“Nigeria exits FATF grey list after sweeping reforms — Tinubu”
President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
Bayo Onanuga, Special Adviser to the President (Information & Strategy) disclosed this in a statement on Friday.
The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting at its plenary meeting held in Paris, France, on Friday.
With this decision, Nigeria is no longer under increased monitoring by the FATF — a status commonly referred to as the “grey list.”
President Tinubu said the move reflects the success of over two years of sustained effort, reform, and inter-agency coordination aimed at strengthening Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“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,” the President stated.
He added that the achievement “marks the beginning of a new chapter in the nation’s financial reform agenda,” pledging to sustain institutional reforms and deepen collaboration among agencies to ensure a transparent and trusted financial system.
The FATF had placed Nigeria on its grey list in February 2023, citing the need for stronger enforcement, better coordination, and greater transparency. Rather than treat the designation as a setback, the Tinubu administration viewed it as a call to action.
Under the President’s leadership, 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 and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.
President Tinubu commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their “diligence in ensuring the complete and timely implementation of the country’s Action Plan,” noting that their work had earned international recognition for Nigeria’s progress in tackling financial crimes.
He also applauded the contributions of several ministries, security agencies, regulatory bodies, and private sector stakeholders represented in the National Task Force on AML/CFT, including the Central Bank of Nigeria, Corporate Affairs Commission, EFCC, ICPC, Nigerian Customs Service, Nigerian Police Force, NDLEA, Securities and Exchange Commission, among others.
The President further acknowledged the vital support of Nigeria’s international partners — notably the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission — as well as the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), for their technical assistance throughout the reform process.
President Tinubu emphasized that Nigeria’s delisting is proof of his administration’s determination to restore global confidence in the nation’s financial system, saying:
“We will sustain the already institutionalised reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust.”
