The Senate has commended President Bola Tinubu, Senate President Godswill Akpabio, the Nigerian Financial Intelligence Unit (NFIU), and other key stakeholders, for their coordinated efforts that led to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List.
The commendation followed the adoption of a motion titled: “Motion on the Need to Commend the Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and Other Stakeholders for Their Efforts in the Removal of Nigeria’s Name from the Financial Action Task Force (FATF) Grey List,” sponsored by Senator Emmanuel Udende (Benue North-East).
Brought under Matters of Urgent Public Importance, pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended), the motion noted with satisfaction the FATF’s recent announcement delisting Nigeria from its Grey List — a development described as a testament to the country’s progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Senator Udende explained that Nigeria’s previous inclusion on the FATF Grey List exposed the country to international scrutiny and reputational risk, dampening investor confidence and restricting access to global financial markets.
He said the delisting followed extensive reforms and coordinated policy actions by the Executive, the National Assembly, and regulatory and enforcement agencies such as the NFIU, EFCC, ICPC, and the Central Bank of Nigeria (CBN).
The Senate, in its resolutions, expressed delight that the removal has boosted investor confidence, enhanced Nigeria’s reputation in the global financial system, and restored credibility to the country’s regulatory environment.
It also noted that Nigerian financial institutions would now experience reduced compliance burdens and improved efficiency in cross-border transactions.
The motion further stated that the delisting would have long-term economic benefits, including attracting more foreign direct investment (FDI), strengthening the naira, and creating jobs across sectors such as energy, agriculture, and manufacturing.
The Senate, therefore. resolved to commend President Tinubu, Senate President Akpabio, the NFIU, EFCC, ICPC, CBN, and other agencies for their role in achieving the milestone.
It also urged regulatory and law enforcement bodies to sustain compliance with international financial standards and prevent any relapse.
It further mandated the Senate Committee on Anti-Corruption and Financial Crimes to maintain oversight and review policies that would further strengthen Nigeria’s financial governance system.
The Senate encouraged continuous collaboration between the public and private sectors to uphold transparency, accountability, and good governance in financial management.
The Senate affirmed that Nigeria’s removal from the FATF Grey List marks a major step toward restoring international confidence in the country’s financial integrity and economic leadership.
