SEC
and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)

The Nigerian Securities and Exchange Commission (SEC) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) stand shoulder-to-shoulder in the fight against financial crime within the West African sub-region. This strategic partnership leverages expertise and fosters regional cooperation to safeguard the integrity of the Nigerian capital market and build a robust financial system across West Africa.

GIABA: Championing Anti-Money Laundering and Counter-Terrorist Financing in West Africa

Established in 2000, GIABA boasts 15 member states and serves as a leading advocate for implementing international Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standards within the West African region. By providing technical assistance, promoting regional cooperation, and conducting mutual evaluations, GIABA empowers member states to effectively combat financial crime and terrorist financing.

Nigeria's Pioneering Role in GIABA

Recognizing the critical role of regional collaboration, Nigeria was among the founding members of GIABA. The SEC has consistently championed GIABA's initiatives, actively participating in its programs and contributing to the development of regional AML/CFT frameworks.

Milestones in the SEC-GIABA Partnership

• 2000: Nigeria becomes a founding member of GIABA, demonstrating its commitment to regional cooperation in combating financial crime.
• 2008: The SEC hosts the GIABA Technical Assistance Mission, focusing on strengthening Nigeria's AML/CFT framework within the securities sector.
• 2014: Nigeria actively participates in the GIABA Mutual Evaluation Assessment process, receiving valuable recommendations for further strengthening its AML/CFT compliance.
• 2022: The SEC collaborates with GIABA on developing and implementing training programs for securities market participants on AML/CFT best practices.

The SEC-GIABA Partnership in Action

This collaboration has yielded tangible benefits for both Nigeria and the broader West African region:

• Enhanced Regional Cooperation: Shared expertise and resources within GIABA facilitate information exchange and joint operations against cross-border financial crime.
• Strengthened Regulatory Frameworks: Through collaboration, both the SEC and other West African financial regulators refine their AML/CFT frameworks, leading to a more robust regional financial system.
• Increased Investor Confidence: Effective measures against financial crime enhance investor confidence, attracting investments and fostering economic growth within the region.

Looking Ahead: A Shared Vision for a Secure Financial Future

The SEC remains committed to working closely with GIABA to achieve a shared vision of a West African financial system free from the scourge of financial crime. By leveraging collective expertise and resources, this partnership will continue to build a safer and more prosperous future for the region.

To learn more about GIABA's work and its impact on West Africa, please visit the official GIABA website:

Together, the SEC and GIABA stand as a resolute force against financial crime, safeguarding the Nigerian capital market and contributing to a stronger, more secure financial future for all of West Africa.