By Kunle Sanni –
President Bola Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing the development as a major milestone in the country’s efforts to strengthen financial transparency, anti-corruption enforcement, and international credibility.
The FATF, the world’s foremost body for setting standards to combat money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.
The decision formally removes Nigeria from the list of jurisdictions under increased monitoring—commonly known as the “grey list”—after the country successfully completed its FATF Action Plan.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the delisting was “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
He said the development followed over two years of sustained effort, reforms, and inter-agency collaboration aimed at strengthening Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Nigeria was placed on the FATF grey list in February 2023 after global financial watchdogs called for stronger enforcement, coordination, and transparency. According to President Tinubu, rather than view the listing as a setback, Nigeria treated it as “a call to action.”
Under his administration’s economic transformation agenda, the President said the country undertook wide-ranging legal, institutional, and operational reforms coordinated by the Nigerian Financial Intelligence Unit (NFIU), working closely with the Office of the Attorney-General of the Federation, the Ministry of Finance, the Ministry of Interior, and other key agencies.
President Tinubu praised the Director and Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, and her team for their diligence and professionalism in ensuring Nigeria met all FATF requirements ahead of schedule. “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,” the President said.
