Nigeria’s Removal from FATF Grey List, a Major Milestone in Economic Reform – Tinubu
President Bola Ahmed Tinubu has commended Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the country’s ongoing economic reform, institutional integrity, and drive for global financial transparency.
The FATF, the world’s foremost standard-setting body for combating money laundering, terrorist financing, and proliferation financing, formally announced Nigeria’s delisting during its plenary meeting held in Paris, France, on Friday.
The announcement signifies that Nigeria is no longer under “increased monitoring” — a status that had placed the nation among jurisdictions with strategic deficiencies in countering financial crimes.
President Tinubu, reacting to the development, said the decision followed Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained reform, inter-agency coordination, and institutional strengthening aimed at enhancing the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“In February 2023, when Nigeria was placed on the grey list, the global message was clear — that we needed stronger enforcement, better coordination, and greater transparency. Rather than see this as a setback, we saw it as a challenge to do better,” Tinubu said.
He explained that under his administration’s economic transformation agenda, Nigeria implemented far-reaching legal, institutional, and operational reforms, led by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Attorney-General of the Federation, the Ministers of Finance, Interior, and other relevant agencies.
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The President expressed gratitude to the Secretary to the Government of the Federation, key ministers, the leadership of the National Assembly and the Judiciary, and the National Security Adviser for their roles in achieving the milestone.
He particularly commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism in ensuring Nigeria’s complete and timely fulfillment of the FATF requirements.
“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urge other stakeholders to emulate their standards,” Tinubu stated.
The President also acknowledged the contributions of several ministries, agencies, and private sector representatives who participated actively in the National Task Force on AML/CFT, including the Central Bank of Nigeria, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), the Department of State Services (DSS), the Corporate Affairs Commission (CAC), the Nigeria Customs Service, the National Drug Law Enforcement Agency (NDLEA), and the Nigeria Police Force, among others.
Tinubu further appreciated the international support received from key global partners, including the governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, as well as regional collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
According to him, Nigeria’s removal from the FATF grey list “is not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
He added that the country would sustain and deepen the institutional reforms already in place to ensure a more transparent, accountable, and resilient financial system.
“The exit from the FATF grey list marks the beginning of a new chapter in our financial reform agenda. We will continue to strengthen institutional collaboration and build a financial system that Nigerians and the world can trust,” Tinubu affirmed.
By PRNigeria
