SEC pushes market operators for sustained compliance

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has urged financial sector stakeholders to strengthen and sustain a culture of proactive compliance to safeguard Nigeria’s position in the global financial system.

The call was made at the Nigerian Capital Market Institute Compliance Summit on Monday, following the nation’s recent exit from the Financial Action Task Force greylist.

The summit, themed ‘Innovation and Compliance – Balancing Risks and Opportunities’, convened capital market operators, self-regulatory organisations, FinTech innovators, regulators, and compliance professionals to discuss risk-based, forward-looking compliance strategies.

Agama described the gathering as crucial to the future of the country’s financial markets, noting that discussions at the summit touch “the very heart of the market’s integrity, stability and future.”

He said Nigeria’s removal from the FATF Grey List was a major national achievement and a strong global endorsement of the country’s resolve to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism framework.

“This was not a mere administrative update; it was a resounding global affirmation of our collective and unwavering commitment,” he said.

Crediting the success to the joint efforts of public and private sector institutions, he commended operators, regulators, and compliance professionals for their roles in achieving the milestone.

The SEC boss, however, cautioned that the exit should not be seen as the end of the journey.

“Exiting the grey list is not the finish line; it is the starting block for a new race. The world is watching,” he said.

Agama stressed that international investors and global financial institutions will continue to monitor Nigeria to determine whether the reforms are sustainable and whether the country’s compliance culture is deeply entrenched.

He said the summit’s theme underscored the need to shift from compliance driven by external pressure to a more strategic, proactive, and permanent culture of adherence to global standards.