Senate Hails Tinubu, NFIU, Others As Nigeria Exits FATF Grey List
Senate Hails Tinubu, NFIU, Others As Nigeria Exits FATF Grey List
* Says delisting restores investor confidence, boosts global financial credibility
Sunday Aborisade in Abuja
The Senate on Tuesday commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key stakeholders for their pivotal roles in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List, describing the development as a landmark achievement for the nation’s financial system and international image.
The commendation followed a motion sponsored by Senator Emmanuel Udende (Benue North-East), titled ‘Motion on the Need to Commend the Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and Other Stakeholders for Their Efforts in the Removal of Nigeria’s Name from the Financial Action Task Force (FATF) Grey List.’
Bringing the motion under Matters of Urgent Public Importance, Senator Udende noted that the FATF’s recent announcement marked Nigeria’s full compliance with global Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, signalling the country’s renewed credibility within the global financial community.
He recalled that Nigeria’s earlier inclusion on the FATF Grey List had subjected the nation to increased international scrutiny, reduced investor confidence and limited access to global financial markets, which negatively affected trade and investment inflows.
Udende said Nigeria’s removal from the list was the result of far-reaching reforms and policy actions implemented by the Executive, the National Assembly, and several regulatory and enforcement agencies, including the NFIU, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Central Bank of Nigeria (CBN).
He further highlighted that the delisting reflected President Tinubu’s commitment to fiscal transparency, accountability and compliance with international best practices in financial governance.
“The coordinated reforms undertaken by the government have not only restored Nigeria’s reputation but also enhanced investor confidence and reduced transaction costs for Nigerian financial institutions operating internationally,” Udende said.
Senators who contributed to the debate unanimously commended the administration for what they described as a “strategic victory” that would yield lasting economic and diplomatic dividends for the country.
The Senate expressed delight that Nigeria’s delisting has boosted investor confidence, improved access to global finance and reassured international partners of the country’s dedication to fighting financial crimes.
The lawmakers noted that Nigerian banks and businesses, previously burdened by heavy compliance checks and delayed transactions, now enjoy smoother, faster and more cost-efficient international operations.
The upper chamber further observed that the development has repositioned Nigeria as a credible and attractive destination for foreign direct investment, particularly in key growth sectors such as energy, technology, agriculture and manufacturing.
“The delisting will deepen our economic competitiveness, strengthen the naira and create jobs through renewed investment inflows,” the Senate stated.
In adopting the motion, the Senate resolved to formally commend President Tinubu, the Senate President, the NFIU, EFCC, ICPC, CBN, and other relevant agencies for their collaborative efforts in achieving the milestone.
It also urged all financial and regulatory institutions to sustain compliance with global standards to prevent any future relapse that could undermine Nigeria’s credibility.
The Senate mandated its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and ensure continuous policy review to consolidate the progress made.
Furthermore, lawmakers encouraged continuous collaboration between the public and private sectors to uphold transparency, accountability and integrity in Nigeria’s financial management system.
They emphasized that Nigeria’s removal from the FATF Grey List was not only a triumph of government policy but also a testament to effective inter-agency coordination and Nigeria’s growing maturity in global financial governance.
“The challenge now,” the Senate said, “is to maintain this momentum and ensure that Nigeria never again finds itself under international monitoring for financial system deficiencies.”
* Says delisting restores investor confidence, boosts global financial credibility Sunday Aborisade in Abuja The Senate on Tuesday commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and
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