Abuja: The National Institute of Credit Administration (NICA) has announced that Nigeria’s removal from the Financial Action Task Force (FATF) grey list will significantly boost investor confidence and enhance the nation’s financial credibility. Prof. Chris Onalo, Registrar and Chief Executive Officer of NICA, shared these insights with the News Agency of Nigeria (NAN), noting that this development will unlock new financing opportunities and restore Nigeria’s standing in the global financial system.
According to News Agency of Nigeria, Onalo expressed congratulations to Nigerians on this achievement, labeling the grey list as a detrimental factor for any economy. He commended the Nigerian government’s efforts in improving the country’s financial reputation and emphasized the importance of not reverting to the conditions that led to Nigeria’s initial listing. Onalo advised the government to maintain accountability and compliance while fostering collaboration among financial regulators, security agencies, and development partners to uphold international best practices.
He also highlighted the importance of strengthening local financial instruments through cooperation and partnerships. Onalo urged that the momentum must be sustained to prevent conditions that could lead to relisting. He applauded President Bola Tinubu’s administration for implementing reforms that facilitated the delisting, describing it as a testament to improved financial governance and reduced investment risk.
The successful delisting is expected to not only bolster cross-border trade but also improve correspondent banking relationships, reassuring global investors of Nigeria’s commitment to transparency and financial integrity. Onalo noted that Nigeria’s removal from the list signifies the country’s substantial progress in addressing identified shortcomings and its strong commitment to global financial security standards.
NAN reports that the FATF grey list identifies countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. Nigeria was placed on the list on February 24, 2023, due to gaps in combating illicit financial flows. The FATF announced Nigeria’s removal from the list on October 24, after the country met the required compliance standards.