Abuja: President Bola Tinubu has described Nigeria’s delisting from the Financial Action Task Force (FATF) grey list as ‘a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.’ Welcoming the development in a statement, President Tinubu commended all Ministries, Agencies, their heads, and private sector representatives who contributed to the delisting through their active participation in the National Task Force on AML/CFT.
According to Voice of Nigeria, President Tinubu applauded the support from various stakeholders, including the Secretary to the Government of the Federation and several key ministers. The Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Ms. Hafsat Abubakar Bakari, and her team were particularly commended for their dedication in ensuring the timely implementation of the country’s Action Plan. The President emphasized that the NFIU’s work has garnered international recognition for Nigeria’s strides in strengthening measures to tackle serious crimes.
The FATF announced Nigeria’s delisting at its Plenary in Paris, France, formally removing Nigeria from the list of jurisdictions under increased monitoring. The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing, and proliferation financing. This decision follows Nigeria’s successful completion of its FATF Action Plan, marking over two years of sustained effort and reform aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
In February 2023, the FATF placed Nigeria on the grey list, signaling a need for more vigorous enforcement and transparency. Under President Tinubu’s leadership, Nigeria implemented legal, institutional, and operational reforms through the coordination of the NFIU, working alongside the Attorney-General, Minister of Finance, and other key figures. The President also acknowledged the support of international partners like France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission.
President Tinubu stated that 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 emphasized that the exit marks a new chapter in the nation’s financial reform agenda, with plans to sustain reforms and deepen collaboration to build a trustworthy financial system.
Nigeria’s efforts in completing the Action Plan were further strengthened by partnerships with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).