Nigeria’s Removal from FATF Grey List a Strategic Victory – Tinubu

President Bola Ahmed Tinubu has hailed Nigeria’s removal from the Financial Action Task Force grey list as a strategic victory for the nation’s economy and financial governance.

The FATF, the global body responsible for combating money laundering and terrorist financing, announced Nigeria’s delisting during its October 2025 plenary in Paris, France, on Friday. The decision followed the country’s full implementation of a 19-point action plan designed to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, the President described the milestone as not just a technical achievement but a renewed vote of confidence in Nigeria’s financial management system.

Nigeria was placed on the grey list in February 2023 over weak enforcement mechanisms, limited inter-agency coordination, and opaque financial practices. Tinubu said his administration viewed the designation as a call to action rather than a setback, leading to sweeping reforms across critical sectors.

Acting on the President’s directive, the Nigerian Financial Intelligence Unit (NFIU) worked closely with the Offices of the Attorney-General, and the Ministers of Finance, Justice, and Interior to implement comprehensive legal, institutional, and operational reforms that met FATF standards.

Tinubu commended the Director and Chief Executive Officer of the NFIU, Hafsat Bakari, and her team for their diligent and timely efforts in implementing Nigeria’s commitments, noting that their work earned the country international recognition in the fight against financial crimes.

Bakari, who led the reform process, confirmed the delisting in a statement describing it as a true test of Nigeria’s resilience, coordination, and commitment to reform. She stated that the FATF had officially removed Nigeria from the list of jurisdictions under increased monitoring, marking a major milestone in the nation’s anti-money laundering efforts.

According to her, key reforms included the enforcement of the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022, the operationalisation of the Beneficial Ownership Register, and tighter supervision of designated non-financial businesses and professions. She added that Nigeria had also strengthened its law enforcement and intelligence agencies to detect, investigate, and prosecute financial crimes while deepening international collaboration and information sharing.

Bakari praised President Tinubu, the National Assembly, the judiciary, and the private sector for their roles in the process and urged sustained commitment to keep Nigeria aligned with global financial standards.

At the same plenary, FATF also removed South Africa, Mozambique, and Burkina Faso from its grey list after similar reforms were verified.

Analysts predict that Nigeria’s removal will boost investor confidence, ease international transactions, and attract foreign capital inflows.

Tinubu concluded that the development signaled a new phase in Nigeria’s financial reform journey, stating that the government would sustain its reforms and continue to build a financial system that Nigerians and the world can trust.