President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the country’s economic reform and global credibility drive.
The development was contained in a statement released on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, following the announcement made at the FATF Plenary in Paris, France.
FATF, the world’s foremost standard-setting body for combating money laundering and terrorist financing, officially delisted Nigeria from jurisdictions under increased monitoring, otherwise known as the grey list.
President Tinubu said the move marked “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
He explained that the delisting followed Nigeria’s successful completion of the FATF Action Plan after more than two years of sustained reforms and inter-agency coordination to strengthen the nation’s Anti-Money Laundering and Counter-Financing of Terrorism framework.
“In February 2023, the FATF placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency. Rather than treat this as a setback, Nigeria viewed it as a call to action,” Tinubu said.
He noted that under his leadership, the country implemented far-reaching legal, institutional and operational reforms through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working alongside the Attorney-General of the Federation, Minister of Finance, and Minister of Interior.
The President commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, for her diligence and the hard work of her team in ensuring Nigeria’s full compliance with global standards.
“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,” Tinubu added.
He also appreciated the efforts of various ministries, agencies, private sector representatives, and security institutions who played key roles in the National Task Force on AML/CFT, including the Central Bank of Nigeria, EFCC, ICPC, and the Nigeria Police Force.
President Tinubu 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, for their technical assistance throughout the reform process.
According to him, Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
He reaffirmed his administration’s resolve to sustain the reforms, deepen institutional collaboration and continue building a financial system that both Nigerians and the global community can trust.
