By Bassey Udo
Last Friday’s removal of Nigeria from the Financial Action Task Force (FATF) ‘grey list’, will significantly boost the country’s image and bolster investors’ confidence in the economy, the Director General of the Securities & Exchange Commission (SEC), Dr. Emomotimi Agama, has said.
Agama describee the delisting of Nigeria from FATF grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks as a clear reflection of the country’s renewed policy direction and commitment to transparency.
Speaking as a guest on Channels Television’s Morning Brief, Dr. Agama, said the development would significantly enhance investor confidence and attract more foreign investments to the economy.
“It (delisting) means so much for us in the capital market and the financial system. It brings about something that we have been craving for – investor confidence
“The removal 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 of financing of terrorism regulations,” Agama said.
He said the delisting action was a “welcome call to new investments,” saying it would further strengthen productivity and growth in the Nigerian economy.
After implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later, acknowledging the country’s progress in tightening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Agama who described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility, commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Mrs. Hafsat Abubakar Bakari, and her team for their diligence in implementing the country’s action plan.
“The NFIU was at the forefront of this initiative. We commend their commitment, which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes,” he said.
He also praised the efforts of the National Security Adviser, the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defense, Foreign Affairs, Solid Minerals, and State for Finance, as well as the leadership of the National Assembly and the Judiciary.
