Nigeria’s Exit From FATF Grey List Excites Tinubu

President Bola Tinubu has welcomed Nigeria’s delisting from the Financial Action Task Force (FATF) grey list.

The FATF announced the delisting at its Plenary in Paris, France, on Friday.

The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing.

The announcement formally removed Nigeria from the list of jurisdictions under increased monitoring, commonly referred to as the “grey list”.

In a statement by his spokesman, Bayo Onanuga, President Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”

The decision followed Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

In February 2023, the FATF placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency. Rather than treat this as a setback, Nigeria viewed it as a call to action.

Under President Tinubu’s strategic leadership and in line with the economic transformation agenda of his administration, Nigeria implemented far-reaching legal, institutional and operational reforms.

This was achieved through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working in conjunction with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, and the Coordinating Minister of the Economy and the Minister of Interior.

President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement.

President Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan. He noted that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.

“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards,” President Tinubu said.

President Tinubu also commended all Ministries, Agencies, their heads and private sector representatives who contributed to the delisting through their active participation in the National Task Force on AML/CFT.

Among these are the Governor of Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, the Chief of the Defence Staff, the Director-General of the Department of State Services, the Executive Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent Corrupt Practices Commission, the National Coordinator National Counter-Terrorism Centre, the Chairman National Drug Law Enforcement Agency.

Others are “the Commissioner/Chief Executive Officer of the National Insurance Commission, the Comptroller-General of the Nigeria Customs Service, the Managing Director Nigeria Export Processing Zones Authority, the Inspector-GeneralNigeria Police Force, and the Director-General Securities and Exchange Commission, as well as all their dedicated staff

Nigeria’s efforts in completing the Action Plan were complemented by the country’s close partnership with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

President Tinubu acknowledged the strong support of international partners, the Governments of France, Germany, the United Kingdom, the United States, the United Nations and the European Commission, for their steadfast technical assistance during Nigeria’s reform process.

According to President Tinubu, 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 exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust.”