For Nigeria, being grey-listed in February 2023 meant that the FATF found weaknesses in areas such as the effectiveness of regulatory oversight, enforcement of AML/CFT policies, and coordination among key institutions.
As Africa races toward net zero, Nigeria and South Africa illustrate both ambition and constraint. While bold policies and billion-dollar plans lay the groundwork, gaps in infrastructure, regulation, and public adoption continue to stall meaningful progress.
This legislation establishes a clear legal framework to identify, prohibit, and prosecute illicit activities. Those operating illegal investment schemes may face up to ten years in prison. The law aims to deter fraud and boost investor confidence.
