By Jemimah Wellington, JKNewsMedia Correspondent
GLOBAL FINANCIAL regulators have officially removed Nigeria from the Financial Action Task Force (FATF) grey list, marking what President Bola Tinubu described as a historic milestone in the nation’s pursuit of economic reform, transparency, and international credibility.
The FATF, recognised as the world’s foremost body for setting standards against money laundering, terrorist financing, and proliferation financing, announced the delisting during its plenary session in Paris, France.
The decision formally ended Nigeria’s classification as a jurisdiction under increased monitoring, signalling improved compliance with global financial integrity benchmarks.
President Tinubu welcomed the decision, describing it as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
According to the statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the development followed Nigeria’s successful and timely completion of its FATF Action Plan, an achievement built on over two years of coordinated reforms, inter-agency collaboration, and firm political will.
The President explained that the process involved comprehensive legislative and institutional adjustments designed to fortify the nation’s anti-money laundering and counter-financing of terrorism (AML/CFT) framework.
He noted that Nigeria’s removal from the FATF grey list is the result of collective commitment by the government and its agencies to strengthen financial transparency, enhance regulatory oversight, and improve compliance mechanisms across sectors.
In February 2023, the FATF had placed Nigeria on the grey list, citing deficiencies that required corrective measures. Rather than treating the action as punitive, President Tinubu said the nation used it as an opportunity to deepen reforms and align national systems with international standards.
The President commended the leadership of the Nigerian Financial Intelligence Unit (NFIU), led by Director and Chief Executive Officer Ms Hafsat Abubakar Bakari, for their diligence and dedication in driving the reforms that culminated in the country’s delisting.
He acknowledged the close coordination between the NFIU, the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior, as well as the strategic oversight provided by the Office of the Secretary to the Government of the Federation.
President Tinubu also recognised the contributions of several other ministries, including Aviation, Budget and Economic Planning, Defence, Foreign Affairs, and Solid Minerals, alongside the Minister of State for Finance and the National Security Adviser.
He expressed appreciation to the National Assembly and the Judiciary for their legislative and institutional support in strengthening Nigeria’s compliance systems.
“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,” President Tinubu said.
He further commended the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and international partners including the Governments of France, Germany, the United Kingdom (UK), the United States (US), the United Nations (UN), and the European Commission (EU) for their steadfast technical assistance during the reform process.
The FATF decision follows consistent engagement between Nigeria and global partners to implement reforms that enhance inter-agency coordination, strengthen financial intelligence systems, and promote transparency in financial transactions.
President Tinubu said the FATF announcement reflects the recognition of Nigeria’s compliance and the confidence of the global community in its financial reforms.
According to the President, the delisting “is not just a technical accomplishment; it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
He added that the administration would continue to institutionalise reforms, deepen collaboration among regulatory bodies, and maintain strict compliance with international best practices to protect the financial system from abuse.
The President reaffirmed his commitment to ensuring that the momentum of reform is sustained to make the Nigerian financial system more transparent, accountable, and globally competitive.
He said the FATF decision represents “a major step forward in strengthening Nigeria’s financial integrity and global reputation.”
President Tinubu pledged that his administration would remain steadfast in its efforts to prevent financial crimes and ensure that Nigeria continues to meet the highest international standards of financial governance.
The FATF’s removal of Nigeria from the grey list concludes a review process that began in 2023, when the body identified areas requiring improvement in enforcement, coordination, and transparency.
Following sustained progress and successful peer reviews, the FATF plenary confirmed that Nigeria had fully implemented its Action Plan.
President Tinubu lastly emphasised that the achievement should serve as motivation for all national institutions to maintain vigilance, sustain reforms, and consolidate Nigeria’s leadership role within the region’s financial community.
