Nigeria's Bold Leap: SEC Hails Grey List Exit and T+2 Shift as Magnet for Global Investors

In a resounding vote of confidence for the nation's financial markets, the Securities and Exchange Commission has spotlighted Nigeria's fresh escape from the Financial Action Task Force's grey list alongside the rollout of a streamlined T+2 settlement system as powerful draws for international capital.

Emomotimi Agama, the SEC's Director-General, drove home this message during a lively press gathering marking the official debut of the T+2 framework. Stepping in for Agama, Executive Commissioner for Operations Bola Ajomale praised the unwavering drive of Central Securities Clearing System Managing Director Haruna Jalo-Waziri, crediting his sharp focus for turning ambitious plans into reality.

"This upgrade is a real game-changer," Ajomale declared. "It pushes us to sharpen our oversight tools, ramp up our skills, and spot hiccups before they snowball. As we shake off the grey list label, we're sending a crystal-clear signal worldwide: Nigeria stands tall as a prime spot for savvy investments. Just to be upfront, though, we're tweaking timelines here, not upending the entire playbook."

He added that the SEC's dispute resolution unit would gear up with extra hands on deck, while the monitoring arm gets a serious boost in resources to keep things humming smoothly.

Earlier in the event, CSCS Chairman Temi Popoola framed the T+2 pivot as more than a technical tweak, calling it a cornerstone of world-class standards. "This isn't just about speed," he noted. "It's about slashing risks, unlocking liquidity, and firing up trust among investors far and wide. We're doubling down on a marketplace built for transparency, agility, and fierce rivalry on the global stage."

Popoola tied the move to broader ambitions, saying it paves the way for deeper involvement from overseas players and bolsters the push toward a $1 trillion economy. He highlighted how it syncs Nigeria with cutting-edge trends, like top-tier exchanges eyeing T+1 cycles. "Think of this as our bold dispatch to the world," he emphasized. "We're not just keeping pace; we're priming the pump for tomorrow's breakthroughs in capital markets. Shorter cycles mean rock-solid groundwork for fresh ideas, and a loud-and-clear invite to homegrown and foreign players alike that Nigeria's primed for the big leagues."

The chairman gave a nod to the collaborative grind behind the scenes, thanking regulators for steering the ship, market players for jumping through readiness hoops, and tech allies for seamless execution. He also tipped his hat to the T+2 Steering Committee for tackling the nuts-and-bolts hurdles that lock in a secure, fair trading floor.

Jalo-Waziri, wrapping up the remarks, walked through the heavy lifting that made it all click: rounds of talks with key players, rigorous trials, skill-building sessions, and a full-court press on educating the market. Backing it up were hefty tech leaps, capped by a flawless switch to IBM Power 10 platforms.

He took a quick look back at the old days of paper trails and hands-on certificate swaps that bogged down deals and amped up the odds of slip-ups. Today, he boasted, a whopping 95 percent of back-end operations run on autopilot, promising zippy turnarounds, dialed-down dangers, and bulletproof dependability for everyone in the mix, from traders to trustees.

Jalo-Waziri wrapped with kudos to the CSCS board and risk squad for greenlighting smart spends and nailing adherence to international benchmarks. "Our revamped setup cranks up the horsepower, layers in smarter automation, and tightens links across the board," he said. "Brokers, investors, and custodians alike stand to gain from quicker closes, slimmer exposure to defaults, and a post-trade scene you can set your watch to."

This tandem of milestones underscores a market on the rise, ready to roll out the red carpet for capital that counts.