President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
The FATF announced the delisting at its plenary session in Paris, France, officially removing Nigeria from the list of jurisdictions under increased monitoring for anti-money laundering and counter-terrorism financing measures.
President Tinubu noted that the achievement followed over two years of sustained effort, reform, and inter-agency coordination to strengthen Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“In February 2023, Nigeria was placed on the grey list as the international community demanded stronger enforcement, better coordination, and greater transparency. Instead of seeing this as a setback, we treated it as a call to action,” the President said.
Under his administration, Nigeria implemented extensive legal, institutional, and operational reforms, coordinated by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Attorney-General of the Federation, the Ministry of Finance, and other key economic and security agencies.
President Tinubu commended the NFIU Director/CEO, Ms. Hafsat Abubakar Bakari, and her team for their dedication in ensuring the timely completion of the country’s FATF Action Plan. He also acknowledged the support of several Ministries, Agencies, and private sector stakeholders, including the Central Bank of Nigeria, Corporate Affairs Commission, Department of State Services, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, and others, whose contributions were pivotal to Nigeria’s delisting.
The President further highlighted the role of international partners, including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, in providing technical assistance throughout Nigeria’s reform process.
“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,” Tinubu said. “It marks the beginning of a new chapter in the nation’s financial reform agenda as we sustain institutionalised reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust.”
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