*Bakari: Feat a new chapter for financial integrity, global confidence

Alex Enumah in Abuja

Nigeria has finally exited the Grey List of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

Nigeria was officially removed from the list during the body’s October 2025 Plenary in Paris, France, a statement from the Nigerian Financial Intelligence Unit (NFIU), said on Friday.

The statement signed by the Director/ Chief Executive Officer, NFIU, Hafsat Abubakar Bakari, described Nigeria’s removal from the list of jurisdictions under increased monitoring, as a milestone which marks a historic moment in Nigeria’s fight against serious financial crimes.

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

The CEO 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, the Inter-Governmental Action Group Against Money Laundering in West Africa (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 the statement, 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.

Speaking on behalf of Nigeria, the Minister of Finance, Mr. Wale Edun, reaffirmed Nigeria’s commitment to strong Anti-Money Laundering and Counter-Financing of Terrorism systems noting, “…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, Prince Fagbemi, SAN, also 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.

The invitation to Nigeria from the FATF reflects international confidence in the country’s expertise and willingness to contribute to the global fight against illicit financial flows.

The Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, who has overseen Nigeria’s efforts to implement the reform roadmap, commended the collective effort that led to this achievement.

She said “Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination and unwavering commitment to reform. It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity.”

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

She thanked President Bola Ahmed Tinubu, for his leadership and strategic guidance and for ensuring that Nigeria’s reform process remained firmly on track.

She also thanked the Vice-President who represented the President at the High-Level Meeting during the onsite visit of the FATF assessment team to Nigeria.

She further expressed her gratitude to the Secretary to the Government of the Federation, members of the Federal Executive Council, members of the National Assembly, members of the Judiciary as well as Heads of Agencies of the National Task Force and their dedicated staff for their unwavering commitment in reaching this monumental milestone in the history of our nation.

She recognised the support of the Chief Executive Officers and officers of Agencies who are members of the Inter-Ministerial Committee on AML/CFT and other public sector agencies.

Finally, she expressed her gratitude to the private sector and non-profit organisations for their commitment to implementing effective measure to protect Nigeria’s financial system and their participation in the process, which was instrumental to the delisting of Nigeria.

Bakari pointed out that Nigeria’s success was made possible by all the stakeholders highlighted above and ensured a whole-of-society approach that enhanced the country’s technical compliance and operational effectiveness.

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.

During the Plenary, 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.

The NFIU congratulates the delegations from these countries and looks forward to strengthened continental cooperation.

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