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, the global body responsible for setting standards against money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting during its plenary session held in Paris, France, on Friday.
The decision formally removes Nigeria from the group of countries under “increased monitoring,” following the country’s successful completion of its FATF Action Plan. The process, which spanned over two years, involved extensive inter-agency collaboration and structural reforms aimed at strengthening Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
In February 2023, the FATF had placed Nigeria on the grey list, citing the need for stronger enforcement, better coordination, and greater transparency in financial governance. According to the President, Nigeria used the grey-listing as a call to action rather than a setback.
Under President Tinubu’s leadership, Nigeria implemented sweeping legal, institutional, and operational reforms aligned with his administration’s economic transformation agenda. The coordinated effort was led by the Nigerian Financial Intelligence Unit (NFIU) in partnership with key ministries and agencies, including the Office of the Attorney-General of the Federation, the Ministry of Finance, and the Ministry of Interior.
President Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their “diligence and dedication” in achieving the milestone, noting that their work had earned international recognition for Nigeria’s strengthened measures against serious crimes.
“Without their dedication and sacrifice, today’s success could not have been achieved,” Tinubu said, urging other stakeholders to emulate their commitment.
The President also expressed appreciation to several government ministries, security agencies, and private sector representatives who played key roles in the process through the National Task Force on AML/CFT. Among them are the Central Bank of Nigeria, Corporate Affairs Commission, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Department of State Services (DSS), Nigeria Customs Service, and the National Counter-Terrorism Centre, among others.
Tinubu further acknowledged the strong support of Nigeria’s international partners, including the governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance and collaboration throughout the reform process.
“This achievement 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,” President Tinubu said.
He added that Nigeria’s exit from the FATF grey list marks “the beginning of a new chapter” in the country’s financial reform agenda, pledging to sustain institutional reforms, deepen inter-agency collaboration, and build a financial system trusted by both Nigerians and the global community.
