Nigeria Exits FATF ‘Grey List’ in Major Win for Tinubu Administration
In a significant boost to its international financial standing, Nigeria has been formally delisted from the Financial Action Task Force (FATF) Grey List, a move hailed by President Bola Ahmed Tinubu as a “strategic victory for our economy.”The decision was announced on Thursday at the FATF Plenary in Paris, France, effectively removing Nigeria from the list of jurisdictions under increased monitoring due to deficiencies in combating money laundering and terrorist financing.
President Tinubu, in a statement released by his Special Adviser, Bayo Onanuga, described the delisting as a “major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
This achievement culminates over two years of sustained effort after the FATF placed Nigeria on the grey list in February 2023. The listing served as a stark warning from the global community, prompting a comprehensive overhaul of the nation’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
“The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency,” the presidential statement read. “Rather than treat this as a setback, Nigeria viewed it as a call to action.”
The administration credited the success to “far-reaching legal, institutional and operational reforms” coordinated by the Nigerian Financial Intelligence Unit (NFIU) under the strategic leadership of President Tinubu. The effort involved a multi-agency collaboration across the ministries of Justice, Finance, Interior, and others.
President Tinubu specifically commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their “dedication and sacrifice” in ensuring the timely completion of the FATF Action Plan.
The delisting is expected to enhance Nigeria’s attractiveness to foreign investors, reduce the cost of international transactions, and improve the country’s overall business climate. It signals to the global financial system that Nigeria has strengthened its measures to tackle serious financial crimes.
According to President Tinubu, this marks the “beginning of a new chapter,” with a pledge to “sustain the already institutionalised reforms” and continue building a financial system that commands global trust.