NEWS
SEC Tasks Market Operators on Sustained Compliance Culture after Nigeria’s Exit from FATF Grey List
By Tony Obiechina, Abuja
The Director General of the Securities and Exchange Commission (SEC), 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 following its recent exit from the Financial Action Task Force (FATF) Grey List.
Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, 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. ”The Director General 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 (AML/CFT) framework.He said: “This was not a mere administrative update; it was a resounding global affirmation of our collective and unwavering commitment”.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 theme of the summit underscored the need to shift from compliance driven by external pressure to a more strategic, proactive and permanent culture of adherence to global standards.“Robust compliance is no longer a regulatory burden; it is our single most powerful competitive advantage. A compliant market is a transparent market, and a trustworthy market is the destination for capital.”According to him, Nigeria’s strengthened compliance regime signals to the international community that the country is “open for business, safe, secure and sophisticated.”Agama called for continuous improvement across institutions, especially through the adoption of RegTech and SupTech solutions, regular training of compliance officers, and promotion of ethical conduct across the financial services ecosystem.He assured stakeholders that the SEC would continue to provide strong regulatory guidance, constructive supervision and the necessary engagement to keep Nigeria aligned with global standards.The SEC DG urged participants at the summit to share insights and develop practical solutions that will “future-proof” the Nigerian capital market.“Let us work together to ensure that Nigeria never again finds itself on that list,” Agama said, expressing hope that the country would instead feature among the world’s most resilient and compliant emerging markets.In her remarks, Executive Commissioner Legal and Enforcement at the SEC, Frana Chukwuogor said the capital market has a new law that was signed by the President in 2025 saying that one of the greatest challenges that compliance officers and even market operators face, when there’s a change in regulation is that they don’t have enough information on what has changed.She said “How can you be compliant if you don’t know what has changed? So our focus here today is to bring attention, call attention to some of the new issues, some of the new areas that may pose risks to them and the market.Chukwuogor said some of those issues will deal with some of the threats being faced with Ponzi schemes and digital assets.”All of you remember that this October, this just past October, we were removed from the gray list. So, yes, we want every participant, every capital market operator, especially the CEOs, to first know, to compel the people who work with them, especially the compliance officers, to learn the new issues that the Investment and Securities Act 2025 requires of them.The Executive Commissioner disclosed that the Commission intends to measure compliance by ensuring that operators file returns adding that failure to do so could result in sanctions.
The Chairman of Jema’a Local Government Area of Kaduna State, Mr Peter Tanko, has paid the 2026 West Africa Examination Council (WAEC) registration fees for 250 indigent students in public Secondary Schools.
Speaking at the inauguration of the WAEC fee payment exercise in Kafanchan, Tanko said that the gesture was borne out of his compassion to support less privileged students.
According to him, no child should be denied the opportunity to access education because of lack of funds.
He reiterated his commitment to initiating policies and programmes that would have direct bearing on the lives of the people.
In his remarks, the Commissioner for Humanitarian Affairs, Mr Yunana Barde, lauded the council chairman for placing premium on educational development of his people.
Barde said that the importance of education to societal development could not be overemphasised.
Also speaking, Audu Dogara, the council’s Education Secretary, described the intervention as an investment in the children and the future of the local government.
He admonished the beneficiaries to see the gesture as an opportunity for them to give their best in the examination.
Mr Emmanuel Utung, Chairman of the WAEC Sponsorship Committee, said that the beneficiaries cut across the 12 wards of the local government.
According to him, the gesture would go a long way in easing the financial burden on the beneficiaries’ parents.
Miss Benedicta Boniface, who spoke on behalf of the beneficiaries, thanked the chairman for his magnanimity and promised that they would not disappoint him.
A chieftain of the All Progressives Congress, APC, Abayomi Mumuni, has warned against any attempt to replace Vice President Kashim Shettima on religious grounds ahead of the 2027 general elections
Mumuni said this on Wednesday in reaction to the controversies erupting from the omission of Vice President Shettima’s photograph from a banner displayed at the North-East Zonal Public Hearing on the amendment of the APC constitution.
