President Bola Tinubu has applauded Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing the development as a landmark achievement in the nation’s drive toward economic renewal, institutional transparency, and global credibility.
The FATF, a global body responsible for setting standards in combating money laundering and terrorism financing, placed Nigeria on its grey list in February 2023 after identifying strategic weaknesses in the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
After more than two years of intensive reforms, the international watchdog announced Nigeria’s delisting, citing the successful implementation of a comprehensive 19-point action plan designed to strengthen regulatory and enforcement mechanisms across key sectors.
In a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu commended the concerted efforts of government institutions and stakeholders that ensured the country met all FATF compliance benchmarks.
“This is a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility,” the President said.
He particularly praised the commitment of the Secretary to the Government of the Federation, the Ministers of Aviation, Defence, Budget and Economic Planning, Foreign Affairs, Solid Minerals, and State for Finance, as well as the National Assembly and the Judiciary, for their collaboration in achieving this feat.
Tinubu also lauded the leadership of the Nigerian Financial Intelligence Unit (NFIU), led by Hafsat Abubakar Bakari, for ensuring the timely and effective completion of Nigeria’s FATF Action Plan. According to him, the NFIU’s diligence and coordination were pivotal to the country’s recognition by the international community.
“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.
The President further appreciated the contributions of all ministries, departments, agencies, and private sector representatives that participated actively in the National Task Force on AML/CFT.
Among the agencies recognized were the Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Department of State Services (DSS), National Drug Law Enforcement Agency (NDLEA), Nigeria Customs Service (NCS), National Counter-Terrorism Centre, Nigeria Export Processing Zones Authority (NEPZA), National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), and the Nigeria Police Force (NPF).
Tinubu emphasized that the delisting not only validates Nigeria’s renewed commitment to upholding global financial standards but also strengthens investor confidence and positions the country as a credible partner in international finance and trade.
