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Beyond Greylisting: Why Nigeria’s crypto gamble will shape its financial future
- By Professor Wahab Elias and Oluwole Ololade Adeosun
…Delisting from the FATF grey list is progress; building trust in digital finance will be the real reform.

…Delisting is progress — but trust is the real reform

Getting off the Financial Action Task Force (FATF) Grey List is a genuine reform success. It deserves recognition: greylisting raised the cost of doing business, discouraged investment and signalled governance weakness. FATF’s decision to remove Nigeria from enhanced monitoring restores credibility — but it is a fragile victory. The harder work lies ahead.

Crypto and digital-asset oversight now sit at the heart of that challenge. Although FATF’s Recommendation 15 on virtual assets was not one of the reasons Nigeria was greylisted, it became central to the country’s exit commitments.

Nigeria’s experiment with crypto regulation has been episodic, fragmented and dominated by a security lens. To consolidate reform momentum, digital finance must be treated not as a compliance afterthought but as a test of financial sovereignty.

From tolerance to ‘shadow regulation’

Between 2017 and 2020, the Central Bank of Nigeria (CBN) tolerated crypto informally while the Securities and Exchange Commission (SEC) studied its classification. Then in 2021, the CBN abruptly prohibited banks from servicing exchanges — launching what became known as “shadow regulation.”

A year later, the SEC released its first digital-asset guidelines and promised a sandbox regime, but no firm has yet graduated from that experiment. By 2023 the banking ban was partially lifted, though without new licences.

Today, three institutions dominate the field: the CBN, the Federal Inland Revenue Service (FIRS) and the Office of the National Security Adviser (ONSA). The SEC retains the statutory title of regulator under the Investments and Securities Act 2025, but not the operational weight to make it meaningful.

From a sociological standpoint, this regulatory oscillation reflects a familiar pattern — where authority is personalised and discretion replaces discipline when formal systems are weak. From a market-governance perspective, fragmentation erodes both compliance and confidence, deterring long-term capital.

Trust deficit and policy reversals

Since 2021, Nigeria has governed crypto through circulars, bans and quiet reversals. Banks were told to block exchanges, then told to unblock them.

Telcos restricted unlicensed platforms; users countered with VPNs and offshore brokers. The approach bought time but undermined trust, pushing activity off-grid and out of reach.

The result has been more volatility, capital flight and uncertainty about whether Nigeria is open for innovation or still improvising.

The rise of unregulated P2P networks

The most dangerous outcome is the explosion of peer-to-peer (P2P) trading. What began as a technical workaround has become the main rail for illicit finance. FATF classifies such unhosted transactions as the highest-risk corridor for money-laundering, terrorism funding and election-season slush funds.

Thousands of brokers now operate through messaging apps, settling via informal bank transfers or gift-card swaps. The mix of anonymity, speed and zero oversight attracts both speculators and bad actors.

Unless policy shifts before the 2027 elections, these networks could become the preferred channel for dark finance. Reducing their appeal is not censorship — it is financial hygiene. The solution is simple: make the regulated path cheaper, faster and safer than the unregulated one.

ARRIP: The sandbox that stalled

The Approval-in-Principle regime (ARRIP) was created to close that gap — a sandbox for innovation under supervision. In practice, it has become a holding pattern. The SEC manages it in name but lacks the resources to enforce timelines or graduate participants.

Meanwhile, the CBN is preparing to launch a Digital Finance Supervision Unit next year, linking bank rails, tax reporting and prudential oversight. From an accounting-governance perspective, this could be the bridge between innovation and accountability.

If successful, it could turn ARRIP from fiction into framework. If not, it will confirm that Nigeria can draft regulations faster than it can implement them.

Lessons from the region

South Africa’s formal registration of crypto service providers has built credibility. Kenya’s early permissiveness followed by crackdown created instability. Ghana’s cautious diplomacy built trust but slowed clarity.

Nigeria risks combining the worst of all three: costs without credibility, restrictions without stability.

What must change

The path forward requires discipline, not invention.

1. Coordinate rather than compete: the CBN, FIRS and ONSA must work together.

2. Be transparent, not transactional: backroom directives undermine both compliance and confidence.

3. Focus on substance, not slogans: build rails for lawful digital finance while closing those that invite abuse.

The public does not need another acronym. It needs a framework that works.

The next frontier: Trust

Nigeria’s fintech users are ingenious, but resilience is not the same as trust. Without credible oversight, innovation migrates offshore, capital flees and the naira suffers.

FATF delisting has bought Nigeria time, but not immunity. The real test is whether the country can construct a regulatory architecture that is both innovative and enforceable — one that curbs illicit flows before politics weaponises them.

As both sociologist and market professional, we see the next frontier not in drafting new rules but in strengthening the institutions and trust that make rules meaningful.

Beyond greylisting lies a harder task: ensuring that digital finance serves Nigerians — not the shadows.

