The Securities and Exchange Commission (SEC) says Nigeria could soon be removed from the Financial Action Task Force (FATF) grey list following the signing of the Investments and Securities Act (ISA) 2025 by President Bola Tinubu, which introduces regulation for digital assets.
Speaking in Abuja on April 9, SEC Director General Emomotimi Agama said the new law is a major step in addressing concerns about money laundering and terrorism financing—issues that led to Nigeria’s placement on the FATF grey list in February 2023. The list flags countries under increased monitoring due to deficiencies in anti-money laundering (AML) and counter-terrorism financing (CFT) controls.
Agama emphasised that by regulating the digital asset space, Nigeria is sending a clear message to the global financial community. “We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria,” he said.
He added that concerns about cryptocurrency harming the naira are misplaced, now that the SEC has the authority to act against unregulated players in the space. “We encourage everyone who is in this space to come under regulation and seek guidance,” he said, assuring that regulated operations would be safer and more transparent.
The SEC chief noted that the commission is working closely with key agencies—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 strengthen oversight and prevent illegal activity.
According to Agama, the new regulation is not only about enforcement but also about creating a secure framework for innovation, trust, and investor protection in Nigeria’s evolving digital economy. He said the goal is to build confidence among investors while managing risk, both in traditional and digital financial markets.
