Governors Celebrate FATF Clearance For Nigeria, Pledge Continued Transparency

Nigeria’s 36 state governors have celebrated the country’s removal from the Financial Action Task Force (FATF) grey list, describing it as a victory for transparency, reform, and responsible governance.

The Nigeria Governors’ Forum (NGF), in a statement on Saturday by its Director of Media and Strategic Communications, Yunusa Tanko Abdullahi, said the development followed years of investigation, institutional reforms, and diplomatic engagement led by President Bola Tinubu and supported by state governments and key financial institutions.

The statement quoted NGF Chairman and Kwara State governor, AbdulRahman AbdulRazaq, as saying the governors were proud to see Nigeria “formally welcomed back into the global transparency community.”

“We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community,” AbdulRazaq said. “Nigeria has handled this difficult situation with enormous grace and integrity, and this green light attests to the trust and confidence in our financial systems and our leaders, both at the national and sub-national levels.”

Nigeria was placed on the FATF grey list in 2023 after the global watchdog identified deficiencies in the country’s framework for combating money laundering and the financing of terrorism.

Since then, the statement noted the country had taken deliberate steps to correct the lapses through a combination of legislative reforms, institutional strengthening, and inter-agency coordination.

Among the key reforms cited were the operationalisation of the beneficial ownership register, the enhancement of corporate transparency and accountability, and improved capacity of law enforcement and regulatory agencies to detect, analyse, and prosecute complex financial crimes.

The NGF commended the collaborative efforts of the Federal Ministry of Finance, the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigeria Financial Intelligence Unit (NFIU), which provided extensive technical support and data to the FATF during the review process.

The forum said Nigeria’s exit from the grey list was not just a validation of policy reforms but a reaffirmation of the country’s integrity before the international community.

“This achievement reflects the political will and determination of the Tinubu administration, the governors, and all relevant institutions to restore global confidence in Nigeria’s financial system,” the NGF said.

The governors further pledged to sustain ethical financial practices and strengthen transparency mechanisms at the sub-national level.

“The NGF remains fully committed to maintaining the highest ethical financial standards in all its governance processes and will continue to uphold a culture of transparency, accountability, and integrity,” the statement added.