Professor Wahab Elias is a Professor of Sociology at Lagos State University (LASU). His research focuses on institutions, governance and social change, particularly how regulatory systems adapt to technological and economic transitions.

Mr. Oluwole Ololade Adeosun, FCS, FCA, is Managing Director and Chief Executive Officer of Chartwell Securities Limited. He is the 12th President of the Chartered Institute of Stockbrokers and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
November 4, 2025
‘FATF delisting major boost to Nigerian economy’

The removal of Nigeria from the Financial Action Task Force (FATF) grey list would enhance investors’ confidence and inflows of investments into the economy.

Commendations continued to trail the weekend removal of the country from the grey list, with experts describing the achievement as a reflection of improvements in the country’s financial and economic regulatory systems.

The naira yesterday recorded significant gains, appreciating by N10 per dollar and closing the day at N1,486 per dollar at the parallel markets.

Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama said the removal was a clear reflection of the country’s renewed policy direction and commitment to transparency.

He said the development would significantly enhance investor confidence and attract more foreign investments.

He said: “It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence

“The release of Nigeria from the FATF grey list means that investor confidence would be boosted. Delisting from that grey list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations”.

He described the delisting as a “welcome call to new investments,” saying it would further strengthen productivity and growth in the Nigerian economy.

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President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said: “The recently announcement of the Financial Action Task Force on the Exist of Nigeria from its Grey list known as Dirty money list on Friday the 24th of October 2025 as result of Nigeria preparedness on remediating their 40 recommendations have tremendously induced confidence, and removed tension in the market”.

He said: “The impacts reflecting plausibly as naira appreciate against dollars with N10/$”.

At the official window, the naira traded at N1,457/$, maintain stronger position

Nigeria Extractive Industries Transparency Initiative (NEITI) applauded Nigeria’s anti-corruption and financial integrity institutions for securing the country’s removal from the Financial Action Task Force (FATF) Grey List—a global list of countries under increased monitoring for financial integrity risks.

In a statement, NEITI’s Executive Secretary, Orji Ogbonnaya Orji, described the delisting as “a strong vote of confidence in Nigeria’s ongoing reforms to combat corruption, improve financial transparency, and strengthen accountability systems across all sectors of the economy.”

He noted that the achievement followed demonstrable improvements in the country’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, enhanced regulatory oversight, and stronger collaboration among key national agencies.

He highlighted the importance of existing Memoranda of Understanding (MoUs) between NEITI and institutions such as the EFCC, NFIU, and ICPC, which have proven effective in promoting information and data sharing to track illicit financial flows and money laundering.

Grassroots Mobilization Initiative (GMI) also expressed support for the leadership of President Bola Tinubu, following the monumental announcement of Nigeria’s official removal from the Financial Action Task Force (FATF) grey list.

In a statement issued by its National Coordinator, Samaila Musa, the GMI described the development as a decisive victory for Nigeria’s economic sovereignty, institutional integrity, and global credibility under President Tinubu’s Renewed Hope Agenda.

He said: “This achievement, successfully communicated by the Presidency’s strategic team, is not merely a technical compliance milestone; it is a decisive victory for Nigeria’s economic sovereignty, institutional integrity, and global credibility under the Renewed Hope Agenda.”

After implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later, acknowledging the country’s progress in tightening its AML/CFT framework.

Speaking on Channels Television’s Morning Brief, Agama described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility and commended the Mrs. Hafsat Abubakar Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit and her team for their diligence in implementing the country’s action plan.

He said: “The NFIU was in the fore front of this initiative and we commend their commitment which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes”

He also praised the efforts of the National Security Adviser, the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defense, Foreign Affairs, Solid Minerals, and State for Finance, as well as the leadership of the National Assembly and the Judiciary.

Commenting on the announcement, Central Bank of Nigeria Governor, Olayemi Cardoso, said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system it reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”

The 40-member body, which has the backings of the World Bank Group and International Monetary Fund (IMF) sets international standards to ensure national authorities can effectively go after illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes.

Orji also commended the contributions of the 24 member agencies under the Inter-Agency Task Team (IATT)—chaired by NEITI and supported by the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR)—noting that political will and non-interference by the Federal Government were critical to the success.

He further praised the media and civil society groups for their vigilance, advocacy, and public awareness campaigns, saying their efforts in “naming and shaming” corruption had strengthened accountability and deterrence.

According to him, Nigeria’s removal from the FATF Grey List has far-reaching benefits for the economy and governance environment.

He said: “These are boost to International credibility and investor confidence, lower cost of financial transactions and improved access to global capital, enhanced business environment and economic growth.

“Nigeria’s exit sends a clear signal that our financial system now aligns with global transparency and integrity standards, making the country more attractive for foreign investment and international partnerships”.

He said the delisting would reduce Nigeria’s financial risk ratings, improve cross-border transactions, and enhance access to international finance and correspondent banking services.

