·         Tinubu, NFIU boss, Edun, Fagbemi welcome country’s delisting from grey list

·         Reiterate nation’s commitment to financial transparency 

Deji Elumoye, Alex Enumah in Abuja and Nume Ekeghe in Lagos

Nigeria has finally been removed from the Financial Action Task Force (FATF) global watchlist, marking a major step forward in the nation’s fight against money laundering and illicit financial flows.

President Bola Tinubu yesterday welcomed the country’s delisting from the FATF grey list, just as he pledged to continue reforms that would further sanitise the financial sector in furtherance of his adroit policies.

President of the FATF, Elisa de Anda Madrazo, congratulated Nigeria on the feat, while the Director/ Chief Executive Officer, the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, described the development as a milestone which marks a historic moment in Nigeria’s fight against serious financial crimes.

Bakari added that the delisting of Nigeria underscored the country’s commitment to global standards in combating money laundering, terrorist financing and proliferation financing.

 The FATF, which announced the delisting at its Plenary in Paris, France, yesterday, is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing.

The announcement formally removed Nigeria from the list of jurisdictions under increased monitoring, commonly referred to as the “grey list”.

Tinubu, in a statement issued by his Adviser on Information and Strategy, Bayo Onanuga, described the development as, “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”

 This decision followed Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) 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.

The Presidency noted that under Tinubu’s strategic leadership and in line with the economic transformation agenda of his administration, Nigeria implemented far-reaching legal, institutional and operational reforms. 

This was achieved through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working in conjunction with the Attorney-General of the Federation and Minister of Justice, Minister of Finance, and Coordinating Minister of the Economy and Minister of Interior. 

The President applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement.

Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan. He noted that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.

“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”, the President said.

 Tinubu also commended all Ministries, Agencies, their heads and private sector representatives who contributed to the delisting through their active participation in the National Task Force on AML/CFT.

These, he listed to include the Governor of Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, the Chief of the Defence Staff, the Director-General of the Department of State Services, the Executive Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent Corrupt Practices Commission, the National Coordinator National Counter-Terrorism Centre, the Chairman National Drug Law Enforcement Agency, the Commissioner/Chief Executive Officer of the National Insurance Commission, the Comptroller-General of the Nigeria Customs Service, the Managing Director Nigeria Export Processing Zones Authority, the Inspector-General Nigeria Police Force, and the Director-General Securities and Exchange Commission, as well as all their dedicated staff.

Nigeria’s efforts in completing the Action Plan were complemented by the country’s close partnership with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). 

Furthermore, Tinubu acknowledged the strong support of international partners, the Governments of France, Germany, the United Kingdom, the United States, the United Nations and the European Commission, for their steadfast technical assistance during Nigeria’s reform process.

According to the President, Nigeria’s removal from the FATF grey list was “not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.

“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust,” he added.

For her part, Bakari stated that the delisting of Nigeria underscored the country’s commitment to global standards in combating money laundering, terrorist financing and proliferation financing.

 The NFIU boss also recalled that Nigeria was placed on the FATF grey list in February 2023, following the identification of strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

 She said that over the past two years, Nigeria has worked resolutely to address these concerns through a 19-point Action Plan developed in collaboration with the FATF and its regional counterpart, GIABA.

 She added that through a strategic programme of legislative reforms, institutional strengthening and enhanced inter-agency coordination, Nigeria has demonstrated sustained commitment to financial transparency and integrity.

 According to a statement from the NFIU, Nigeria was represented at the Plenary by a High-Level Delegation which included the Attorney-General of the Federation and Minister of Justice, Minister of Finance and Coordinating Minister of the Economy, Minister of Interior and the Director/Chief Executive Officer of the NFIU.

She further stated that “This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.”

The NFIU CEO thus called on all stakeholders to sustain the efforts and ensure that Nigeria maintains its leading position in the global network and acts as a beacon for effective measures to protect and safeguard global prosperity and security.

 Speaking on behalf of Nigeria, the Minister of Finance, Mr. Wale Edun, reaffirmed Nigeria’s commitment to strong AML/CFT, noting that, “Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing. For us, the Action Plan was not the ceiling, but the floor of our aspirations.”

