be watching closely to see whether the reforms are durable and rooted in a sustained culture of compliance.
The event, themed Innovation and Compliance – Balancing Risks and Opportunities, brought together capital market operators, self-regulatory bodies, FinTech innovators, regulators and compliance professionals to examine the evolving nature of risk-based oversight. Agama said the discussions were “crucial to the future of the country’s financial markets,” as they touch on the core pillars of market integrity, stability and investor confidence.
He credited Nigeria’s grey-list exit to broad collaboration across the public and private sectors, commending operators and compliance professionals for aligning with regulatory reforms. However, he stressed that the coming years require deeper commitment, arguing that robust compliance has become a competitive edge rather than a regulatory burden. “A compliant market is a transparent market, and a trustworthy market is the destination for capital,” he said.
Agama also advocated greater adoption of regulatory technology (RegTech and SupTech), sustained training for compliance officers, and strengthened ethical standards across the financial ecosystem. He pledged that the SEC will continue offering strong regulatory guidance and constructive supervision to ensure Nigeria stays aligned with global standards.
The summit also spotlighted new regulatory challenges. Executive Commissioner for Legal and Enforcement at the SEC, Ms. Frana Chukwuogor, noted that the capital market is now operating under a new law—the Investment and Securities Act 2025. She highlighted that operators often struggle with compliance when they are not fully informed about what has changed.
“How can you be compliant if you don’t know what has changed?” she asked, explaining that new risk areas include digital assets and renewed threats from Ponzi schemes. She urged CEOs and compliance officers to familiarise themselves with the updates mandated under the new Act, emphasising that Nigeria must avoid slipping back onto the FATF grey list.
Both SEC leaders expressed optimism that with continuous reform, enhanced awareness, and stronger institutional alignment, Nigeria can position itself among the world’s most resilient and compliant emerging markets.