He said: “With the stigma of high-risk status removed, the private sector—especially the extractive industries—will experience renewed investor interest, smoother trade flows, and greater confidence in financial governance”.

NEITI emphasised that beyond financial markets, the delisting reflected the strengthening of Nigeria’s institutional reforms and the increased effectiveness of key anti-corruption and regulatory bodies, including the BPP, CCB, CBN, Federal Ministry of Justice, law enforcement agencies, and development partners.

He stressed that the improved financial integrity framework provides a stronger foundation for governance in the extractive sector, revenue tracking, and anti-corruption reforms.

He urged that the momentum be sustained through deepening reforms on beneficial ownership disclosure and open contracting, strengthening oversight of extractive revenue flows, and expanding collaboration with global transparency and accountability institutions.

According to Musa, the delisting marks the culmination of the President’s political will and the implementation of far-reaching legal, institutional, and operational reforms within the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

He said: “For years, the grey listing hampered capital inflows, increased transaction costs for Nigerian businesses, and negatively impacted our financial reputation.

“President Tinubu’s commitment has now shattered that barrier, signaling to the world that Nigeria is ready for legitimate, large-scale international investment. This strategic victory will unlock new channels of global partnership and accelerate the economic recovery we all desire.

“We commend the President for treating this challenge not as a setback, but as a critical call to action, thereby securing a “strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.

“We pledge to intensify our efforts at the grassroots level to communicate the significance of this achievement to every Nigerian, assuring them that the economic pain associated with necessary reforms is yielding tangible, beneficial results”.

The group also urged all stakeholders, patriotic citizens, and international partners to recognize this bold step and continue to support the administration’s drive toward a more transparent, stable, and prosperous Nigeria.

October 28, 2025
FATF grey list exit opens new life line businesses, financial system

The Financial Action Task Force (FATF) last week removed Nigeria from its grey list of countries subject to increased monitoring for money laundering and terrorist financing risks. According to the Central Bank of Nigeria (CBN), the country’s delisting will deliver tangible benefits for businesses and households alike, including lower compliance costs, improved access to international finance, and faster, more affordable cross-border transactions, reports Assistant Editor COLLINS NWEZE

Nigeria’s exit from the Financial Action Task Force (FATF) grey list marks a major milestone with significant economic benefits. For stakeholders, particularly businesses and bank customers, this development is expected to boost investment inflows, ease the process of opening foreign bank accounts, and enhance the naira’s competitiveness in global markets.

Nigeria, which had been on the FATF grey list since February 2023, successfully exited following far-reaching financial sector reforms led by Central Bank Governor Olayemi Cardoso and other key stakeholders. Their coordinated efforts strengthened compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) standards, bringing Nigeria’s financial system in line with global best practices.

For over two years, the country faced the heavy consequences of grey listing, which restricted access to global financial markets and eroded investor confidence. Countries on the FATF watch list typically experience heightened scrutiny of cross-border transactions, as dealings with them are deemed high-risk. This situation placed a significant burden on Nigerian businesses, citizens, and financial institutions.

The FATF—a 40-member intergovernmental body backed by the World Bank and International Monetary Fund (IMF)—sets international standards to combat money laundering, terrorist financing, and other illicit financial activities. The Paris-based watchdog’s decision to delist Nigeria represents substantial progress, restoring global confidence, lowering the cost of capital, and strengthening the overall credibility and resilience of Nigeria’s financial system.

Other countries removed from the list include, South Africa, Mozambique and Burkina Faso. “As of February 2025, the FATF has reviewed 139 countries and jurisdictions and publicly identified 114 of them. Of these, 86 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process,” the report said.

FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation. “For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country,” it said.

By closing gaps in regulatory oversight and enhancing enforcement against illicit financial flows, the four nations have now met the FATF’s requirements for delisting, boosting their standing among global financial institutions and capital markets. Nigeria and South Africa were added to the list in February 2023 while Mozambique was included in October 2022 and Burkina Faso initially in February 2021.

CBN welcomes FATF decision

The CBN said it welcomes the FATF formal announcement of Nigeria’s removal from the list of jurisdictions under increased monitoring, known as the “grey list.” It said the decision followed a successful on-site evaluation of reforms implemented across the financial system. “The FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing, it marks an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence,” the apex bank said.

The FATF’s decision follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC). The CBN’s contribution centred on enhancing supervision, governance and transparency across the financial system. Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, included strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments.

There was also expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency. “Enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies. Implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMSI),” the apex bank said. Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.

It said Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable. In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion.

The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management. Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external balances, credible policy execution, and renewed monetary-policy credibility. Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater transparency, and a reform agenda increasingly aligned with global standards.

