By Ihechi Enyinnaya
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 Nigeria’s journey toward economic reform, institutional integrity, and global credibility.”
The FATF — the world’s leading body for setting standards to combat money laundering, terrorist financing, and proliferation financing — formally announced Nigeria’s delisting during its Plenary meeting held in Paris, France. The decision officially removes Nigeria from the group of countries under increased monitoring, commonly referred to as the “grey list.”
President Tinubu said the delisting followed Nigeria’s successful completion of its FATF Action Plan, achieved through more than two years of coordinated reforms, enforcement, and inter-agency collaboration aimed at strengthening the nation’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) systems.
He recalled that when FATF placed Nigeria on the grey list in February 2023, it served as “a call to action” rather than a setback. Since then, his administration, in line with its economic transformation agenda, implemented comprehensive legal, institutional, and operational reforms to restore global confidence in Nigeria’s financial system.
The President attributed the success to the coordinated work of the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Office of the Attorney-General of the Federation, the Ministry of Finance and Coordinating Ministry of the Economy, and the Ministry of Interior.
He expressed gratitude to several key officials and institutions — including the Secretary to the Government of the Federation, the National Security Adviser, ministers of Defence, Foreign Affairs, Aviation, Solid Minerals, and Budget and Economic Planning, as well as the National Assembly and Judiciary — for their contributions to this achievement.
President Tinubu also commended Ms. Hafsat Abubakar Bakari, Director/Chief Executive Officer of the NFIU, and her team for their diligence and professionalism, noting that their work earned international recognition for Nigeria’s progress in combating financial crimes.
“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,” the President stated.
He further acknowledged the support of international partners — including the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission — as well as the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) for their technical assistance during the reform process.
According to President Tinubu, Nigeria’s removal from the FATF grey list represents “a strategic victory for the economy and a renewed vote of confidence in Nigeria’s financial governance.”
He added that the nation would continue to strengthen institutional collaboration and sustain its financial reforms to build a transparent, accountable, and trusted financial system for Nigerians and international partners alike.