President Bola Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force, FATF grey list, describing it as a major milestone in the country’s journey towards economic reform, institutional integrity, and global credibility.
The FATF, the world’s foremost body for setting standards in combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting at its Plenary in Paris, France, on Friday.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the decision formally takes Nigeria off the list of jurisdictions under increased monitoring, commonly referred to as the “grey list.”
President Tinubu said the development reflects over two years of sustained national 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 FATF grey list, with the global community calling for more rigorous enforcement, stronger coordination, and greater transparency. Rather than view it as a setback, we saw it as a call to action,” the President stated.
He credited the success to strategic reforms implemented under his administration, aligning with the broader goals of his economic transformation agenda. The reforms were coordinated by the Nigerian Financial Intelligence Unit, NFIU in collaboration with the Office of the Attorney-General of the Federation, Federal Ministry of Finance, the Ministry of Interior, and several other institutions.
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President Tinubu commended the NFIU Director and Chief Executive Officer, Hafsat Abubakar Bakari, and her team for their diligence in ensuring the timely completion of the FATF Action Plan.
“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 said.
He also acknowledged the contributions of various ministries, agencies, and private sector partners represented 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 and Other Related Offences Commission, ICPC, the Department of State Services, DSS, and the Nigeria Police Force, among others.
The President further appreciated the international support received from the Governments of France, Germany, the United Kingdom, the United States, the United Nations, the European Commission, and the Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA.
According to Tinubu, Nigeria’s delisting is “not just a technical accomplishment, but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
He assured that his administration will sustain the reforms that led to the achievement, deepen institutional collaboration, and build a financial system that both Nigerians and the international community can trust.
“The exit from the FATF grey list marks the beginning of a new chapter in our financial reform agenda,” President Tinubu affirmed.
(Editor: Terverr Tyav)