Commenting on the announcement, Cardoso said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”

CBN’s milestone contributions

On assumption of office, the leadership of the CBN led by Cardoso swung into action, dismantling the roadblocks and opaqueness in the financial system that put Nigerian on the list. From reforms in the bureau de change operations, which falls within the other financial sector segment of the economy, to the increase in surveillance and supervision of the deposit money banks, the CBN under Cardoso left no stone unturned to ensure that Nigeria exits the grey list. Under Cardoso, the CBN ensured that the banks met the FATF 40 recommendations, including ensuring that the lenders identify their customers and verify customer’s identity using reliable, independent source documents, data or information.

Part of the compliance records include Nigeria’s lenders being able to identify the beneficial owner, and taking reasonable measures to verify the identity of the beneficial owner, such that they become satisfied that beneficial owner in every transaction is known. As required by the law, the Nigeria’s financial institutions are also able to understand the ownership and control structure of their customers, obtain information on the purpose and intended nature of the business relationship and conduct due diligence on the business relationship. They equally ensured that scrutiny of transactions are undertaken throughout the course of every banking relationship.

President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, described Nigeria’s exit from the FATF grey list as good news and development, for the country. He praised the CBN’s efforts at ensuring that Nigeria is no longer burdened by the grey list challenges, following its exit. He said: “It opens new approach and opportunities in Nigeria banks and customers dealings with international financial institutions. It shows that Nigeria’s financial system is safe for payments and other transactions. It is worth celebrating by all Nigerians,” he said. Ogubunka advised that government should do more to ensure that Nigeria does not relapse, or return into the list by continuing to do things right and continuously complying with all the 40 recommendation set by the FATF.

Views from other stakeholders

Head Lagos Office at Inter – Governmental Action Against Money Laundering In West Africa (GIABA), Timothy Melaye, said the government of Nigeria has shown unwavering commitment to the implementation of AML/CFT measures in the country. Melaye spoke during the sensitisation seminar for organised private sector on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) organised by GIABA in Lagos.

Melaye, who represented GIABA Director-General, Edwin Harris, disclosed that money laundering and terrorism financing pose considerable threats to global peace and security as well as destabilizing political and financial stability of any nation state. “Besides external resources, enormous funds are generated by terrorist networks through legal as well as illegal means, concealed and laundered using existing legal financial framework or unlawful underground networks. The terrorist networks cannot be destroyed, or even made ineffective, unless concerted efforts are made at both national and international levels to efficaciously block their financial sources. The promotion of well-regulated financial systems and services is central to any effective and comprehensive AML/CFT regime,” he said.

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According to him, Money Laundering (ML) and the Financing of Terrorism (FT) is increasing in sophistication, inherently transnational, and increasingly linked to organised crime, posing a growing threat to consumers, business, and government alike.

Also speaking during the event, President / Chairman, Compliance Institute Nigeria, Pattison Boleigha, described the grey list as terminology that is coined by the FATF, which is generally made up of countries from highly developed economies to check the spate of crime and the abuse of the financial system. According to him, the signatories to the FITF are expected to guide countries on how to put legislation in place in their various countries to fight money laundering, terrorism financing and lately, proliferations of weapons of mass destruction. He said not meeting the FATF recommendations has some dire consequences on the business environment, including having Nigeria’s name published across the whole world as country that is not doing enough to fight financial crime, difficulties in business consummation and lack of trust from foreign investors. “In addition to that, our financial system suffers a lot because correspondent banks will not want to do business or open correspondent banking relationships with our banks and other financial institutions,” he added.

Understanding FATF Rules

“In total, more than 200 countries and jurisdictions have committed to implement the FATF’s Standards as part of a co-ordinated global response to preventing organised crime, corruption and terrorism. Countries and jurisdictions are assessed with the help of nine FATF Associate Member organisations and other global partners, the IMF and World Bank,” it said.

In a report on its website, the Financial Action Task Force (FATF) said it identifies jurisdictions with weak anti-money laundering and counter-terrorist financing (AML/CFT) measures in two public documents released three times a year. FATF’s process for publicly listing countries with weak AML/CFT regimes has proven effective. The organisation researches methods of money laundering and terrorist financing, promotes global standards to mitigate related risks, and evaluates whether countries are taking effective measures to address them.

“The FATF’s decision-making body, the FATF Plenary, meets three times per year and holds countries to account if they do not comply with the Standards. If a country repeatedly fails to implement FATF Standards then it can be named a Jurisdiction under Increased Monitoring or a High Risk Jurisdiction. These are often externally referred to as “the grey and black lists,” it said.

October 28, 2025
NEITI commends exit from FATF grey list

The Nigeria Extractive Industries Transparency Initiative (NEITI) has commended Nigeria’s anti-corruption and financial integrity institutions for securing the country’s removal from the Financial Action Task Force (FATF) Grey List of countries under increased monitoring.

In a statement from NEITI House, the Executive Secretary, Dr. Orji Ogbonnaya Orji, described the development as “a strong vote of confidence in Nigeria’s reforms to combat corruption, improve financial transparency, and strengthen accountability systems across all sectors of the economy.”

