Hot SourceCardoso: Removal strong affirmation of our reform trajectory, growing integrity of financial system
Chuks Okocha and James Emejo in Abuja
The Nigerian governors yesterday described the removal of Nigeria from the financial grey list by the Financial Action Task Force (FATF) as evidence of financial discipline and integrity introduced by the administration of President Bola Tinubu.
This is just as the Central Bank of Nigeria (CBN) yesterday welcomed the country’s removal from the list of jurisdictions under increased monitoring, known as the “grey list”, describing it as a strong affirmation of Nigeria’s reform trajectory and the growing integrity of the country’s financial system.
In a statement issued yesterday by the Director of Media and Strategic communications of the Nigeria Governors’ Forum (NGF), Yunusa Abdullahi, the governors said the removal of Nigeria from the list was a product of years of thorough investigation and review of Nigeria’s financial systems.
“This remarkable result was predicated on the diplomatic and political efforts of President Bola Ahmed Tinubu, governors of the thirty-six states of the federation, notable institutions like the Federal Ministry of Finance, Central Bank of Nigeria, Economic and Financial Crimes Commission (EFCC), and the Nigeria Financial Intelligence Unit (NFIU),”
Nigeria was placed on the FATE grey list in 2023 after the global body found deficiencies in Nigeria’s anti-money laundering and financing of terrorism in West Africa Framework.
The NGF spokesman said ”Since then, through a combination of legislative reforms, institutional strengthening and enhanced inter-agency coordination, Nigeria has demonstrated sustained political will to achieve full compliance.
”Within that period, key reforms have been achieved including operationalisation of the beneficial ownership register, improving corporate transparency and accountability,” Abdullahi stated.
Also, the governors said the removal became possible through enhanced capacity of intelligence, law enforcement and regulatory agencies in detecting, analysing and prosecuting complex crimes.
“We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community”.
”Nigeria has handled this difficult situation with enormous grace and integrity and this green light attests to the trust and confidence in our financial systems and our leaders both at the national and sub-national levels.
”Throughout this period, the NFIU, CBN, the NGF, representing the sub-national government, Ministry of Finance availed FATF all the necessary support in providing information to all inquiries which led to this clearance,” the governors explained.
The governors said they were fully committed to maintain the highest ethical financial standard in governance and will continue to uphold a culture of transparency, accountability and integrity.
Meanwhile, the CBN governor, Cardoso has described the removal as a strong affirmation of Nigeria’s reform trajectory and the growing integrity of the country’s financial system.
In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the CBN governor, said the gesture reflected a “clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms.”
He said, “Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”
The central bank further pointed out that the country’s removal from the grey list will yield tangible benefits for businesses and households alike including lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.
The apex bank noted that in time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion.
The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management.
The CBN, however, reaffirmed its commitment to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards financial stability and market integrity while advancing inclusive and sustainable economic growth.
