Governors Celebrate Nigeria’s Exit From FATF Grey List

The Nigeria Governors’ Forum (NGF) has 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 NGF congratulated President Bola Tinubu and Nigerians on the country’s removal from the list.

The NGF said the exit from the grey list restores international confidence in the country’s financial system and strengthens the foundation for inclusive growth and sustainable development across all the tiers of government.

“This milestone is a clear testament to Your Excellency’s visionary leadership and unwavering commitment to strengthening governance, transparency, and institutional integrity in our nation,” the NGF chairman, Governor AbdulRahman AbdulRazaq of Kwara State, said in a letter to the president.

“It also underscores the impact of the reform agenda championed under the Renewed Hope Administration, anchored on fiscal prudence, anti-corruption, and the restoration of Nigeria’s global standing.

“Your Excellency, the NGF remains steadfast in its commitment to work with the Federal Government to consolidate these gains, ensure continued compliance with global benchmarks and build a resilient economy,” the statement added.

Another statement by NGF’s 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 Ahmed Tinubu and supported by state governments and key financial institutions.

The statement quoted NGF chairman and Kwara State governor, AbdulRahman AbdulRazaq, as saying that the governors are 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.