This was contained in a statement by the Director, Comms & Stakeholders Management, Mrs. Obiageli Onuorah..

According to the statement, Orji explained that the delisting follows demonstrable improvements in the effectiveness of Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, enhanced regulatory oversight, and sustained collaboration among key national stakeholders.

He highlighted the value of existing Memoranda of Understanding between NEITI and the EFCC, NFIU, and ICPC as effective platforms for information and data sharing to track money laundering, illicit financial flows.

He further acknowledged the excellent work of 24 member agencies under the Inter-Agency Task Team (IATT) chaired by NEITI, supported by the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), adding that strong political will and a policy of non-interference by the Federal Government were instrumental to the achievement.

Orji also commended the media and civil society for their vigilance, advocacy, public awareness campaigns, and “naming and shaming” efforts which strengthened public accountability and deterrence.

On the key benefits of Nigeria’s FATF Delisting, the NEITI Executive Secretary outlined the far-reaching positive implications of the delisting on Nigeria’s economy, governance, and investment climate, including:

Boost to international credibility and investor confidence:

“Nigeria’s exit sends a clear signal that our financial system is increasingly compliant with global transparency and integrity standards, making the country more attractive for foreign investment and international partnerships,” Orji stated.

Lower cost of financial transactions and improved access to global capital:

He explained that Nigeria is expected to benefit from reduced risk ratings, more efficient cross-border transactions, and improved access to international finance and correspondent banking services.

Enhanced business environment and economic growth prospects:

“With the stigma of high-risk status removed, the private sector especially the extractive industries, will benefit from increased investor interest, smoother trade flows, and greater confidence in Nigeria’s financial governance,” he said.

NEITI emphasised that beyond financial markets, the delisting reflects the strengthening of Nigeria’s institutional reforms and the increased effectiveness of key anti-corruption and regulatory agencies, including the BPP, CCB, CBN, Federal Ministry of Justice, law enforcement bodies, development partners, and diplomatic missions.

Orji stressed that improved financial system integrity provides a more credible foundation for extractive-sector governance, revenue tracking, and anti-corruption reforms.

He added that the momentum should now be used to:

Sustain reforms on beneficial ownership disclosure and open contracting;

Strengthen oversight of extractive revenue flows; and

Deepen collaboration with global transparency and accountability institutions.

“The FATF delisting is not just a regulatory success—it is a governance success. It strengthens Nigeria’s standing in the international transparency community and reinforces NEITI’s work to ensure openness, accountability, and integrity in the extractive industry,” Dr. Orji affirmed.

He reiterated the Agency’s commitment to work closely with the anti-corruption community, development partners to consolidate the gains, prevent policy reversals, and deepen ongoing reforms to ensure Nigeria never returns to the grey list.

October 26, 2025
CBN lists benefits of Nigeria exiting FATF Grey List
- NGF hails accomplishment
The Nigeria Governors’ Forum (NGF) has expressed delight over the removal of Nigeria from the grey list of the Financial Action Task Force (FATF).

NGF’s spokesman, Yunusa Abdullahi, in a statement on Saturday, quoted the forum’s Chairman and Kwara State Governor, AbdulRahman AbdulRazaq as attributing the feat to the efforts of President Bola Tinubu, the 36 state governors and relevant institutions.

He quoted the NGF Chairman as saying: “We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community.

“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.”

Abdullahi noted that the development came after years of thorough investigation and review of Nigeria’s financial systems.

He added: “This remarkable result was predicated on the diplomatic and political efforts of President Bola Ahmed Tinubu, governors of the 36 states of the federation, notable institutions like the Federal Ministry of Finance (FMF), Central Bank of Nigeria (CBN), Economic and Financial Crime Commission (EFCC) and the Nigeria Financial Intelligence Unit, (NFIU).”

The NGF spokeswoman recalled that the country was placed on the FATF grey list after the global body found deficiencies in Nigeria’s efforts at fighting money laundering and terrorism financing.

Abdullahi said: “Since then, through a combination of legislative reforms, institutional strengthening and enhanced inter-agency coordination, Nigeria has demonstrated sustained political will to achieve full compliance.

“Within that period, key reforms have been achieved including operationalization of the beneficial ownership register, improving of corporate transparency and accountability.

“Also, enhanced capacity of intelligence, law enforcement and regulatory agencies in detecting, analysing and prosecuting complex crimes has been achieved.

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“Throughout this period, the NFIU, CBN, the NGF, representing the sub-national government, and Ministry of Finance availed FATF all the necessary support in providing information to all inquiries which led to this clearance.

“The Nigeria Governors’ Forum, NGF is fully committed to maintaining the highest ethical financial standard in all its governance and will continue to uphold a culture of transparency, accountability and integrity,” he said.

In a related development, the Chairman, House Committee on Financial Crimes, Rep. Ginger Onwusibe, has also commended the President Bola Tinubu-led administration and relevant institutions on Nigeria’s ‘historic’ exit from the FATF grey list.

