By Abubakar Yunusa
Nigeria could soon be removed from the Financial Action Task Force (FATF) grey list, thanks to the inclusion of digital assets regulation in the recently signed Investments and Securities Act (ISA) 2025, according to Dr Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC).
The landmark legislation, signed into law by President Bola Ahmed Tinubu, aims to tackle fraudulent activities in the digital space while fostering trust and innovation in blockchain technologies.
Speaking to journalists in Abuja on Wednesday, Dr Agama highlighted the significance of the new law in addressing the anti-money laundering (AML) and counter-terrorism financing (CFT) deficiencies that led to Nigeria’s placement on the FATF grey list on 24 February 2023.
The grey list designation subjects the country to increased monitoring by the international body due to gaps in its financial oversight systems.
“It may interest you to know that the AML-CFT issue is what brought about our inclusion on the grey list,” Dr Agama said.
“The inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community. We are telling the world that we are ready for business and to protect every business operating within Nigeria.”
The SEC chief dismissed concerns that cryptocurrency trading weakens the naira, asserting that the Commission would provide clear guidance to ensure activities in the sector align with national interests.
“This SEC now has the power to clamp down on such entities,” he said.
“We encourage everyone in this space to come under regulation, seek clearance, and guidance. We are ready to provide solid support so that the national economic interest is truly protected.”
Dr Agama stressed that the regulation aims to create a secure framework for institutions, products, and individuals involved in digital assets.
“The essence of regulating is to provide fences around the institutions and persons involved, ensuring they do not engage in illegal activities,” he explained.
He noted that the SEC is collaborating with key institutions, including the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser, to ensure the sector does not pose a threat to the country’s stability.
