Nigeria Soon to Exit FATF Grey List, Says SEC FG
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has announced that Nigeria is on a strong path to exiting the Financial Action Task Force (FATF) grey list, following sustained reforms and intensified collaboration among regulatory agencies.
Speaking during a media briefing in Abuja, Dr. Agama stated that SEC has partnered with the Nigerian Financial Intelligence Unit (NFIU) to implement strategic measures aimed at bolstering the integrity of Nigeria’s financial system. According to him, these efforts are already yielding positive outcomes, as the country has made remarkable progress in meeting FATF’s compliance benchmarks.
“Nigeria has undertaken significant steps to address the gaps identified by the FATF. We are committed to ensuring transparency, integrity, and accountability in our financial sector, and we believe our country is well-positioned to exit the grey list in the near future,” Dr. Agama said.
The FATF grey list includes countries under increased monitoring due to strategic deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CFT) regimes. Nigeria was added to the list in February 2023, prompting regulatory bodies to intensify efforts to align with international standards.
The Director-General highlighted that collaboration with the NFIU has been pivotal, especially in enhancing surveillance, reporting systems, and stakeholder awareness. “Through our partnership with the NFIU, we’ve improved information sharing and are ensuring robust enforcement of AML/CFT regulations,” he added.
Confirming this progress, the NFIU recently revealed that Nigeria is now fully or largely compliant with 37 out of the FATF’s 40 recommendations a major milestone in the delisting process.
In support of this optimism, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, previously stated that Nigeria could exit the FATF grey list by the second quarter of 2025, citing strong political will and institutional cooperation as key drivers.
Dr. Doris Uzoka-Anite, Minister of State for Finance, Budget and National Planning, also reaffirmed the federal government’s dedication to financial reforms, noting that exiting the grey list is critical for restoring investor confidence and attracting foreign capital.
Exiting the FATF grey list is expected to have far-reaching benefits for Nigeria’s economy. Financial experts believe it will enhance the country’s global financial standing, encourage foreign direct investment, ease cross-border transactions, and boost diaspora remittances.
“Being on the grey list has created some hesitancy among investors and financial institutions. Reforms are not only necessary for FATF compliance but are also essential for economic resilience and sustainable growth,” said financial analyst Ayodele Odugbemi.
As the second quarter of 2025 approaches, stakeholders remain hopeful that Nigeria’s reforms will lead to a formal removal from the list marking a significant turnaround in the nation’s efforts to combat illicit financial flows and strengthen regulatory frameworks.
