Tinubu declares major win as FATF clears Nigeria’s name from Grey List

By Kazeem Ugbodaga

President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing the development as a “major milestone” in the nation’s ongoing economic and institutional reform journey.

The FATF, the global watchdog against money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting during its Plenary in Paris, France, on Friday.

The decision officially removes Nigeria from the list of countries under increased monitoring.

President Tinubu said the move reflects Nigeria’s strengthened anti-money laundering and counter-terrorism financing framework, following more than two years of rigorous reform, inter-agency coordination, and sustained effort under his administration.

“In February 2023, Nigeria was placed on the FATF grey list. Rather than see it as a setback, we viewed it as a call to action. Today’s delisting demonstrates our resolve to build credible, transparent, and accountable institutions,” the President said.

The success was achieved through coordinated efforts led by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with key ministries and agencies, including the offices of the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.

Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, and her team for their dedication, which earned Nigeria international recognition for strengthening its anti-financial crime measures.

He also appreciated the support of the Secretary to the Government of the Federation, members of the Federal Executive Council, the National Assembly, the Judiciary, and private sector representatives who participated in the National Task Force on AML/CFT.

Among the key contributors were the Central Bank of Nigeria, Corporate Affairs Commission, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, National Drug Law Enforcement Agency, Department of State Services, Nigeria Customs Service, Nigeria Police Force, and the Securities and Exchange Commission.

President Tinubu acknowledged the technical support provided by international partners, including the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission.

He described Nigeria’s delisting as “not just a technical accomplishment, but a strategic victory for our economy and a renewed vote of confidence in our financial governance.”

Tinubu reaffirmed that his administration would sustain and deepen the institutional reforms that led to the achievement, ensuring Nigeria’s financial system remains credible and trusted globally.