Onwusibe gave the commendation in a statement issued in Abuja, on Saturday, NAN reports. The lawmaker, who described the exit as a “national victory for integrity, resilience and inter-agency collaboration,” commended the Federal Government for its political will to address financial indiscipline in the country.

“I commend the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other Related Offences Commission (ICPC), Federal Inland Revenue Service (FIRS) and Central Bank of Nigeria (CBN),

“I also commend the Corporate Affairs Commission (CAC), other law enforcement/regulatory agencies and the Federal Ministry of Justice for their dedication and cooperation throughout the reform process,” he said.

According to the lawmaker, the feat is a product of years of hard work and synergy among the institutions.

“It restores global confidence in Nigeria’s financial system and demonstrates that our country can meet the highest international standards of transparency and accountability,” he said.

The lawmaker hailed the National Assembly for passing key reforms, including amendments to the Money Laundering (Prevention and Prohibition) Act, and others which had strengthened the country’s legal framework to combat money laundering.

Onwusibe, who also commended his committee for the achievement through oversight functions on both NFIU and EFCC, urged stakeholders to sustain the momentum to ensure Nigeria never returned to the list.

He reaffirmed the committee’s commitment to continuous legislative oversight and institutional support.

Meanwhile, the Central Bank of Nigeria (CBN) has said Nigeria’s removal from the Financial Action Task Force (FATF)’s grey list will strengthen investor confidence, ease cross-border transactions and restore the country’s reputation as a credible financial jurisdiction.

In a statement signed by its Acting Director, Corporate Communications Department, Hakama Sidi Ali, the CBN, on Saturday, said the delisting will lower the cost of correspondent banking and international transactions, facilitate smoother trade and investment flows, and make Nigeria more attractive to foreign investors and development partners.

The CBN described the development as a significant milestone that will reduce perceived financial risk and support the nation’s broader efforts to deepen financial inclusion and economic growth.

The bank added that Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike, lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.

Over time, these gains should translate into smoother trade settlements, quicker remittance inflows and more predictable access to foreign exchange, said the CBN, adding that the measures will enhance livelihoods, support enterprise growth and deepen financial inclusion.

The CBN said it played a central role in the process by enhancing supervision, governance and transparency across the financial system.

It explained that oversight of financial institutions was strengthened through updated anti-money laundering and counter-terrorism financing (AML/CFT) regulations, risk-based supervision and fit-and-proper assessments.

The CBN Governor Olayemi Cardoso was quoted in the statement, praising the collective effort. “This is an important achievement for Nigeria’s financial system. Our strengthened AML/CFT framework and closer supervisory engagement with financial institutions have helped restore confidence internationally,” he said.

He added that, “We remain committed to sustaining these reforms, deepening transparency, and working with domestic and international partners to prevent illicit financial flows and protect the integrity of our financial system.”

In addition, compliance reporting and monitoring were also expanded across remittance channels, bureaux de change and fintech platforms to improve traceability and transparency.

The bank enhanced inter-agency data-sharing and enforcement coordination between itself, the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC) and other law enforcement bodies.

The CBN also implemented market governance tools, including the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS), which further improved the integrity and transparency of the financial markets.

The bank said these measures were implemented alongside legal and operational reforms undertaken by other competent authorities and were crucial in addressing the strategic deficiencies identified by FATF and its regional body, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

The CBN credited coordinated action across government institutions for the successful outcome, commending the NFIU for leading technical engagement with FATF, law enforcement agencies for enforcement work, and the Office of the Attorney-General and the National Assembly for the legislative amendments that enabled compliance with FATF requirements.

The bank said it would not relent after the delisting. “Sustaining compliance with global AML/CFT standards is a continuous process,” the statement said, adding that the CBN will continue to work closely with AML/CFT competent authorities to ensure that the gains are consolidated and that Nigeria avoids any future reclassification.

The CBN also argued that the FATF decision reinforces a broader restoration of global confidence in Nigeria’s economic management. It pointed to recent international assessments that reflect improving external balances and credibility in policy execution, developments the Bank said are consistent with the momentum from the delisting.

The statement identified the constructive credit outlook from major rating agencies and the International Monetary Fund’s 2025 Article IV findings, which noted improved reserve adequacy, greater transparency and a reform agenda increasingly aligned with global standards.

The bank urged all financial institutions to remain diligent and to sustain high standards of compliance, corporate governance and internal controls so the country can fully reap the benefits of delisting.

It stressed that improvements in correspondent banking relationships and reduced transaction frictions should translate into easier international trade payments and more predictable access to foreign financial services for exporters, importers and remitters.
October 26, 2025
Nigeria exits FATF grey list

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.

