• Organisation hails Tinubu’s political will, reforms
Nigeria has officially exited the Financial Action Task Force (FATF) grey list following sustained implementation of strategic reforms to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) framework.
The Nigerian Financial Intelligence Unit (NFIU) confirmed the development, describing it as a significant milestone for the nation’s financial system and international reputation.
The decision was formally announced at the FATF plenary held in Paris, France.
According to the NFIU, the removal of Nigeria from the grey list followed a rigorous mutual evaluation process which reviewed the country’s compliance with global standards for preventing illicit financial flows, terrorist financing, and proliferation financing.
The statement noted that Nigeria’s exit was achieved through “consistent inter-agency collaboration, decisive leadership, and the adoption of modern tools and technologies to strengthen financial intelligence gathering and enforcement.”
The FATF grey list is reserved for countries with strategic deficiencies in their AML/CFT regimes. Being removed from the list means Nigeria has demonstrated sufficient political commitment and technical progress in addressing all identified deficiencies.
Director and Chief Executive Officer of the NFIU, Hafsat Bakari, described the achievement as “a collective victory for Nigeria’s financial system,” adding that it signals renewed confidence from international partners and investors.
She stated: “Our removal from the FATF grey list reflects Nigeria’s commitment to transparency, accountability, and the rule of law in financial transactions.
“This outcome is the result of years of hard work, collaboration among regulatory and law enforcement agencies, and the support of the Presidency.”
Bakari also expressed gratitude to President Bola Ahmed Tinubu for his leadership, noting that his administration’s support accelerated the completion of the FATF Action Plan and ensured compliance with international standards.
The NFIU commended the efforts of key institutions such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigeria Police Force, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Office of the National Security Adviser (ONSA), among others.
According to the Unit, these institutions worked tirelessly to address FATF’s 30-item action plan, which included strengthening supervisory oversight, improving risk-based assessments, enhancing information sharing, and ensuring effective prosecution of financial crimes.
The agency noted that Nigeria’s successful exit from the grey list will have positive implications for the economy, including increased investor confidence, reduced transaction costs for Nigerian businesses abroad, and improved access to the global financial system.
“The FATF’s decision restores global confidence in Nigeria’s financial sector and signals that the country is a responsible member of the international financial community,” the NFIU said.
It added that Nigeria will continue to engage with the FATF and its regional body, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), to sustain progress and prevent relapse.
The FATF, an intergovernmental body established in 1989, sets international standards to combat money laundering, terrorist financing, and related threats to the integrity of the international financial system.
Nigeria’s exit from the grey list marks the culmination of sustained reforms initiated after the country was placed on the list in February 2023, when FATF identified strategic deficiencies in its AML/CFT regime. With all action items now successfully addressed, the country returns to full compliance with FATF recommendations.
The NFIU assured that it will continue to strengthen the effectiveness of its operations through advanced analytics, information sharing, and collaboration with domestic and international stakeholders to safeguard Nigeria’s financial system from abuse.
Tinubu welcomes Nigeria’s removal from grey list
President Bola Ahmed Tinubu yesterday hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the country’s journey toward economic reform, institutional integrity, and global credibility.
President Tinubu, in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, said the decision followed Nigeria’s successful and timely completion of its FATF Action Plan after more than two years of sustained reforms, coordination and enforcement improvements in its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“In February 2023 when Nigeria was placed on the grey list, the global community demanded more vigorous enforcement, better coordination, and greater transparency.
“Rather than treat it as a setback, we viewed it as a call to action—and today’s result reflects our resolve to reform and strengthen our institutions,” the President noted.
He said under his administration’s strategic leadership and the broader economic transformation agenda, Nigeria implemented far-reaching legal, institutional and operational measures coordinated by the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.
President Tinubu commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and sacrifice in ensuring the complete implementation of Nigeria’s Action Plan.
He also applauded the Secretary to the Government of the Federation, the Ministers of Aviation, Defence, Budget and Economic Planning, Foreign Affairs, Solid Minerals, and State for Finance, as well as the National Security Adviser and the leadership of the National Assembly and the Judiciary, for their contributions.
“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,” he said.
The President further praised all ministries, agencies and private-sector representatives who participated in the National Task Force on AML/CFT, including the Central Bank of Nigeria, Corporate Affairs Commission, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, Department of State Services, Nigeria Customs Service, Nigeria Police Force, among others.
He acknowledged the technical support provided by the FATF, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), and international partners such as the governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission.
President Tinubu described the delisting as “not just a technical accomplishment but 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 our financial reform agenda.
“Nigeria will sustain institutionalised reforms, deepen inter-agency collaboration, and continue to build a financial system that Nigerians and the world can trust,” he added.
FATF president hails Tinubu, praises two years of reforms
At the FATF plenary in Paris, France, where the announcement was made on Friday, the organisation’s president, Elisa de Anda Madrazo, congratulated Nigeria for demonstrating “strong political will and inter-agency collaboration” under the administration of President Bola Ahmed Tinubu.
According to a statement issued by Special Adviser to the President on Information and Strategy Bayo Onanuga, Madrazo said: “Nigeria has demonstrated strong political commitment to fight financial crimes. But it is not only that we have seen political commitment to exit the grey list; it is because we have seen real change and the political measures put in place.”
She noted that after sustained efforts spanning just over two years, Nigeria has shown “a stronger capacity to investigate and prosecute,” which, she said, is helping the country focus resources on crimes that most harm its communities, such as drug trafficking and terrorist financing.
Madrazo also commended the Tinubu administration for implementing “government-wide policy reforms, stronger inter-agency coordination and cooperation,” while highlighting major improvements in the transparency of beneficial ownership structures and supervision within non-financial sectors, especially real estate.
The FATF President added that the plenary agreed Nigeria had “fully addressed its action plan” and encouraged the country to continue its good work for the benefit of its people.
Three other African countries—Mozambique, Burkina Faso, and South Africa—were also removed from the FATF’s list of jurisdictions under increased monitoring.
She noted that the presence of three Nigerian ministers at the week-long events in Paris reflected the country’s strong commitment to combating illicit financial flows.
The Nigeria Interministerial Committee on Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) is chaired by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), with the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and Minister of Interior, Olubunmi Ojo, serving as alternate chairs.
Speaking on behalf of Nigeria at the plenary, Edun said the delisting was both an honour and a validation of Nigeria’s reform path.
“We are honoured to be allowed to contribute our expertise and experience to the global fight against serious crimes that threaten the shared security and prosperity of the world,” Edun said, expressing gratitude to international partners including France, Germany, the United Kingdom, the United States, and the European Commission for their steadfast support throughout the process.
“With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” the minister added.
