Nigeria Removed from Global Financial ‘Grey List’: A Major Win for Tinubu’s Administration
Nigeria has been officially taken off the Financial Action Task Force’s (FATF) “grey list,” marking a significant achievement in the country’s fight against financial crimes. The FATF, the global standard-setter for combating money laundering and terrorist financing, announced the decision at its Plenary session in Paris today, formally ending the period of “increased monitoring” for Nigeria. President Bola Ahmed Tinubu hailed the delisting as a “major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
Nigeria was placed on the grey list in February 2023. This move by the global community was a clear signal that the nation needed to step up its efforts in enforcement, coordination, and transparency across its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework. President Tinubu’s administration took this as a “call to action,” leading a sustained, two-year effort of reforms. The successful completion of the FATF Action Plan involved far-reaching legal, institutional, and operational changes.
The success was attributed to intense coordination spearheaded by the Nigerian Financial Intelligence Unit (NFIU), which worked closely with several key ministries, including the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior. President Tinubu specifically commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her entire staff for their “diligence and sacrifice.” The President also applauded numerous other agencies and their leaders, including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force, for their contributions through the National Task Force on AML/CFT.
Nigeria’s commitment was also bolstered by strong partnerships with the FATF, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), and technical assistance from international partners like France, Germany, the United Kingdom, the United States, and the European Commission. According to President Tinubu, the removal from the grey list is not merely a technical accomplishment but a “strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.” He pledged that the nation will maintain the institutionalized reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust, marking the beginning of a new chapter in the nation’s financial reform agenda.