October 24, 2025
FATF invites Nigeria to join consultative process on global financial integrity standards

The Financial Action Task Force (FATF), the global watchdog on money laundering and terrorist financing, has formally invited Nigeria to participate in its consultative processes for one year under the FATF-Style Regional Bodies (FSRB) jurisdictions guest initiative.

The invitation was conveyed in a letter from the FATF President, Elisa de Anda Madrazo, to the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari.

The move marks a significant shift in Nigeria’s engagement with the international financial standards-setting body, allowing the country to engage under its own national identity in deliberations and discussions at FATF events.

Prior to this development, Nigeria had only participated in FATF meetings as part of the delegation of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), a regional body under the Economic Community of West African States (ECOWAS).

Now, through the FSRB guest initiative, Nigeria will attend as a guest jurisdiction, representing its national views and contributing regional perspectives to FATF consultations.

While the FATF’s rules do not permit guest jurisdictions or observers to take part in its decision-making processes, participating countries can still engage meaningfully by offering input and observations during discussions.

The initiative is part of the FATF President’s ongoing efforts to enhance inclusiveness and ensure broader global representation in the setting of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) standards.

The guest initiative also aims to deepen participating countries’ understanding of FATF processes and allow them to play stronger roles in supporting the global financial system’s integrity.

Responding to the invitation, the Director/CEO of the NFIU, Hafsat Abubakar Bakari, welcomed what she described as recognition of Nigeria’s growing contribution to the global fight against illicit financial flows.

She stated that the country’s ongoing reforms in the AML/CFT space are aligned with broader national objectives to strengthen the economy and bolster investor confidence.

“The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development,” Bakari said. “This invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”

Read Also: FATF praises Nigeria for progress on anti-money laundering, terror financing reforms

Nigeria’s inclusion in the FATF consultative platform is seen as a critical step forward in its broader bid to exit the FATF grey list. The country was placed on the list in February 2023 and is currently implementing an action plan to address identified strategic deficiencies.

With a final deadline of May 2025 to meet its commitments, the invitation is expected to enhance Nigeria’s institutional capacity to align with FATF standards and contribute to regional compliance efforts.

FATF, headquartered in Paris, is an intergovernmental body that develops policies to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system.

Its membership and observer processes are central to ensuring countries are compliant with global norms that promote transparency and safeguard financial systems from criminal abuse.

July 21, 2025
FATF praises Nigeria for progress on anti-money laundering, terror financing reforms

Nigeria has received international recognition from the Financial Action Task Force (FATF) for making meaningful progress in the implementation of its Action Plan designed to strengthen the country’s fight against money laundering, terrorism financing, and related financial crimes.

A statement from the Nigerian Financial Intelligence Unit (NFIU) yesterday said the recognition was granted during the FATF’s recently concluded plenary meeting held in Strasbourg, France.

The acknowledgment marks a critical step forward in Nigeria’s efforts to be removed from the FATF grey list—a status that indicates a country is under increased monitoring due to strategic deficiencies in its anti-money laundering and counter-financing of terrorism (AML/CFT) frameworks.

The FATF Action Plan outlines a series of key reforms Nigeria must undertake, including strengthening the legal framework, improving the effectiveness of the Nigerian Financial Intelligence Unit (NFIU), ensuring robust supervision of financial institutions, and enhancing cooperation with law enforcement agencies.

Other components involve adopting a risk-based approach, promoting public awareness and training, improving international cooperation, and strengthening mechanisms for monitoring and reporting.

In response to the FATF commendation, the NFIU said the development clears the path for the FATF Africa Joint Group to conduct an on-site visit. This upcoming mission will assess whether the reforms introduced are functioning as intended, have political backing, and are sustainable in the long term.

The NFIU also noted that Nigeria has made marked improvements in several key areas, including “the conduct and regular updating of national risk assessments, increased transparency around beneficial ownership information, and the implementation of risk-based supervision across both financial and non-financial sectors.”

According to the NFIU, this progress is a testament to Nigeria’s commitment not only to exit the grey list but also to build a resilient AML/CFT regime capable of protecting the integrity of the national financial system and bolstering economic stability.

“With the on-site visit phase approaching, it is essential that all stakeholders maintain the momentum and ensure that the reforms are not only sustained but also deeply embedded across all institutions,” the NFIU said in a statement.

The NFIU, which serves as the national coordinator for the FATF’s International Cooperation Review Group (ICRG) process and Secretariat of the Inter-Ministerial Committee on AML/CFT/Counter-Proliferation Financing (CPF), commended the collective effort by all arms of government and other key players in Nigeria’s financial ecosystem.

Read Also: Nigeria makes progress towards exiting FATF grey-list

It appreciated President Bola Ahmed Tinubu for providing the necessary leadership, and to members of the Federal Executive Council—particularly the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of the Interior—for their roles in ensuring that the FATF Action Plan was swiftly implemented.

The NFIU also recognized the heads of critical institutions including the judiciary, law enforcement agencies, regulators, and private sector stakeholders, whose input has helped Nigeria better detect, investigate, and prosecute complex financial crimes.