 He further noted that Nigeria’s commitment goes beyond compliance as it reflects a national transformation agenda that prioritises transparency, integrity and accountability.

 Similarly, the AGF, Fagbemi, expressed Nigeria’s gratitude to the FATF for extending an invitation to the country to join the Guest Jurisdictions Initiative.

“This will enable the country, represented by the NFIU, to participate under its own flag in the meetings of the FATF for the next one year and contribute to the global discussions on international AML/CFT/CPF standards and policies,” he added.

During the Plenary, in Paris yesterday, the FATF also approved the removal of Burkina Faso, Mozambique and South Africa from the grey list, marking an impressive day for improved financial sector integrity on the African continent. 

Confirming the development, FATF stated: “The Plenary removed Burkina Faso, Mozambique, Nigeria, and South Africa from the list of jurisdictions under increased monitoring after completing their Action Plans. 

“The FATF welcomes Nigeria’s significant progress in improving its AML/CFT regime. Nigeria strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2023, by completing its residual ML/TF risk assessment and updating its national AML/CFT strategy to ensure alignment with other national strategies relevant to high-risk predicate offences.

 “Enhancing formal and informal international cooperation in line with its ML/TF risks. Improving AML/CFT risk-based supervision of FIs and DNFBPs and enhancing implementation of preventive measures for high-risk sectors, ensuring that competent authorities have timely access to accurate and up-to-date BO information on legal persons and applying sanctions for breaches of BO obligations.”

“Demonstrating an increase in the dissemination of financial intelligence by the FIU and its use by LEAs; demonstrating a sustained increase in ML investigations and prosecutions in line with ML risks; proactively detecting violations of currency declaration obligations and apply appropriate sanctions and maintaining comprehensive data on frozen, seized, confiscated, and disposed assets.”

“Demonstrating sustained increase in investigations and prosecutions of different types of TF activities in line with risk and enhancing interagency cooperation on TF investigations; and conducting risk-based and targeted outreach to NPOs at risk of TF abuse and implementing risk-based monitoring for the subset of NPOs at risk of TF abuse without disrupting or discouraging legitimate NPO activities.”

“Nigeria should continue to work with GIABA to sustain its improvements in its AML/CFT system.”

 Analysts described Nigeria’s removal from the grey list as a major boost to investor confidence, predicting an increase in foreign direct and portfolio inflows, as well as an improvement in how the country is perceived globally.

Speaking to THISDAY, Chief Executive Officer of CFG Advisory, Mr. Tilewa Adebajo, said the FATF’s decision marks a significant milestone in restoring credibility to Nigeria’s financial system. 

He said: “This is definitely a positive step in the right direction. Being on the grey list cast doubts on Nigeria’s financial transparency and accountability. So, our removal should help improve the country’s credit rating and demonstrate that we’ve made real progress in promoting transparency and accountability.”

Adebajo noted that the delisting showed that Nigeria was taking issues such as money laundering and cybercrime more seriously, adding that the development will help restore confidence and credibility while encouraging fresh foreign direct investment.

He added: “This decision lifts a major cloud that had hung over the country’s financial system and should help restore confidence and credibility, while also encouraging more foreign direct investment. It is indeed a big step forward, congratulations to both the Minister of Finance and the Central Bank Governor.”

Similarly, Head of Financial Institutions Ratings at Agusto & Co., Mr. Ayokunle Olubunmi, said the move would likely trigger renewed interest from foreign investors. “Although we’ve seen some improvement in foreign portfolio investment, many investors had been waiting for Nigeria to be removed from the grey list before returning to the market,” he explained.

According to him, the delisting also strengthens Nigeria’s case for potential re-inclusion in major global investment benchmarks such as the JP Morgan Bond Index.

“I also won’t be surprised if this development becomes one of the factors considered by JP Morgan Bond Index especially as they review Nigeria’s status for potential inclusion in their global market indices. This could fast-track Nigeria’s re-listing on some of those key investment benchmarks,” he added.

Olubunmi added that the benefits go beyond macroeconomics. “For individuals and businesses, processes such as opening accounts abroad or making international transfers will become relatively easier. Even visa processing and how Nigerians are treated at foreign airports could improve, because part of the reputational challenges we’ve faced internationally stemmed from Nigeria’s previous FATF grey list status,” he said.