According to him, the North presently lacks a Christian candidate with the political clout and followership needed to deliver substantial electoral support.
He said the idea of dropping Shettima could undermine the APC’s chances of retaining power.
There have been speculations about a possible plan to drop Shettima from the party’s 2027 presidential ticket.
Mumuni further said that discussions about replacing Shettima with a Christian vice-presidential candidate, ostensibly to address concerns about religious inclusivity, are not strategically sound in the current political climate.
According to him, the northern region currently lacks a Christian candidate with sufficient grassroots support and nationwide appeal to complement President Bola Tinubu’s electoral strength.
“Any miscalculation in this regard could jeopardise the winning ticket for the current administration,” he warned.
…Says it Has Committed Over US$45 Million in Expenditures in Senegal
By Mike Odiakose, Abuja
The management of Oranto Petroleum, the firm owned by Nigerian billionaire and philanthropist Prince Arthur Eze, has shed light on why it suspended any further investments in the St Louis & Cayar Licenses in Senegal.
The Senegalese government had in January 2026 officially revoked an offshore oil exploration license held by Atlas Oranto Petroleum.
The Senegalese government alleged that the holder had failed to provide the required bank guarantees and carried out only minimal exploration work since the block was awarded.
Responding to the revocation of the license, the management of Oranto Petroleum declared the government of Senegal insisted on US$ 25 Million Bank Guarantee as against agreed Corporate Guarantee as being provided by other Operators in Senegal.
According to the management, “till date, Oranto Petroleum has committed over US$45 Million in expenditures in Senegal covering activities such as seismic acquisition & interpretation, acreage rental, social projects and training of Senegalese locals as stipulated in the contract.
“Oranto Petroleum remains a foremost player in Hydrocarbon Exploration in Africa having committed over US$500 Million in exploration and development of hydrocarbon in Africa.”
The company expressed reservations on why the Senegalese government will single it out for false narratives which it classified as “unfair, unjustified and targeted.”
Part of the statement read: “Oranto Petroleum would like to use this opportunity to respond to the false narrative currently being perpetuated by the Government of Senegal on the St Louis & Cayar Offshore Licenses previously operated by Oranto Petroleum.
“As a matter of fact, Oranto Petroleum in 2025 decided to suspend any further investments in the St Louis & Cayar Licenses in Senegal after the Government of Senegal insisted on US$ 25 Million Bank Guarantee as against agreed Corporate Guarantee as being provided by other Operators in Senegal.
“For record purposes, till date, Oranto Petroleum has committed over US$45 Million in expenditures in Senegal covering activities such as seismic acquisition & interpretation, acreage rental, social projects and training of Senegalese locals as stipulated in the contract. These records exist and can be fact checked.
“It is worth mentioning that for reasons best known to the Government of Senegal, Oranto Petroleum has been singled out in this false narrative – this we classify as unfair, unjustified and targeted.
“We would like to use this opportunity to state that other foreign entities operating in Senegal are also facing challenges doing business in Senegal and this calls for concern.
Some of those include: Woodside currently in court of Arbitration with Government of Senegal on issues bothering
around back costs for the Sangomar Development –
https://www.africabusinessplus.com/en/829378/woodside-vs-dakar-arbitration-proceedings-can
2. Alleged plans by the Government of Senegal to nationalise Kosmos-run Yakaar-Teranga Gas
Project – https://www.reuters.com/business/energy/senegal-plans-nationalise-kosmos-run
yakaar-teranga-gas-project-2025-12-10/
and 3. British Petroleum’s exit from Senegal over disagreement with Government – https://www.offshore
technology.com/news/bp-exits-senegal-gas-field/
“It is worth noting that Oranto Petroleum remains a foremost player in Hydrocarbon Exploration in Africa having committed over US$500 Million in exploration and development of hydrocarbon in Africa.
“OrantoPetroleum as per business model remains an early explorationist focused on acreage derisking and later stage development in collaboration with third party Operators.
“Oranto Petroleum remains respectful for the rule of law in all jurisdictions where it operates and urges the public to disregard any narratives that continuously focuses on demarketing African investment opportunities geared towards the greater good of Africa and her citizens.
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