As part of its continuing responsibility, the NFIU reaffirmed its commitment to offering strategic direction and coordination to ensure full compliance with global AML/CFT standards ahead of the upcoming FATF evaluation.

June 15, 2025
FATF praises Nigeria on anti-money laundering reforms

Nigeria has received international recognition from the Financial Action Task Force (FATF) for making meaningful progress in the implementation of its Action Plan designed to strengthen the country’s fight against money laundering, terrorisim financing, and related financial crimes.

A statement from the Nigerian Financial Intelligence Unit (NFIU) on Saturday said the recognition was granted during the FATF’s recently concluded plenary meeting held in Strasbourg, France.

The acknowledgment marks a critical step forward in Nigeria’s efforts to be removed from the FATF grey list—a status that indicates a country is under increased monitoring due to strategic deficiencies in its anti-money laundering and counter-financing of terrorism (AML/CFT) frameworks.

The FATF Action Plan outlines a series of key reforms Nigeria must undertake, including strengthening the legal framework, improving the effectiveness of the Nigerian Financial Intelligence Unit (NFIU), ensuring robust supervision of financial institutions, and enhancing cooperation with law enforcement agencies.

Other components involve adopting a risk-based approach, promoting public awareness and training, improving international cooperation, and strengthening mechanisms for monitoring and reporting.

In response to the FATF commendation, the NFIU said the development clears the path for the FATF Africa Joint Group to conduct an on-site visit. This upcoming mission will assess whether the reforms introduced are functioning as intended, have political backing, and are sustainable in the long term.

The NFIU also noted that Nigeria has made marked improvements in several key areas, including “the conduct and regular updating of national risk assessments, increased transparency around beneficial ownership information, and the implementation of risk-based supervision across both financial and non-financial sectors.”

According to the NFIU, this progress is a testament to Nigeria’s commitment not only to exit the grey list but also to build a resilient AML/CFT regime capable of protecting the integrity of the national financial system and bolstering economic stability.

“With the on-site visit phase approaching, it is essential that all stakeholders maintain the momentum and ensure that the reforms are not only sustained but also deeply embedded across all institutions,” the NFIU said in a statement.

Read Also: FG orders urgent action to remove Nigeria from FATF grey list

The NFIU, which serves as the national coordinator for the FATF’s International Cooperation Review Group (ICRG) process and Secretariat of the Inter-Ministerial Committee on AML/CFT/Counter-Proliferation Financing (CPF), commended the collective effort by all arms of government and other key players in Nigeria’s financial ecosystem.

It appreciated President Bola Ahmed Tinubu for providing the necessary leadership, and to members of the Federal Executive Council—particularly the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of the Interior—for their roles in ensuring that the FATF Action Plan was swiftly implemented.

The NFIU also recognized the heads of critical institutions including the judiciary, law enforcement agencies, regulators, and private sector stakeholders, whose input has helped Nigeria better detect, investigate, and prosecute complex financial crimes.

As part of its continuing responsibility, the NFIU reaffirmed its commitment to offering strategic direction and coordination to ensure full compliance with global AML/CFT standards ahead of the upcoming FATF evaluation.

It urged all partners and institutions to remain focused, stressing that the success of these reforms is crucial to safeguarding Nigeria’s financial architecture from exploitation and rebuilding the confidence of the international community.

June 14, 2025
FG orders urgent action to remove Nigeria from FATF grey list

The federal government has directed all relevant agencies to take “immediate and decisive steps” to meet the requirements set by the Financial Action Task Force (FATF) as part of efforts to remove Nigeria from the grey list.

The Minister of State for Finance, Dr. Doris Uzoka-Anite, issued this directive on Friday during a meeting in Abuja with key Ministries, Departments, and Agencies (MDAs) responsible for strengthening Nigeria’s financial integrity.

Some of the agencies present at the meeting include the NFIU, EFCC, Immigration and others.

“We recognize the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems,” she said.

“All hands must therefore be on deck to ensure the realization of these objectives.”

She said that the government is committed to addressing deficiencies in Nigeria’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework.

According to her, the target is to exit the FATF grey list by the second quarter of 2025, a move expected to boost investor confidence and create new economic opportunities.

Read Also: Nigeria makes progress towards exiting FATF grey list

“We are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results,” the Minister assured.

Dr. Uzoka-Anite further stressed that Nigeria’s commitment to international financial standards is unwavering.

“We are committed to implementing the necessary reforms to safeguard Nigeria’s financial integrity and foster global confidence in our economy,” she stated.

The Minister also assured of the government’s stance on transparency and cooperation in the ongoing reforms.

“We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy, in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.”

The FATF grey list includes countries under increased monitoring due to concerns about their AML/CFT measures. Exiting the list requires significant regulatory and institutional reforms to align with international best practices.

March 7, 2025