by Ola Williams-
President Bola Tinubu has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
The FATF, an international watchdog against money laundering and terrorist financing, had placed Nigeria on its grey list in February 2023 after identifying strategic deficiencies in the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems.
However, more than two years later, the FATF announced Nigeria’s delisting following the country’s successful implementation of a comprehensive 19-point action plan aimed at strengthening its AML/CFT framework.
In a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu expressed appreciation to all those who contributed to achieving the milestone.
“The removal of Nigeria from the FATF grey list is a testament to our collective resolve to strengthen the integrity of our institutions and promote transparency in governance,” Tinubu said. “This success is not just about compliance—it is about building a resilient economy that inspires investor confidence and global trust.”
Onanuga noted that the President lauded the vital support of key government officials including the Secretary to the Government of the Federation, the Minister of Aviation, the Minister of Budget and Economic Planning, the Minister of Defence, the Minister of Foreign Affairs, the Minister of Solid Minerals, the Minister of State for Finance, the National Security Adviser, as well as the leadership of the National Assembly and the Judiciary.
Tinubu also commended the Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, and her team for their “diligence and commitment” in ensuring the complete and timely implementation of the action plan.
“The NFIU’s work has been instrumental in securing international recognition for Nigeria’s efforts to strengthen its systems against financial crimes,” the President said. “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 further extended his appreciation to all Ministries, Agencies, and private sector representatives who played active roles in the National Task Force on AML/CFT, which spearheaded the reforms.
Among those recognized were the Governor of the Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, the Chief of Defence Staff, the Director-General of the Department of State Services, the Executive Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent Corrupt Practices Commission, the National Coordinator of the National Counter-Terrorism Centre, the Chairman of the National Drug Law Enforcement Agency, the Commissioner of the National Insurance Commission, the Comptroller-General of the Nigeria Customs Service, the Managing Director of the Nigeria Export Processing Zones Authority, the Inspector-General of Police, and the Director-General of the Securities and Exchange Commission.
“This achievement underscores our renewed commitment to transparency, accountability, and the rule of law,” Tinubu said. “It marks a turning point in Nigeria’s economic transformation and global engagement.”
