Nigeria may soon exit the Financial Action Task Force (FATF) grey list, following the inclusion of digital assets regulation in the newly enacted Investments and Securities Act (ISA) 2025. The law, recently signed into effect by President Bola Ahmed Tinubu, aims to address deficiencies in the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) regime, which led to Nigeria’s placement on the FATF grey list in February 2023.
In an interview on Wednesday in Abuja, Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), explained that the inclusion of digital assets in the ISA 2025 provides Nigeria with a significant opportunity to exit the grey list. He emphasized that the new law was designed to curb fraudulent activities in the digital space and foster trust and innovation in blockchain technologies.
The FATF’s grey list designation means that Nigeria faces increased monitoring due to concerns over its financial systems’ vulnerabilities. However, the SEC DG believes that with the new regulatory framework in place, Nigeria can meet international standards for combating money laundering and terrorist financing, paving the way for the country’s exit from the grey list.
